Support and Resistance

21 thg 9

This indicator, titled "Support and Resistance," is designed to identify and display key price levels based on volume and pivot points. It's a versatile tool that can be adapted for different market views and timeframes.

Key Features
Market View Options
The indicator offers three market view settings:

• Short term
  
• Standard
  
• Long term
  

These settings affect the lookback periods used in calculations, allowing users to adjust the indicator's sensitivity to market movements.

Volume-Based Levels
The indicator calculates support and resistance levels using a rolling Point of Control (POC) derived from volume data. This approach helps identify price levels where the most trading activity has occurred.

Pivot Points
In addition to volume-based levels, the indicator incorporates pivot points to identify potential support and resistance areas.

Customizable Appearance
Users can adjust:

• Number of lines to display (1-8)
  
• Colors for support and resistance levels
  
• Line thickness based on level importance
  

Calculation Methods
Rolling POC
The indicator uses a custom function f_rolling_poc to calculate the rolling Point of Control. This function analyzes volume distribution across price levels within a specified lookback period.
Pivot Points
Both standard and quick pivot points are calculated using the rolling POC as input, rather than traditional price data.
Level Importance
The indicator assigns importance to each level based on:

• Number of touches (how often price has interacted with the level)
  
• Duration (how long the level has been relevant)
  

This importance score determines the thickness of the displayed lines.

Unique Aspects

1. Dynamic Line Thickness: Lines become thicker when levels overlap, highlighting potentially stronger support/resistance areas.
   
2. Adaptive Coloring: The color of each line changes dynamically based on whether the current price is above or below the level, indicating whether it's acting as support or resistance.
   
3. Flexible Time Frames: The market view options allow the indicator to be easily adapted for different trading styles and timeframes.
   

Potential Uses
This indicator could be valuable for:

• Identifying key price levels for entry and exit points
  
• Recognizing potential breakout or breakdown levels
  
• Understanding the strength of support and resistance based on line thickness
  
• Adapting analysis to different market conditions and timeframes
  

Overall, this "Support and Resistance" indicator offers a sophisticated approach to identifying key price levels, combining volume analysis with pivot points and providing visual cues for level importance and current market position.

This Support and Resistance indicator is provided for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any security. The indicator's calculations are based on historical data and may not accurately predict future market movements. Trading decisions should be made after thorough research and consultation with a licensed financial advisor. The creator of this indicator is not responsible for any losses incurred from its use. Past performance does not guarantee future results. Use at your own risk.

22 thg 9

Phát hành các Ghi chú

Major Update:

• Code Fixes: Inconsistencies in the code have been fixed, making the indicator more reliable and accurate.
  
• Dynamic Line Thickness: The thickness of support and resistance lines is now automatically adjusted based on volume and the number of touches. An option is also available to display these data points, offeri
  

ng a clearer view of important market levels.

23 thg 9

Phát hành các Ghi chú

Minor bugs fixed

25 thg 9

Phát hành các Ghi chú

Minor bugs fixed

30 thg 9

Phát hành các Ghi chú

Tooltip updated for clarity.

1 thg 10

Phát hành các Ghi chú

Alerts added