OPEN-SOURCE SCRIPT
Auto S/R v2
This script allows users to plot automatic support and resistance lines on their chart from any timeframe. This allows them to automatically overlay daily support and resistance lines on an intraday chart.
1. First we get a value from a 5 bar pivot.
2. From that pivot we calculate the ATR.
3. We draw lines above and below by either adding or subtracting from our value in step 1.
The user has the option to turn off the price labels, set the number of lines they want displayed, and adjusting the closeness of each line by using the adjuster.
1. First we get a value from a 5 bar pivot.
2. From that pivot we calculate the ATR.
3. We draw lines above and below by either adding or subtracting from our value in step 1.
The user has the option to turn off the price labels, set the number of lines they want displayed, and adjusting the closeness of each line by using the adjuster.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.