[RS]Support and Resistance V0
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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:
(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:
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)
Kommentare
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.
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.
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.