For Long time I was planning to make Support/Resistance Channels script, finally I had time and here it is.
How this script works?
- it finds and keeps
- when it found a new it clears older S/R channels then;
- for each it searches all in its own channel with dynamic width
- while creating the S/R channel it calculates its strength
- then sorts all S/R channels by strength
- it shows the strongest S/R channels, before doing this it checks old location in the list and adjust them for better visibility
- if any S/R channel was broken on last move then it gives alert and put shape below/above the candle
- The colors of the S/R channels are adjusted automatically
You can set/change following settings:
- Pivot Period
- Source: High/Low or Close/Open can be used
- Maximum Channel Width %: this is the maximum channel width rate, this is calculated using Highest/Lowest levels in last 300 bars
- Number of S/R to show: this is the number of Strongest S/R to show
- Loopback Period: While calculating S/R levels it checks in LoopBack Period
- Show S/R on last # Bars: To see S/R levels only on last N bars
- Start Date: the script starts calculating from this date, the reason I put this option is for visuality. Explained below
- You can set colors/transparency
- and You can enable/disable shapes for broken S/R levels
You can change colors as you wish:
here "Show S/R on last # Bars" set 100:
Sometimes visuality may corrupt because of old S/R levels, to solve it you need to set "Start Date" in the options to start the script in visual part (last 292 bars)
here in first screenshot it doesn't look good (shrink), then on second screenshot I set the "Start Date" it looks better, if you change time frame don't forget to set it again :)
"Show Weak S/R levels" option added. by default it's enabled. if you disable it then only the S/R channels/zones that contains at least 2 Pivot Points are shown.
new box() feature used instead of fill() and plot().
2 moving averages added. you can change types and lengths.
if you see anything to improve and a bug in it then let me know please.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.