OPEN-SOURCE SCRIPT
Dynamic Support and Resistance with Trend Lines
Main Purpose
The indicator identifies and visualizes dynamic support and resistance levels using multiple strategies, plus it includes trend analysis and trading signals.
Key Components:
1. Two Support/Resistance Strategies:
Strategy A: Matrix Climax
Identifies the top 10 (configurable) most significant support and resistance levels
Uses a "matrix" calculation method to find price levels where the market has historically reacted
Shows these as horizontal lines or zones on the chart
Strategy B: Volume Extremes
Finds support/resistance levels based on volume analysis
Looks for areas where extreme volume occurred, which often become key price levels
2. Two Trend Line Systems:
Trend Line 1: Pivot Span
Draws trend lines connecting pivot high and pivot low points
Uses configurable pivot parameters (left: 5, right: 5 bars)
Creates a channel showing the trend direction
Styled in pink/purple with dashed lines
Trend Line 2: 5-Point Channel
Creates a channel based on 5 pivot points
Provides another perspective on trend direction
Solid lines in pink/purple
3. Trading Signals:
Buy Signal: Triggers when Fast EMA (9-period) crosses above Slow EMA (21-period)
Sell Signal: Triggers when Fast EMA crosses below Slow EMA
Displays visual shapes (labels) on the chart
Includes alert conditions you can set up in TradingView
4. Visual Features:
Dashboard: Shows key information in a table (top-right by default)
Visual Matrix Map: Displays a heat map of support/resistance zones
Color themes: Dark Mode or Light Mode
Timezone adjustment: For accurate time display
5. Customization Options:
Universal lookback length (100 bars default)
Projection bars (26 bars forward)
Adjustable transparency for different elements
Multiple calculation methods available
Fully customizable colors and line styles
What Traders Use This For:
Entry/Exit Points: The EMA crossovers provide clear buy/sell signals
Risk Management: Support/resistance levels help set stop-losses and take-profit targets
Trend Confirmation: Multiple trend lines confirm trend direction
Key Price Levels: Identifies where price is likely to react (bounce or break through)
The indicator is quite feature-rich and combines technical analysis elements (pivots, EMAs, volume, support/resistance) into one comprehensive tool for trading decisions.
The indicator identifies and visualizes dynamic support and resistance levels using multiple strategies, plus it includes trend analysis and trading signals.
Key Components:
1. Two Support/Resistance Strategies:
Strategy A: Matrix Climax
Identifies the top 10 (configurable) most significant support and resistance levels
Uses a "matrix" calculation method to find price levels where the market has historically reacted
Shows these as horizontal lines or zones on the chart
Strategy B: Volume Extremes
Finds support/resistance levels based on volume analysis
Looks for areas where extreme volume occurred, which often become key price levels
2. Two Trend Line Systems:
Trend Line 1: Pivot Span
Draws trend lines connecting pivot high and pivot low points
Uses configurable pivot parameters (left: 5, right: 5 bars)
Creates a channel showing the trend direction
Styled in pink/purple with dashed lines
Trend Line 2: 5-Point Channel
Creates a channel based on 5 pivot points
Provides another perspective on trend direction
Solid lines in pink/purple
3. Trading Signals:
Buy Signal: Triggers when Fast EMA (9-period) crosses above Slow EMA (21-period)
Sell Signal: Triggers when Fast EMA crosses below Slow EMA
Displays visual shapes (labels) on the chart
Includes alert conditions you can set up in TradingView
4. Visual Features:
Dashboard: Shows key information in a table (top-right by default)
Visual Matrix Map: Displays a heat map of support/resistance zones
Color themes: Dark Mode or Light Mode
Timezone adjustment: For accurate time display
5. Customization Options:
Universal lookback length (100 bars default)
Projection bars (26 bars forward)
Adjustable transparency for different elements
Multiple calculation methods available
Fully customizable colors and line styles
What Traders Use This For:
Entry/Exit Points: The EMA crossovers provide clear buy/sell signals
Risk Management: Support/resistance levels help set stop-losses and take-profit targets
Trend Confirmation: Multiple trend lines confirm trend direction
Key Price Levels: Identifies where price is likely to react (bounce or break through)
The indicator is quite feature-rich and combines technical analysis elements (pivots, EMAs, volume, support/resistance) into one comprehensive tool for trading decisions.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.