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.
1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
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.
Dual-timeframe short and long-term support and resistance
Visual fill bands between short and long-term levels
Calculated trade limit bounds based on range percentage
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Alternative source?
bool
false
use_alt_series
Alternative source:
source
close
alt_src
lookback window 1:
int
8
window1
lookback window 2:
int
21
window2
Percent of the range to use for trade zone
float
25.0
percent_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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