Simple/Advanced Support/Resistance Levels

[Apprentice]

Algorithm
Define the minimum number of confirmed extremes.
Define the width of the zone, within which to seek extremes (in pips)
Find Max and Min in the defined period.

Draw the line if the confirmation number is greater than the minimum number.

This is a conceptual indicator.
The advanced version is under development.

Simple SupportResistance.lua

(4.37 KiB) Downloaded 2449 times

The indicator was revised and updated

[Apprentice]

Parameters walk through
"Min You Qualified"
Minimum number of in Zone rejections for registration of a level

"Min Length"
Minimum Length of line

"Max Length"
Maximum Length of line

"Zone width (in Pips)"
Zone width from Fractal

"Fractal"
Number of consecutive higher highs for Down Fractal
Number of consecutive lower lows for Up Fractal

"Search for " "Both"/ "Support" / "Resistance"
Show "Support" or "Resistance" or "Both".

Advanced Support Resistance.bin

(16.82 KiB) Downloaded 2594 times

With bin file extension you can work the same way as you used to with lua.

[Apprentice]

Final version added.
Further Improvements are possible.
I'm thinking about some additional functionality.
Suggestions are welcome.

[Apprentice]

Here I have indicated possible zones of resistance and support.
The zone is stronger if it is confirmed by multiple lines.

[Miroslav]

Thank you for very useful indicator! I use S/R zones for my trading. Every weekend I draw these zones in to the graph for next week. This indicator is very helpful for me.

I think that would be interesting add sound alarm. For example if price move across the S/R line .

Thank you, Mirek

[Apprentice]

I have added more options to the advanced version.
First, tolerance.
It allows tolerating a certain number of candles outside of area.
Second, given the choice between Body / Wick as line break triggers.

[TraderKen]

Hi Apprentice,
Thank you for this useful indicator.
I have a small suggestion. When several support/resistance lines stay close together (in a small range like 10 pips, for example), all these lines will automatically combine to form a blurred zone on the chart. It also helps avoid a lot of lines in such a small area.

And if the current candle stays higher than that zone, the zone will have a green color. On the contrary, if the current candle stays below that area, the color of the zone will be red. If this function is too complicated to code, please feel free to dismiss.

Best regards,
Ken

[Miroslav]

Indicator Advanced Support Resistance.bin doesn't work in new version of platform

[Apprentice]

I am aware of that fact.
Tomorrow I will try to find time to update all .Bin indicators

[Apprentice]

Bin file recompiled for new version of TS.