Support and Resistance Based Off Indicators
This is a proof-of-concept indicator that combines several indicators to identify areas of support and resistance. This indicator is based on the theory that traders utilise a number of indicators to locate areas of support or resistance, such as moving averages, bollinger bands, fib levels, and so on. If the majority of indicators align at a given level, we know that the majority of traders will be seeking to buy in or sell at that level, but adding all of these indicators to your chart will take too much time and clutter your chart. With this indicator, you can see if your favorite indicators are in range of each other, and if they are, a box will be drawn showing the range that they are within
Please keep in mind that the indicator only supports MA, EMA, Bollinger Bands, Fib Levels, and VWAP with standard deviation. I intend to add a lot more indicators, but for now, this is simply a proof of concept indicator.
This is how it works:
This indicator use atr bands to determine whether or not other indicators are within range of one another. The user enters the ATR band range, and once that is done, the script finds the values of other indicators depending on the user's input and tests to see if they are inside the ATR band. If the indications align within the bands, a box is plotted. The colour of the box is determined by how many indicators line up within the same range, which can be changed with user input.
The user can also input if they would like to use that indicator or not, and input the timeframe it is on.
Notes:
This is only a proof of concept; I have many ambitions for this indicator, like adding other people's own indicators, cleaning up code, adding more functionality, and so on. Please let me know if you have any suggestions for additional indicators or if you have any comments. Also, given this took me months to create, I've opted to keep the code private for the time being, but I'd want to thank the Pine community for their assistance in making this indicator possible
Please keep in mind that the indicator only supports MA, EMA, Bollinger Bands, Fib Levels, and VWAP with standard deviation. I intend to add a lot more indicators, but for now, this is simply a proof of concept indicator.
This is how it works:
This indicator use atr bands to determine whether or not other indicators are within range of one another. The user enters the ATR band range, and once that is done, the script finds the values of other indicators depending on the user's input and tests to see if they are inside the ATR band. If the indications align within the bands, a box is plotted. The colour of the box is determined by how many indicators line up within the same range, which can be changed with user input.
The user can also input if they would like to use that indicator or not, and input the timeframe it is on.
Notes:
This is only a proof of concept; I have many ambitions for this indicator, like adding other people's own indicators, cleaning up code, adding more functionality, and so on. Please let me know if you have any suggestions for additional indicators or if you have any comments. Also, given this took me months to create, I've opted to keep the code private for the time being, but I'd want to thank the Pine community for their assistance in making this indicator possible
Informacje o Wersji:
- Fixed Bugs
- Changed Design Of Boxes
- Cleaned Up Code & Functionality
Will most likely not be updating this indicator anymore after this. Will look to be making a advanced version of this script with a lot more features. If you would like access to this you can click the link in my bio, and join the discord to get full access :)
- Changed Design Of Boxes
- Cleaned Up Code & Functionality
Will most likely not be updating this indicator anymore after this. Will look to be making a advanced version of this script with a lot more features. If you would like access to this you can click the link in my bio, and join the discord to get full access :)