This is my first attempt of writing an indicator. Let me start by saying I could never have done this without lmatl and WMX_Q_System_Trading who were and are an incredible source of inspiration.
This indicator shows horizontal Pivot Support and Resistance . It draws up to 4 horizontal lines extending to the right from and adds labels to High and Low Pivot Candles . It also draws the Support / Resistance that is currently forming. You can select the number of lines on the current timeframe.
There are some options in Settings:
Current timeframe pivot settings
Show and hide levels of the current timeframe
Change colors
Extend Lines
Any suggestions are more than welcome! I also welcome donations, no matter how small ;-)
Versionshinweise
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Fixed two typo's.
Fourt -> Fourth
in showFourthPivot I had two different occurrences. Fixed that to keep consistancy.
Versionshinweise
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Just an update to inform user of the discontinuation of this script in favor of V2.
Versionshinweise
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Changed Info Label to notify user of upcoming improvements.
Versionshinweise
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Changed Info Label colors and added correct screenshot
Versionshinweise
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Hi Traders,
this is the result of the many feedback messages I received about this first draft of this script. It has significant updates:
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.
Hi, I want to know when the PH support and PH resistance signal generate in real time or three four bars later
jurlvarg
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@hirupamg, Hi. A Pivot High or a Pivot Low is generated in real time, but only after all the conditions have been met, which means that both look-back and look-forward bars are taken in the calculation. That's why you can never have a Pivot Point on the last bar on your chart.
Please note that this script has been abandoned in favor of this one: tradingview.com/script/0eH6pxv2-Pivot-Support-Resistance-Finder-JV/
tume28
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@hirupamg, For me, the Pivot Support and Resistance Finder [JV] V1 works better at creating Support & Resistance lines.
CryptoXpresss
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your candle stick colour setting really iron beautiful👍👍👍