OPEN-SOURCE SCRIPT

Support/Resistance by Oddbeaker LLC

This is a port of an indicator I wrote for MT4 several years ago. At the time it was the only thing available that could accurately plot support/resistance lines in an automated way. Now there are many that do similar things, but I still think this is one of the cleanest and most straightforward ones to use.

Parameters:

Signal Bars - Number of candles to look back for the high and low.
Peak Bar - Which of the candles must be the high or low to be used as the support or resistance level.

Notes:

Setting Peak Bar to 3 gives the most accurate results. Lower values will give false signals and higher values might be late in generating a useful signal.
Adjust your Signal Bars according to the timeframe you use. For example, 20 days worth of candles on 1-hour or higher charts will produce strong entry signals.

Example Chart Settings:

Weekly - 52 / 3
Daily - 20 / 3
4-hour - 120 / 3
1-hour - 480 / 3
5-minute - 72 /3
1-minute - 240 / 3

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.

tony1forex

Disclaimer

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Open-source script

tony1forex