This script uses the last hlc3 value of 1H, 4H, D and/or W and rotates it 360º up/down with four increments of 90º to find out potential support and resistance areas. Can be used as a dynamic support & resistance tool or just to gauge how overbought/oversold the market is. Special thanks to @Nv56 for his assistance in writing this script.
リリースノート
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The first version had some minor issues with showing the most recent hlc3 value. This update fixes that problem.
リリースノート
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The final version. Only daily and weekly hlc3 levels.
リリースノート
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This update includes the possibility to choose input source from the dropdown list. It is an important shift as it allows to plot the levels from lows and highs. The earlier version just had the HLC3 source hard coded in the script. Furthermore, I also added the possibility to move the decimal to the left beyond "1". This is handy when trying to plot levels for higher timeframes, especially when working with instruments that are trading in 4-5 digits like BTC, DOW etc. When plotting levels from lows or highs, the irrelevant levels should be manually unticked. This will give levels higher from a low, levels lower from a high and levels spreading out from a pivot like OHLC4, HLC3, HL2. The example in the chart shows levels higher from the previous month's low, the multiplier is set to 1 for one set of levels, and to 0.1 for another set of levels. The further you move the decimal to the left, the bigger the spread will be between levels. I hope its helps. Best of luck!
@raja74sekhar, send me the ticker and i will adjust the settings and share them with you. The current script is sufficient for intraday levels.
NeverWishing
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@Zoen_Trieste, Could you do this for me for US30 and nas100 or show me where I could learn to best adjust the settings for indices? Thank you
Zoen_Trieste
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@NeverWishing, here's the adjusted version working off of the major Mar'20 low (multiplier set to 0.001, source=low, timeframe for the data = monthly, levels used=from Mar'20 low), this will give you major resistance levels and support levels by using the flipped angles.
@NeverWishing, here's another version working off of the recent high (multiplier 0.01, source=high, timeframe for the data=weekly, levels used=from recent highs), this will give immediate support levels.
NeverWishing
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@Zoen_Trieste, I can't thank you enough! I really appreciate this. Thanks for making this for us.