LonesomeTheBlue

Support Resistance - Dynamic

This is Dynamic Support / Resistance script.

How it Works?

It finds Pivot Points and creates channels for each Pivot Point . Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many Pivot Points in the channels. more Pivot Points in channel means stronger Support/Resistance . in the option menu there is S/R Strength, this is the minimum number of Pivot Points that each channel must contain to be S/R. calculation starts from last pivot point and go back for "loopback period" which is 300 by default. so last Pivot Points have more priority. Finally after calculating Support/Resistance it draws lines.

Number of Support/Resistance line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)

Currently the scripts checks up to 40 pivot points in loopback period. it shows up to 20 S/ Rs only for visible area in the chart.

There is option to Show S/R lines as Solid, Dotted or Dashed.



Enjoy!
Release Notes: Add LineColor option. Blue, Red, Lime, White, Black color can be selected as line color.
Release Notes: Default value of "Loopback Period" was changed to 284 to show lines automatically (visible area). Thanks to @mikhail7447
Release Notes: minor update.
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Kommentarer

I tried to test the script add em on my chart but it won't show any support/resistance lines on chart? If you please let me know how it works? tried on 1H and 1D
+20 Svara
loveguru loveguru
Sorry My bad figure it out :) thankyou
+4 Svara
Genesis718 loveguru
@loveguru, having same issue what did you do to fix it?
+1 Svara
jurlvarg Genesis718
@Genesis718, zoom out :-)
+4 Svara
yes I maybe there is bug, if you don't see lines, then zoom-in/zoom-out will Show the lines
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kvntan LonesomeTheBlue
@LonesomeTheBlue, zooming in and out doesn't work for me. lines are still not showing =(
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kvntan kvntan
@kvntan, its working now. i realise its conflicting with my other indicator.
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loveguru Genesis718
@Genesis718, dude try different timeframe, zoom in/out works perfect!!
Svara
Thanks for sharing this! Just 1 little thing it seems like it's glitching out for me, I'm not seeing the horizontal lines for some reason?
+7 Svara
@jacobvl_, I think there is bug about lines in Pine, try zoom in - zoom out, then lines will appear.
+4 Svara
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