Support and resistance

5天前

It plot support and resistance levels on the chart, including visualizing dynamic price zones and labeling key levels. It’s highly customizable for different user preferences, allowing the user to toggle zones, set the line styles, and adjust the strength and look of the support and resistance lines.

Key Features of the Script:
Support and Resistance (S/R) Lines:

The script detects key support and resistance levels based on pivot highs (ph) and pivot lows (pl), and plots them as horizontal lines on the chart.
You can control whether the support and resistance lines are shown with solid, dotted, or dashed styles, and adjust their thickness.
Support and Resistance Zones:

If enabled, the script also shows zones around the support and resistance lines. These zones are calculated as a percentage of the highest and lowest levels over a defined period (300 bars).
The width of these zones is adjustable, allowing for greater flexibility based on market volatility.
Strength of Support and Resistance (S/R Strength):

The script uses a strength filter to determine how significant the support or resistance level is. If a level is visited multiple times, it is considered stronger.
The strength is set by the strengthSR variable, where a higher number requires more "touches" for the level to be valid.

Dynamic Expansion of Levels:

The option to expand support and resistance levels allows the levels to extend in both directions on the chart (extend.both), or just to the right (extend.right), creating a clearer view of how the levels interact with current price action.
High-Low Zones:

If enabled, the script draws high-low zones around detected pivot points. These zones are designed to indicate a price range where the market is likely to find support or resistance.
Color Customization:

The user can customize the color for support (colorSup) and resistance (colorRes) levels. These colors help differentiate between support and resistance visually.
Labels for Key Levels:

The script places labels near the support and resistance levels, showing the price of those levels for easy reference. Labels are color-coded based on whether the price is above or below the level, and you can customize their appearance.
High and low levels are clearly marked with labels above and below the respective levels.
Customizable Inputs:

The script includes various user inputs to fine-tune the visualization, such as enabling/disabling support and resistance lines (enableSR), toggling zones on/off (useZones), adjusting zone width (zoneWidth), and modifying the line style (lineStyle).
Additionally, users can choose whether to display only the highest and lowest levels (useHLZones), or extend the support and resistance lines further (expandSR).
How the Script Works:
Identify Pivot Points:

The script detects pivot highs and lows using the built-in ta.pivothigh and ta.pivotlow functions, with a defined lookback period (rb = 10).
These pivots are used to calculate support and resistance levels.
Calculate and Plot Support and Resistance:

When a pivot high or low is detected, the script calculates the potential support or resistance level based on the highest and lowest values over a period (prd = 284).
These levels are then plotted on the chart, and if enabled, zones are drawn around them to visualize potential price ranges.

Dynamic Updates:

As the market evolves, the script dynamically updates these levels. The levels are recalculated based on the most recent pivot points, ensuring the support and resistance levels adjust in real-time.

Zone Creation:

For each detected support and resistance level, the script creates zones above and below the level. These zones are visually highlighted to show the potential range where the market might find support or resistance.
Strength Filter:

The strengthSR variable ensures that the support or resistance level is only marked if it has been touched by the price multiple times, increasing its reliability.
Line and Label Display:

The lines representing support and resistance can be styled with different thicknesses and dashed styles. Additionally, labels displaying the exact price level can be added to highlight the specific price of each support and resistance level.

Conclusion:
This script provides a powerful and flexible way to visualize support and resistance levels on TradingView. By adjusting the parameters, traders can tailor the script to their preferred trading style. The addition of dynamic zones, strength filtering, and labels adds an extra layer of convenience for identifying potential trade opportunities.