LonesomeTheBlue

Support Resistance MTF

Hello Traders,


This is Support Resistance script that uses Multi Time Frame . While getting Close/Open/High/Low values of Higher Time Frames the script does NOT use Security function, instead it calculates them.

while choosing Higher Time Frame, you can use "Auto" option so it uses predefined Higher Time Frames, or you can choose the Higher Time Frame Manually from the list. options for HTF => 15mins, 30mins, 60mins, 120mins, 180mins, 240mins, 720mins, Day, Week, 2 Weeks, Months, 3 Months, 6 Months, 12 Months.

You have option to use High/Low or Close/Open values while calculating support resistance levels.

"Period for Highest/Lowest Bars" option is used as loopback period to check if it's Highest/lowest bars. smaller numbers = more sensitive result.

You have option for transparency and coloring of support/resistance levels/zone => Red, Lime, Blue, White, Black, Olive, Gray


An example for 15 min chart, 4hours selected as HTF

You can set transparency and colors as you wish:

You can choose Close/Open prices while calculating S/R levels instead of High/Low


Enjoy!
Release Notes: "Extend Lines" option added. (user request)
Skript med en öppen källkod

I sann TradingView-anda har författaren till detta skript publicerat det som öppen källkod, så att handlare kan förstå och verifiera det. Skål för författaren! Du kan använda den gratis men återanvändning av den här koden i en publikation regleras av våra Ordningsregler. Du kan göra den till favorit för att använda den i ett diagram.

Vill du använda det här skriptet i ett diagram?

Kommentarer

500 coins
+2 Svara
@PineCoders, Thank you!
Svara
500 coins
+1 Svara
amazing !
200 coins
Svara
Another Home Run LTB =)
Tested it out real quick and it seems to be the best S/R script written to date. As a person who uses price action pretty heavily, this definitely finds the right levels. I recommend users make the length a little longer. Depending on your typical hold period. For me, a length 50 seemed to hit the levels that I am interested in.
+33 Svara
@kurtsmock, thank you for this great comment
+5 Svara
@kurtsmock, Yes, thank you for suggestion ^^
+2 Svara
JosephTran4 kurtsmock
@kurtsmock, is that the "period" function that you are referring to? What does 50 mean if you input it in there? I'm not sure what "loopback period" means.
+3 Svara
kurtsmock JosephTran4
@JosephTran4, Yes, in the settings its "Period for Highest/Lowest Bars" It is how far back the script identifies the highest and lowest bars, which is on lines 36 & 37
+4 Svara
@kurtsmock, can you plz let us know which timeframe worked for you and best way to use. I'm lookin for intraday. I just started trading recently with very small quantity.
+5 Svara