OPEN-SOURCE SCRIPT
Support, Resistance and Median
Explanation of the Support, Resistance, and Pivot Indicator
This indicator functions as follows:
1. Key Level Calculations:
- Pivot Point (PP): Central level calculated using the previous period's high, low, and closing prices.
- Supports (S1, S2, S3): Potential price support zones, derived from the PP.
- Resistances (R1, R2, R3): Potential price resistance zones, also calculated from the PP.
2. True Range (TR) Levels:
- Alternative calculations for supports and resistances based on recent volatility (TR_R1, TR_R2, TR_S1, TR_S2).
3. Visual Display:
- Levels are automatically plotted on the chart, allowing for quick identification of key zones.
4. Usage:
- Helps identify entry and exit points, as well as levels for placing stop-loss and take-profit orders.
- Particularly useful for intraday and swing traders.
5. Flexibility:
- The indicator can be applied to various assets and timeframes.
6. Customization:
- Option to adjust parameters such as the historical period for level calculations.
This indicator combines traditional technical analysis with automated calculations to provide traders with key levels to watch in the market.
This indicator functions as follows:
1. Key Level Calculations:
- Pivot Point (PP): Central level calculated using the previous period's high, low, and closing prices.
- Supports (S1, S2, S3): Potential price support zones, derived from the PP.
- Resistances (R1, R2, R3): Potential price resistance zones, also calculated from the PP.
2. True Range (TR) Levels:
- Alternative calculations for supports and resistances based on recent volatility (TR_R1, TR_R2, TR_S1, TR_S2).
3. Visual Display:
- Levels are automatically plotted on the chart, allowing for quick identification of key zones.
4. Usage:
- Helps identify entry and exit points, as well as levels for placing stop-loss and take-profit orders.
- Particularly useful for intraday and swing traders.
5. Flexibility:
- The indicator can be applied to various assets and timeframes.
6. Customization:
- Option to adjust parameters such as the historical period for level calculations.
This indicator combines traditional technical analysis with automated calculations to provide traders with key levels to watch in the market.
Skrypt open-source
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.
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