ikulichkov: Dynamic Support and Resistance Levels
Introduction:
In this TradingView community post, we will introduce the "ikulichkov: Dynamic Support and Resistance Levels" strategy. This strategy aims to identify dynamic support and resistance levels based on recent price movements.
Strategy Overview:
The "ikulichkov: Dynamic Support and Resistance Levels" strategy uses the highest high and lowest low over a specified period to determine dynamic support and resistance levels. The period parameter can be adjusted by the user to customize the strategy for their specific trading needs.
The strategy creates two plots, the dynamic resistance level and the dynamic support level, as well as two reference lines for the highest high price and lowest low price over the period.
The dynamic resistance level and dynamic support level are calculated using the current close price, the previous dynamic level, and the specified period. If the close price is higher than the previous dynamic resistance level, then the dynamic resistance level is updated to the current close price. Otherwise, the dynamic resistance level is adjusted by subtracting the difference between the previous dynamic resistance level and the current close price divided by the specified period. The dynamic support level (flc) is calculated in a similar manner but with the opposite direction.
Trading Rules:
It's important to note that the strategy only identifies potential support and resistance levels based on recent price movements. The user is responsible for making trading decisions based on their own analysis and risk management strategy.
One possible trading strategy using this indicator is to buy when the price bounces off the dynamic support level and sell when the price reaches the dynamic resistance level. Traders may also use other indicators or chart patterns to confirm the support or resistance levels identified by this strategy.
Conclusion:
In conclusion, the "ikulichkov: Dynamic Support and Resistance Levels" strategy is a useful tool for identifying dynamic support and resistance levels based on recent price movements. The strategy is customizable, allowing traders to adjust the period parameter to fit their specific trading needs. As always, traders should conduct their own analysis and risk management strategy when using any trading strategy or indicator.
In this TradingView community post, we will introduce the "ikulichkov: Dynamic Support and Resistance Levels" strategy. This strategy aims to identify dynamic support and resistance levels based on recent price movements.
Strategy Overview:
The "ikulichkov: Dynamic Support and Resistance Levels" strategy uses the highest high and lowest low over a specified period to determine dynamic support and resistance levels. The period parameter can be adjusted by the user to customize the strategy for their specific trading needs.
The strategy creates two plots, the dynamic resistance level and the dynamic support level, as well as two reference lines for the highest high price and lowest low price over the period.
The dynamic resistance level and dynamic support level are calculated using the current close price, the previous dynamic level, and the specified period. If the close price is higher than the previous dynamic resistance level, then the dynamic resistance level is updated to the current close price. Otherwise, the dynamic resistance level is adjusted by subtracting the difference between the previous dynamic resistance level and the current close price divided by the specified period. The dynamic support level (flc) is calculated in a similar manner but with the opposite direction.
Trading Rules:
It's important to note that the strategy only identifies potential support and resistance levels based on recent price movements. The user is responsible for making trading decisions based on their own analysis and risk management strategy.
One possible trading strategy using this indicator is to buy when the price bounces off the dynamic support level and sell when the price reaches the dynamic resistance level. Traders may also use other indicators or chart patterns to confirm the support or resistance levels identified by this strategy.
Conclusion:
In conclusion, the "ikulichkov: Dynamic Support and Resistance Levels" strategy is a useful tool for identifying dynamic support and resistance levels based on recent price movements. The strategy is customizable, allowing traders to adjust the period parameter to fit their specific trading needs. As always, traders should conduct their own analysis and risk management strategy when using any trading strategy or indicator.
Versionsinformation:
refactor code, optimized
Versionsinformation:
Added Donchian indicator levels
Added moving averages for 7, 21, 50, and 200 days
Added horizontal support and resistance levels
Added moving averages for 7, 21, 50, and 200 days
Added horizontal support and resistance levels
Versionsinformation:
Added a new feature called 'autoPeriod', please see the indicator settings tooltip for details.