Line colors and Labels change according to their status (Support or Resistance).
Moved Labels to the future for better overview of the Prices / Levels.
There are many configurable options. Feel free to explore them all. If you should notice a bug or something of a kind, feel free to contact me. All feedback is very welcome as well.
Request might be considered but don't take them for granted please.
Pivot Points Pivot Points are considered to be levels which may become significant levels (Support / Resistance) in the future. They can be interpreted in various ways, but fact is that price, when it comes close to a previous Pivot Point, can mess with your head. Prices often returns to previous Pivot Points, more than once even a few times, as shown below.
How does pivot left/right bars work?
Wouldn't it be easier to just define a lookback perios of X bars?
Mezmathics
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As I'm trying to pay attention to the pattern of the print out, I noticed that the key levels like the support for instance, print out after x-amount of lower lows followed by a higher low. my 2 part question is how many lower lows "is the qualifying 'x' amount. and what are the exceptions to the rule?. I ask the second part of the question because sometimes when there is a a doji candle whos low is not lower than the previous low, the key level still prints out. It has really confused me. Thanks in Advance for any response
jurlvarg
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@Mezmathics, this is because the calculation is done with pivot highs and lows over a certain period, by default 20 candles. It doesn't take candlestick patterns into account. So the amount of lower lows, as stated in your question, are of no importance. It will print the 5 latest pivot points as support or resistance. So if you have 5 pivot lows in a row, it will print 5 support lines.
I am working on a new version of this script which will allow you to configure more options.
Let me know if you have any further questions.
Mezmathics
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I would love to learn how this is calculated
ahm93
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Cleanest S/R indicator I've come across.. nice work! Do you have recommended settings for different timeframes (e.g. 5M, 15M, 1H, etc...)? Would be very helpful. Thanks!
jurlvarg
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@ahm93, Thank you so much! The settings for each timeframe really depends on your style of trading. In my experience the default values work in many cases.
Mohammad1670
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hello
how can i get this indicator?
jurlvarg
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@javadshiry, Add it to your favourites and then go to your favourites and load the indicator.
Wouldn't it be easier to just define a lookback perios of X bars?