LonesomeTheBlue

Moving Averages as Support Resistance MTF

Hello Traders!


As most of you know that Moving Averages with the lengths 50, 100, 150 and 200 are very important. We should use these this moving averages to figure out S/R levels, the possible reversals points, trend direction etc. we should check these moving averages on Higher Time Frames as well. for example if you look at the chart with 5mins time frame, you should also check it in 1hour and 4hour time frames to see to big picture and main trend. this is important as trend is your friend and you should not take positions against the trend.

I developed this script to show them clearly and make the chart understandable. 1 resistance line above the price and 1 support line below the price, it shows the moving average type, length, time frame and S/R level .
You have option to show SMA or EMA and to include/exclude current time frame, because you may want to see only MAs from higher time frames. you should set higher time frames accordingly.

if you add all moving averages for current and higher time frame the chart looks very crowded as following example:

The script makes it clear to understand the chart better, here an example:

It can show when S/R was broken and you get alert. here an example:

You have coloring and style options, you can change line style and colors as you wish:


Enjoy!
הערות שחרור: "Resistance or Support Broken" alert added. (user request)
הערות שחרור: Lengths for 4 Moving Averages are optional now. You can set the lengths as you wish.
סקריפט קוד פתוח

ברוח TradingView אמיתית, מחבר סקריפט זה פרסם אותו עם קוד פתוח, כך שסוחרים יוכלו להבין ולאמת זאת. הידד למחבר! אתה יכול להשתמש בו בחינם, אך שימוש חוזר בקוד זה בפרסום הנו בכפוף ל כללי הבית . אתה יכול להגדירו כמועדף ולהשתמש בו בגרף.

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תגובות

@LonesomeTheBlue Excellent thinking, infact all of your scripts. Can you rent me your brain for 2 trading session ... ha haha
+7 השב
+4 השב
Amazing work... genuinely genius!
+3 השב
Thanks for sharing brother. May you keep succeeding
+2 השב
A solid indicator keep up the good work, Thank you
+2 השב
Man I like this one. Top job. Thanks
+2 השב
I had this idea a while ago but never managed to get it working as i would have liked. Great work and thank you for sharing!
+2 השב
Super update. Thanks .
+1 השב
As excellent as always!
+1 השב
Such works are pleasing. Thank you very much!
+1 השב