Support Resistance Ultimate

KEY FEATURES
Pivot-Based Levels:
- This feature calculates support and resistance levels using pivot points, which are derived from the high, low, and close prices of previous trading periods. Pivot points are crucial for forecasting potential market turning points.
- Users can customize the pivot calculation by selecting the source type (either 'Close' or 'High/Low') and adjusting the lookback periods for both the left and right sides of the pivot calculation. This flexibility allows traders to adapt the indicator to different market conditions and timeframes.
Volume-Based Levels:
- This option focuses on identifying support and resistance levels based on volume data, specifically the Point of Control (POC). The POC represents the price level with the highest traded volume during a specific time period, reflecting a consensus value among market participants.
- The indicator includes a rolling POC calculation, allowing traders to dynamically assess areas of significant trading interest that may serve as support or resistance zones.
ADVANTAGES
Customization and Flexibility:
- Traders can choose between pivot-based and volume-based levels or use both simultaneously, depending on their analysis needs. This dual approach provides a comprehensive view of market dynamics, accommodating various trading styles.
- The indicator offers customizable color settings for support and resistance lines, enhancing chart readability and allowing traders to personalize their visual analysis.
Enhanced Market Insights:
- By utilizing pivot points, traders can identify potential reversal or consolidation points, aiding in the prediction of market trends and the establishment of strategic entry and exit points.
- Volume-based levels provide insights into market sentiment and participation, highlighting areas of strong support or resistance based on trading volume. This can improve risk management and trade execution by identifying high-probability trading zones.
Importance Scoring:
- The indicator calculates the importance of each level based on the number of touches and the duration it holds. This scoring system helps traders assess the strength of support and resistance levels, with thicker lines indicating more significant levels.
This indicator is intended for educational and informational purposes only and should not be considered financial advice. Trading involves significant risk, and you should consult with a financial advisor before making any trading decisions. The performance of this indicator is not guaranteed, and past results do not predict future performance. Use at your own risk.
- Code Corrections: Previous inconsistencies in the code have been identified and corrected, ensuring more reliable and accurate performance of the indicator.
- Dynamic Line Thickness: The thickness of the support and resistance lines is now dynamically calculated based on both volume data and the number of touches.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.