Indicator · Pine Script v5 · On the chart

Woverine - Support & Resistance

by RyKaj

This indicator plots Support and Resistance levels on the price chart.

View on GitHub

GitHub stars1on the repository
Pine versionv5runs as is
Lines of code79
Settings5inputs
LicenceMIT
Last update3 years ago11 Oct 2023

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

79 lines of Pine Script v5 from Support & Resistance.pinescript, published under MIT. Keep the author's credit and licence lines when you reuse it.

Support & Resistance.pinescript
//@version=5
//=============================================================================================  
//  Creator: Woverine
//    
//    Source Code: https://github.com/RyKaj/PineScript/tree/main
//
//    Purpose: 
//          Support & Resistance
//
//=============================================================================================  

indicator('Woverine - Support & Resistance', overlay=true, shorttitle='S&R')


//-------------------------------------------------------------------------------------------------------------------------
// Plot colors
// https://chir.ag/projects/name-that-color/#6195ED
// https://kodify.net/tradingview/colours/basic-colours/
//-------------------------------------------------------------------------------------------------------------------------
// color colorAquaIsland = #B2DFDB
// color colorAzureRadiance = #0094ff
// color colorBlack = #363A45
// color colorBlazeOrange = #ff6a00
color colorBlue = #2196F3
// color colorBlueChill = #088A8D
// color colorBlushPink = #fd7fe6
// color colorBurntSienna = #EF5350
// color colorCandelLight = #FCD917
// color colorCoral = #FF7F50
// color colorCyan = #17FFFF
// color colorDeathCross = #e32636
// color colorFreshEggplant = #800080
// color colorFruitSalad = #4CAF50
// color colorGoldenCross = #61ed77
color colorGreen = #459915
// color colorJapaneseLaurel = #008000
// color colorGreen = #4CAF50
// color colorJungleGreen = #39ff14
// color colorKeyLimePie = #BCBB26
// color colorLilacBush = #9575cd
// color colorLime = #00E676
// color colorParsley = #0E4813
// color colorPastelPink = #FFCDD2
// color colorPurple = #9C27B0
color colorRed = #FF5252
// color colorRobinEggBlue = #00C9C9
// color colorRoseBudCherry = #880e4f
// color colorRusticRed = #4E0404
// color colorSaratoga = #505010
// color colorSpringGreen = #00E676
// color colorStarship = #F2F131
// color colorTamarillo = #991515
// color colorTeal = #00897B
// color colorTealBlue = #055355
// color colorTrendyGreen = #86851b
// color colorWhite = #FFFFFF


//--------------------------------------------------------------------------------
// Moddified [RS]Support and Resistance
//--------------------------------------------------------------------------------
int srLength = input( defval=21, title='Support / Resistance Length' )
float RSTT = ta.valuewhen( high >= ta.highest( high, srLength ), high, 0 )
float RSTB = ta.valuewhen( low <= ta.lowest( low, srLength ), low, 0 )

plot( series=RSTT, title='Support', color=RSTT != RSTT[1] ? na : colorGreen, linewidth=1, offset=0 )
plot( series=RSTB, title='Resistance', color=RSTB != RSTB[1] ? na : colorRed, linewidth=1, offset=0 )

//--------------------------------------------------------------------------------
// Directional Projection
//--------------------------------------------------------------------------------
string sStyle = input.string( defval='ATR', title='Average True Range' )
float avgHighValue = input.float( defval=13.00, title='Average True Range High Value' )
int avgLowValue = input.int(  defval=1, title='Average True Range Low Value' )
bool bShowDirectional = input.bool( defval=false, title='Show Directional Projection Trend' )

symbolInfo = request.security( ticker.pointfigure( syminfo.tickerid, 'close', sStyle, avgHighValue, avgLowValue ), "1", close )

plot( series=bShowDirectional ? symbolInfo : symbolInfo == nz( symbolInfo[1] ) ? symbolInfo : na, color=color.new( colorBlue,  transp=0 ), linewidth=2, style=plot.style_linebr, title='Directional Projection', offset=0 )

Overview

Support is drawn as a green line at the highest high over the specified length, and Resistance as a red line at the lowest low. An optional Directional Projection Trend line can be shown using ATR settings via request.security. The main settings allow changing the support/resistance length, ATR style, high and low values, and toggling the directional line. It draws horizontal lines that update only when new highs or lows are detected. The script does not repaint.

Details

Published by

RyKaj on GitHub

Type

Indicator, Pine Script v5

Draws

On the price chart

Category

Support & resistance, Trend

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
Support / Resistance Lengthint21srLength
Average True RangestringATRsStyle
Average True Range High Valuefloat13.00avgHighValue
Average True Range Low Valueint1avgLowValue
Show Directional Projection TrendboolfalsebShowDirectional
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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