Support & Resitance Lines

20 nov

Introduction:
Support & Resistance levels are time consuming to mark on charts. They also must be maintained. If the user has multiple charts they analyze, this adds to the workload. This indicator attempts to automate that work flow for the user.

Description:
Psychological Support and Resistances
are marked with a horizontal ray and labeled.
Levels marked include the 1 Month, 1 Week, and the Daily.
If a candle closes on the marked levels, the horizontal ray marking that level will disappear.

Volume Based Support and Resistances[/i
With the fixed range volume profile tool, marked levels include the point of control(POC) and the Value Areas (VA). This includes both the Value Area Low (VAL) and the Value Area High (VAH). Levels marked include the 1 Year, 6 Month, and the 1 Month fixed range volume profile.
If a candle closes on the marked levels, the horizontal ray marking that level will disappear.

How to use:
1) Turn on indicator and make sure you are on the 1D time frame.
2) Find areas of high confluence and mark with rectangular box.
3) Once all areas are marked, turn off indicator to save CPU time.
4) It is now ready to use and you can scan the chart using multiple time frames.

Useful Tips:
1) Use this tool to see if these levels marked are respected in forward testing.
2) You can turn off labels and color code horizontal rays to make tool run more efficiently for the CPU.
3) Use RSI, MACD, Wave Trend with Crosses [Lazy Bear], or any other oscillator to identify divergences once price hits support & resistance. Observe if price reacts.
4) Confluence is key, the higher the confluence, the better.

20 nov

Notas de prensa

Fixed Spelling Error "Resistance"

Added note:

1) To back test levels, the user can use the replay function on tradingview.
Mark older levels with boxes. press play to see if price reacted of the levels.
I found that doing this will help the users to identify what levels have stronger reactions in the past.

2) using the FIB tool on the last pivot levels on the daily time frame adds confluence.
The levels I use are the 0.65, 0.618 & the 0.786. Sometimes these FIB levels overlap with the areas the indicator has marked as well. Which adds nice confluence.