How it Works?
It finds and creates channels for each . Channel size is calculated by (Highest - Lowest) * %Channel_size in Loopback Period. After creating channels it calculates that how many in the channels. more in channel means stronger . in the option menu there is S/R Strength, this is the minimum number of that each channel must contain to be S/R. calculation starts from last and go back for "loopback period" which is 300 by default. so last have more priority. Finally after calculating it draws lines.
Number of line is Dynamic and up to 20 lines, that means number of lines changes dynamically. you can see how the script puts Suppport/Resistance lines dynamically by "Replay" button. (if I have time I will try to put a video)
Currently the scripts checks up to 40 in loopback period. it shows up to 20 S/ Rs only for visible area in the chart.
There is option to Show S/R lines as Solid, Dotted or Dashed.
- "Support Broken" and "Resistance Broken" alert added. in the alert messages you can see the closing price and broken S/R levels.
- a few minor improvements.
- "Label location" option added. you can change location of the labels now.
-- if you set it 0 then labels appears on the last bar
-- if you set it + numbers then labels appears on the future bars
-- if you set it - numbers then labels appears on the historical bars
by default Label location is 20 (+20 => future bars)
for example if you set it -50 then labels shown on last 50. bar
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.