Automatic Support & Resistance

The indicator attempts at automatic detection of support and resistance levels by identifying large swings/pivots in historical price action. These tops and bottoms in price action show where lots of buyers or sellers came into the market and might act as future levels of support or resistance. By default, the code detects the last 3 significant swing highs and the last 3 swing lows. It then places lines on the chart to highlight those levels.

Once you are comfortable with the code base and how the indicator operates, you may wish to expand upon it. One obvious addition to make would be inputs for the "Left Bars", "Right Bars" and "Quick Right" variables so that you can tune the indicator according to your own taste.

Feel free to tweak the code and let everyone know in the comment section if you are able to improvise it.

Happy trading:-)

Notas de prensa:

This is an updated version of existing "Automatic Support & Resistance"

This version will allow you to draw Automatic S/R levels based on "Close values" or "High/Low values"

I personally find S/R levels with "Close values" to be are more precise and effective while trading breakouts, hence the need for the update.

Please let me know your thoughts in the comments section below.

Notas de prensa:

Publishing version 0.2 with the correct display chart

Notas de prensa:

Correcting some mistakes. Apologies for that :)