OPEN-SOURCE SCRIPT
Support and Resistance Levels
Detecting Support and Resistance Levels
Description:
Support & Resistance levels are essential for every trader to define the decision points of the markets. If you are long and the market falls below the previous support level, you most probably have got the wrong position and better exit.
This script uses the first and second deviation of a curve to find the turning points and extremes of the price curve.
The deviation of a curve is nothing else than the momentum of a curve (and inertia is another name for momentum). It defines the slope of the curve. If the slope of a curve is zero, you have found a local extreme. The curve will change from rising to falling or the other way round.
The second deviation, or the momentum of momentum, shows you the turning points of the first deviation. This is important, as at this point the original curve will switch from acceleration to break mode.
Using the logic laid out above the support&resistance indicator will show the turning points of the market in a timely manner. Depending on level of market-smoothing it will show the long term or short term turning points.
This script first calculates the first and second deviation of the smoothed market, and in a second step runs the turning point detection.
Style tags: Trend Following, Trend Analysis
Asset class: Equities, Futures, ETFs, Currencies and Commodities
Dataset: FX Minutes/Hours/Days
Description:
Support & Resistance levels are essential for every trader to define the decision points of the markets. If you are long and the market falls below the previous support level, you most probably have got the wrong position and better exit.
This script uses the first and second deviation of a curve to find the turning points and extremes of the price curve.
The deviation of a curve is nothing else than the momentum of a curve (and inertia is another name for momentum). It defines the slope of the curve. If the slope of a curve is zero, you have found a local extreme. The curve will change from rising to falling or the other way round.
The second deviation, or the momentum of momentum, shows you the turning points of the first deviation. This is important, as at this point the original curve will switch from acceleration to break mode.
Using the logic laid out above the support&resistance indicator will show the turning points of the market in a timely manner. Depending on level of market-smoothing it will show the long term or short term turning points.
This script first calculates the first and second deviation of the smoothed market, and in a second step runs the turning point detection.
Style tags: Trend Following, Trend Analysis
Asset class: Equities, Futures, ETFs, Currencies and Commodities
Dataset: FX Minutes/Hours/Days
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。