This script is based on the approach of filtering signals by checking higher timeframes. So basically setting higher numbers in "Strength Of Levels" option, will make the indicator check for support and/or resistance levels in timeframes higher than the current. Unfortunately, I was forced to still use inefficient built-in functions pivothigh() and pivotlow(). I hope they fix them up soon! I'm looking for any opinion about the idea and if you like any of my scripts, anything you send means a lot to me.
This script is published for the third time because of some moderators absurd behavior. But thank heavens, the code is now more clean and of course the option "Strength Of Levels" accepts float numbers.
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Major Update! I replaced Pine Script built-in pivot functions with my own codes which lead to:
- Better adjustment of levels to wicks - Different colored levels based on their reactions till now (Green: Just Support, Red: Just Resistance, Blue: Probably Both) - Combining of nearby levels to avoid congestion on chart - Ability to highlight even stronger (combined) levels
So check new options and send me your thoughts.
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Small coding tweaks!
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Count of levels on the chart has been increased.
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Major Update!
Finally Pine Script added support for lines to arrays and made me to update some of my scripts like this one. So: - Now user could define the count of most recent detected levels to be drawn on the chart - Levels detection now works better than before - Many levels which would be lost because of the language limitations are now fully present on the chart