Fairly simple script that automatically draws highs and lows for the past X periods at various intervals.
3 Settings : "Sensitivity" which amounts to the horizontal separation from one high to the next high (default multiplicator : 10) "Transparency" ... Multiple lines piling up at the same level will cause the s/r levels to be more or less visible.
Variable "b" which is the HEX color for resistances (default : red) Variable "c" which is the HEX color for supports (default : blue)
Does this program work better on the lower Time frames?
jamc
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Hi,
I would say that this should work on just about any time frame. Maybe you have to somewhat adjust the 'sensitivity' parameter to come to meaningful results.
Cheers
So if im understanding this correctly... with the transparency update, lines cluster/overlap if that price is tested more frequently providing a strength indication of that S/R line by color density?
I changed the settings to 5 sensitivity and 25 transparency... from what im seeing this update helps find PP but also which ones are Major/Minor.
jamc
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@theonlinemick1,
yes, that's exactly that ... multiple overlaps cause the line to be more defined/visible.