OPEN-SOURCE SCRIPT
[AB] Support/Resistance Drawing Tool
This script is designed to help you identify viable support and resistance levels by automatically creating lines that become less transparent when said levels hold. It is based on Donchian Channels created by rounded closes, not by highs and lows. You can use it as an aid to draw your levels manually, or stick exclusively to automatic charting.
Available settings are as follows:
Source - highly recommended to use Close, but other options are available if you'd like to do some experimentation.
Source Rounding - the accuracy of price sampling; higher rounding will make your lines more visible at the expense of precision. It is highly recommended to use decimals.
Length (Array) - the overall lookback of the script (length of the array). This value shouldn't be higher than 500 if skip = 2, or 250 if skip = 1. If you'd like to reach further back into the past, I'd recommend switching timeframes instead of increasing this beyond 500.
Sampling Skip - how frequently the data is sampled. I wouldn't recommend going beyond 2, especially with the default settings.
Transparency Skip - you can think of it as "pencil hardness". The higher the skip, the bigger the imprint of a single level detection will be. Wouldn't recommend going beyond 10.
Color R, G, and B - you can use these settings to adjust the color of the lines.
Available settings are as follows:
Source - highly recommended to use Close, but other options are available if you'd like to do some experimentation.
Source Rounding - the accuracy of price sampling; higher rounding will make your lines more visible at the expense of precision. It is highly recommended to use decimals.
Length (Array) - the overall lookback of the script (length of the array). This value shouldn't be higher than 500 if skip = 2, or 250 if skip = 1. If you'd like to reach further back into the past, I'd recommend switching timeframes instead of increasing this beyond 500.
Sampling Skip - how frequently the data is sampled. I wouldn't recommend going beyond 2, especially with the default settings.
Transparency Skip - you can think of it as "pencil hardness". The higher the skip, the bigger the imprint of a single level detection will be. Wouldn't recommend going beyond 10.
Color R, G, and B - you can use these settings to adjust the color of the lines.
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.
Disclaimer
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