RicardoSantos

[RS]Support and Resistance V0

Support and Resistance using donchian channels to validate tops/bottoms
(note: while donchians follow price closely within look back window, this will only update new top/bottom when making new extremes in the donchian channel)

combo with other systems:
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study("[RS]Support and Resistance V0", overlay=true)
window1 = input(title='lookback window 1:', type=integer, defval=8)
window2 = input(title='lookback window 2:', type=integer, defval=21)

top1 = valuewhen(high >= highest(high, window1), high, 0)
bot1 = valuewhen(low <= lowest(low, window1), low, 0)
top2 = valuewhen(high >= highest(high, window2), high, 0)
bot2 = valuewhen(low <= lowest(low, window2), low, 0)

t1 = plot(top1, color=top1 != top1[1] ? na : black)
b1 = plot(bot1, color=bot1 != bot1[1] ? na : black)
t2 = plot(top2, color=top2 != top2[1] ? na : black)
b2 = plot(bot2, color=bot2 != bot2[1] ? na : black)

fill(t1, t2, color=orange, transp=80)
fill(b1, b2, color=olive, transp=80)

Комментарии

response to question on private chat, leaving it here for others:
Hey man,

I noticed your "(RS) support and resistance V0" indicator and it's seems to work well.
Any chance to get an extra explanation about it? What is the meaning of the colors? Which lines exactly should I regard?

Thanks in advance,
Roee

basicly its nitpicking tops and bottoms, due to its psychological effect this areas become zones of greater attention by traders having higher impact then normally(this said support and resistance of any type is a virtual affector as is impossible to determine how price will trully react to any particular level with 100% certainty due to technical and/or fundamental reasons).
in the indicator the last line is the last valid top this doesnt mean previous untested levels may be discarded.
the colors are a illustration of bearish/bullish pressure.
+60 Ответить
Hello Ricardo

Great indicator, however is there a chance to put indicators when the price touches the S/R lines like an up or down arrow. I use this indicator with an over sold and over bought indicator and they work very well.
+19 Ответить
puilli Unh00ked
@Unh00ked, With what indicators complements this?
+15 Ответить
superb indicator, if you can please indicate a buying and selling signal or if you can say which other indicator would be best to get the buy and sell signal it will be a jackpot for small traders like me.....Just started trading and making a lot of loss but this indicator helped me a lot to control losses but i have not seen profit till now and struggling.....please support....thanks
+11 Ответить
Is there anyway I could get a copy of this script??? I love it!
+10 Ответить
what's happenign as I change the lookback window lengths? i can't get my mind wrapped around it, but i'm new to this.
+5 Ответить
hi sir
Sript is very easy to digest.one suggestion for this xcipt Please add buy sell indicator so that it is easy & convienent to go for trading.thanks for wonderful indicator.
+3 Ответить
Please add alert when the lines appears. Have a great day :-)
+3 Ответить
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