LonesomeTheBlue

Moving Averages as Support Resistance MTF

LonesomeTheBlue Wizard Uppdaterad   
Hello Traders!


As most of you know that Moving Averages with the lengths 50, 100, 150 and 200 are very important. We should use these this moving averages to figure out S/R levels, the possible reversals points, trend direction etc. we should check these moving averages on Higher Time Frames as well. for example if you look at the chart with 5mins time frame, you should also check it in 1hour and 4hour time frames to see to big picture and main trend. this is important as trend is your friend and you should not take positions against the trend.

I developed this script to show them clearly and make the chart understandable. 1 resistance line above the price and 1 support line below the price, it shows the moving average type, length, time frame and S/R level .
You have option to show SMA or EMA and to include/exclude current time frame, because you may want to see only MAs from higher time frames. you should set higher time frames accordingly.

if you add all moving averages for current and higher time frame the chart looks very crowded as following example:

The script makes it clear to understand the chart better, here an example:

It can show when S/R was broken and you get alert. here an example:

You have coloring and style options, you can change line style and colors as you wish:


Enjoy!
Release Notes: "Resistance or Support Broken" alert added. (user request)
Release Notes: Lengths for 4 Moving Averages are optional now. You can set the lengths as you wish.
Release Notes: Algorithm improved
An option added for label location (Left/Right)
bar_index is used for the labels (instead of time)
Release Notes: "Show MA" option added. you can change its time frame and the length.

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