Indicator · Pine Script v4 · On the chart

SupRes[tytyd]

by setyadhiputrad

SupRes[tytyd] is an overlay indicator that calculates and plots dynamic short-term and long-term support and resistance levels directly on the price chart.

View on GitHub

GitHub stars4on the repository
Pine versionv4older, still runs
Lines of code60
Settings5inputs
LicenceGPL-3.0
Last update5 years ago2 Nov 2020

Add It to Your TradingView Chart

  1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
  2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
  3. 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
  4. 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.

Source Code

60 lines of Pine Script v4 from SupportResisten.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

SupportResisten.pine
//@version=4
study(
    title='SupRes[tytyd]',
    shorttitle='SR', 
    overlay=true
)

use_alt_series = input(defval=false, title='Alternative source?')
alt_src = input(defval=close, title='Alternative source:')
h = use_alt_series ? alt_src : high
l = use_alt_series ? alt_src : low

window1 = input(defval=8, title='lookback window 1:', type=input.integer)
window2 = input(defval=21, title='lookback window 2:', type=input.integer)
percent_of_range_for_trade_zone = input(defval=25.0, title='Percent of the range to use for trade zone', type=input.float) * 0.01

short_term_top = valuewhen(h >= highest(h, window1), h, 0)
short_term_bot = valuewhen(l <= lowest(l, window1), l, 0)
long_term_top = valuewhen(h >= highest(h, window2), h, 0)
long_term_bot = valuewhen(l <= lowest(l, window2), l, 0)

short_term_resist = change(short_term_top) != 0 ? na : short_term_top
short_term_suport = change(short_term_bot) != 0 ? na : short_term_bot

long_term_resist = change(long_term_top) != 0 ? na : long_term_top
long_term_suport = change(long_term_bot) != 0 ? na : long_term_bot

long_term_resist_marker = change(fixnan(long_term_resist)) != 0 ? long_term_resist : na
long_term_suport_marker = change(fixnan(long_term_suport)) != 0 ? long_term_suport : na

short_term_resist_plot = plot(series=short_term_resist, title='STR', color=color.navy, linewidth=1, style=plot.style_linebr, transp=0)
short_term_suport_plot = plot(series=short_term_suport, title='STS', color=color.navy, linewidth=1, style=plot.style_linebr, transp=0)
long_term_resist_plot = plot(series=long_term_resist, title='LTR', color=color.blue, linewidth=4, style=plot.style_linebr, transp=70)
long_term_suport_plot = plot(series=long_term_suport, title='LTS', color=color.blue, linewidth=4, style=plot.style_linebr, transp=70)
long_term_resist_marker_plot = plot(series=long_term_resist_marker, title='.R', color=color.blue, linewidth=4, style=plot.style_circles, transp=0)
long_term_suport_marker_plot = plot(series=long_term_suport_marker, title='.S', color=color.blue, linewidth=4, style=plot.style_circles, transp=0)

fill(short_term_resist_plot, long_term_resist_plot, color=color.orange, transp=80, title="Resistance")
fill(short_term_suport_plot, long_term_suport_plot, color=color.olive, transp=80, title="Support")

//  Calculate entry zone:
float short_term_resist_trade_limit = na
float short_term_suport_trade_limit = na

range = fixnan(short_term_resist) - fixnan(short_term_suport)

if not na(short_term_resist)
    if not na(short_term_resist_trade_limit[1])
        short_term_resist_trade_limit := short_term_resist_trade_limit[1]
    else
        short_term_resist_trade_limit := short_term_resist - range * percent_of_range_for_trade_zone

if not na(short_term_suport)
    if not na(short_term_suport_trade_limit[1])
        short_term_suport_trade_limit := short_term_suport_trade_limit[1]
    else
        short_term_suport_trade_limit := short_term_suport + range * percent_of_range_for_trade_zone

short_term_resist_trade_limit_plot = plot(series=short_term_resist_trade_limit, title='', color=color.red, linewidth=1, style=plot.style_linebr, transp=0)
short_term_suport_trade_limit_plot = plot(series=short_term_suport_trade_limit, title='', color=color.lime, linewidth=1, style=plot.style_linebr, transp=0)

Overview

Using configurable lookback periods, it tracks recent price highs and lows to draw support and resistance lines alongside filled target zones. It also calculates trade limit boundaries based on a user-defined percentage of the recent price range. Settings allow users to adjust the lookback lengths, entry zone percentages, and switch to alternative price sources.

Details

Published by

setyadhiputrad on GitHub

Type

Indicator, Pine Script v4

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

SettingTypeDefaultVariable
Alternative source?boolfalseuse_alt_series
Alternative source:sourceclosealt_src
lookback window 1:int8window1
lookback window 2:int21window2
Percent of the range to use for trade zonefloat25.0percent_of_range_for_trade_zone
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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