DB Support Resistance Levels

15 thg 5, 2023

DB Support Resistance Levels

This indicator plots historic lines for high, low and close prices. The settings allow up to 3 periods to be configured based on the current timeframe. Users can toggle the display of high, low or close values for each period along with customizing the period line color. The indicator does not use the security function. Instead, it's designed to use a period multiplier. Each period allows the user to configure a lookback length and multiplier.

For Example on Weekly

• A period lookback of 12 with a multiplier value of 12 on weekly would produce historic high, low and close lines for the last 12 weeks.
  
• A period lookback of 10 with a multiplier value of 4 on weekly would produce historic high, low and close lines for the last 4, 4-week months.
  
• A period lookback of 8 with a multiplier value of 13 on weekly would produce historic high, low and close lines for the last 8, 13-week quarters.
  

Why not use security with higher timeframe?

The goal was to have the lines start at the precise high, low and close points for the current chart timeframe to allow the user to visually trace the start of the line.

What else does this do?

This indicator also plots the pivot points using TradingView's built-in "pivot_point_levels" feature.

How should I use this indicator?

Traders may use this indicator to gain a visual reference of support and resistance levels from higher periods of time. You can then compare these historic levels against the pivot point levels. In most cases, historic high, low and close levels act as support and resistance levels which can be helpful for judging future market pivot points.

Additional Notes

This indicator does increase the max total lines allowed which may impact performance depending on device specs. No alerts or signals for now. Perhaps coming soon...

15 thg 5, 2023

Phát hành các Ghi chú

Fixed display toggle for Pivot Point Levels

15 thg 5, 2023

Phát hành các Ghi chú

Updated preview