This script uses the Volume of each candle to find support and resistances on the whole visible chart. There is a single easy to use setting that is the Distance between major S/R lines which is 10% for the default and better for Daily timeframe. If you set a lower number, for example 5% then there will be more lines on the chart which is better for lower time frames and higher number like 20% maybe better for weekly timeframes. It is developed based on using for Bitcoin daily timeframe, but it can be used for any symbol on any timeframe with the proper settings. The limitation is the number of visible candles which the data and S/R lines are calculated based on them (if the previous data was within the same price range and if not, there is no issue). Also, this code is a good learning example of using arrays and lines together in the trading view's pine script.
thanks for the great work ! what do the different colors of the lines mean? @NoaTrader
NoaTrader
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@rollenderriese, Your welcome! dashed orange lines are dynamic minor levels. blue lines are major levels but far away from the current price (more than "Major Supp/Res Lines difference %" in the settings). red (higher than price) and green (lower than price) are major levels near the price within the "Major Supp/Res Lines difference %". They are not that different, the most important difference is that minor levels can change based on the future candles, but major levels are more rigid.