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:-)
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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.
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Publishing version 0.2 with the correct display chart
Thank you, I’m new-
How do I add this to my trading view charts? and does it work for all time frames? This is exactly what I was looking for.
getmohsin.py
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@RBiss, Hi, you can search for "Automatic Support & Resistance" by getmohsin.py from the indicator library/market and add it from there. It works on all timeframes :)
kxa5111
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do red lines means resistance and green means supports? confused because some charts on 1 min TF shows Green lines only...
dattupujar
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@kxa5111, If the price is above the line then it is a support. If the price is below the line it is a resistance.
TradingManoz
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@getmohsin.py
How do i make this static and only want to use 1 Hour tmeframe for multiple support and resistance and keep same s/r for smaller time frame?
By the way cool script.
getmohsin.py
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@TradingManoz, thanks bro. Also, nice idea. We won't be able to that with current code. Maybe sometime in the future, I will write another indicator for this :)
prasadsama
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Hi Mohsin.. great work Appreciate that. Could you kindly advise which settings will work best for 15 min tf?
jorisw
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Could you explain the way you're using valuewhen here? It's supposed to take a condition as a first argument. Can the condition also just be the price? Or does it for instance find when picot_high was equal to close[right] ?
How do I add this to my trading view charts? and does it work for all time frames? This is exactly what I was looking for.