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)

コメント

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.
+49 返信
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.
+13 返信
puilli Unh00ked
@Unh00ked, With what indicators complements this?
+10 返信
Is there anyway I could get a copy of this script??? I love it!
+7 返信
Não entendi o que significa as areas que se formam vermelhas e verdes....
+2 返信
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.
+1 返信
Please add alert when the lines appears. Have a great day :-)
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can i acces on the your strategy ?
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This indicator draws the levels to the highest points. This is not a panacea. But this one draws true levels:
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@JinFlark, true level being the closing price of the candle?
+2 返信
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