informanerd

True Strong Classical Support/Resistance Levels

This script is based on the approach of filtering signals by checking higher timeframes.
So basically setting higher numbers in "Strength Of Levels" option, will make the indicator check for support and/or resistance levels in timeframes higher than the current.
Unfortunately, I was forced to still use inefficient built-in functions pivothigh() and pivotlow(). I hope they fix them up soon!
I'm looking for any opinion about the idea and if you like any of my scripts, anything you send means a lot to me.

This script is published for the third time because of some moderators absurd behavior.
But thank heavens, the code is now more clean and of course the option "Strength Of Levels" accepts float numbers.
Release Notes: Major Update!
I replaced Pine Script built-in pivot functions with my own codes which lead to:

- Better adjustment of levels to wicks
- Different colored levels based on their reactions till now (Green: Just Support, Red: Just Resistance, Blue: Probably Both)
- Combining of nearby levels to avoid congestion on chart
- Ability to highlight even stronger (combined) levels

So check new options and send me your thoughts.
Release Notes: Small coding tweaks!
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Kommentarer

Hello Sir, can this script be used in any assets or only for forex trading?
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informanerd abharisali
@abharisali, Hey, I don't see why you could not! Feel free to use it on your asset and check if there is a problem.
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