Automatic Support & Resistance

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The indicator attempts at automatic detection of support and resistance levels by identifying large swings/pivots in historical price action. These tops and bottoms in price action show where lots of buyers or sellers came into the market and might act as future levels of support or resistance. By default, the code detects the last 3 significant swing highs and the last 3 swing lows. It then places lines on the chart to highlight those levels.

Once you are comfortable with the code base and how the indicator operates, you may wish to expand upon it. One obvious addition to make would be inputs for the "Left Bars", "Right Bars" and "Quick Right" variables so that you can tune the indicator according to your own taste.

Feel free to tweak the code and let everyone know in the comment section if you are able to improvise it.

Happy trading:-)
Phát hành các Ghi chú: This is an updated version of existing "Automatic Support & Resistance"

This version will allow you to draw Automatic S/R levels based on "Close values" or "High/Low values"

I personally find S/R levels with "Close values" to be are more precise and effective while trading breakouts, hence the need for the update.

Please let me know your thoughts in the comments section below.
Phát hành các Ghi chú: Publishing version 0.2 with the correct display chart
Phát hành các Ghi chú: Correcting some mistakes. Apologies for that :)
Gỡ bỏ khỏi Script Ưa thích Thêm vào Script Ưa thích
Nice, much appreciated :)
+1 Phản hồi
excuse me sir, when using the high/low setting does this script repaint. I am sorry, i don't have much experience in this field
Phản hồi
@ChawinV, S/R levels are simply the areas of high demand and supply. We either look for breakouts or reversals and trade accordingly. Please watch this video for a better understanding of Support and Resistances -
Phản hồi
ChawinV, thank you sir, the video was most helpful
+1 Phản hồi
@ChawinV, You are welcome bro. Happy to help!
Phản hồi
Hi dear thanks for your favore
Its briliant
Just it would be so nice if you guid rookies like me with instruction how to trade with code
Is it based on fibonacci levels or volume trading?
Phản hồi
Looks neat, thanks for sharing!
Phản hồi
@wroclai, You are welcome. Glad you liked it :-)
+1 Phản hồi
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