OPEN-SOURCE SCRIPT
DYNAMIC S&R 2.0
This indicator shows the support and resistance levels of four periods. Now you can customize it entirely, defining the periods and what you can show, or not.
When a weaker support/resistance is broken you now what is the next support/resistance.
The average of support and resistance can be used as an entry point or as a indicator of bear/bull market (when the close price is below the average the market is bear, and when the close price is above the average the market is bull).
To add to your chart, add this to favorites and in your chart go to indicators, then to favorites, and it will appear on the right side.
Please, give-me your feedback! And a Tip if you will use it.
When a weaker support/resistance is broken you now what is the next support/resistance.
The average of support and resistance can be used as an entry point or as a indicator of bear/bull market (when the close price is below the average the market is bear, and when the close price is above the average the market is bull).
To add to your chart, add this to favorites and in your chart go to indicators, then to favorites, and it will appear on the right side.
Please, give-me your feedback! And a Tip if you will use it.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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