[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:
(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:
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)
