OPEN-SOURCE SCRIPT
Support Resistance Dynamics
Key Features:
- Dynamic Level Calculation: Unlike static support and resistance indicators, this tool continuously updates levels based on recent price action, providing traders with the most relevant and up-to-date information.
- Logarithmic Scale Option: The indicator offers a unique logarithmic scale feature, essential for analyzing long-term trends or assets with significant price changes. This allows for more accurate level plotting across various timeframes and price ranges.
- Customizable Display: Users can adjust the number of support and resistance lines displayed, allowing for a clean and uncluttered chart view while focusing on the most significant levels.
- Adaptive Slope Calculation: The indicator uses an innovative approach to calculate the slope of support and resistance lines, offering options from dynamic adaptation to fixed long-term periods. This ensures the lines remain relevant in both trending and ranging markets.
- Enhanced Visualization: With customizable line colors, styles, and transparency, traders can easily distinguish between support and resistance levels, improving chart readability and analysis.
- Flexible Period Settings: From dynamic calculations based on recent pivots to fixed long-term periods, the indicator adapts to various trading styles and timeframes.
The Support Resistance Dynamics indicator is particularly useful for:
- Identifying potential reversal points in trends
- Setting more accurate entry and exit points for trades
- Placing stop-loss orders with greater precision
- Recognizing breakout levels for potential new trends
By combining dynamic calculation methods with customizable visual elements, this indicator provides traders with a powerful tool for market analysis. Whether you're a day trader looking for short-term opportunities or a long-term investor analyzing macro trends, the Support Resistance Dynamics indicator offers valuable insights to enhance your trading strategy.
This indicator is provided for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading involves significant risk of loss. Users should conduct their own research and due diligence before making any investment decisions. The creator of this indicator is not responsible for any losses incurred from its use. Always test thoroughly on demo accounts before applying to live trading.
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
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.