by regalouisei· code credited to HeWhoMustNotBeNamed
Divergence-Support/Resistence combines dual Zigzag pivot detection with momentum oscillators to identify divergence patterns and plot support and resistance levels directly on the price chart.
Users can select from various built-in oscillators, such as RSI, CCI, Stochastic, or MFI, or supply a custom external source. The indicator draws dynamic levels based on historical swing highs and lows. Note that Zigzag-based pivot calculations naturally repaint historical bars as new price extremes form.
Dual Zigzag length configuration
Multiple built-in oscillator selections
External source support for custom oscillator input
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Max Depth
int
10
maxItems
showZigzag1
bool
true
showZigzag1
zigzag1Length
int
8
zigzag1Length
showZigzag2
bool
true
showZigzag2
zigzag2Length
int
13
zigzag2Length
Oscillator Source
string
rsi
oscillatorType
External Source
bool
false
useExternalSource
externalSource
source
close
externalSource
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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