OPEN-SOURCE SCRIPT
Patrick Walker Flat Base
Updated
This pine script is provide recent support and resistance.
Script will use ema8, ema21, sma50 and sma200 to generate the support and resistance line.
Inspired from Patrick Walker style of trading. This is my personal logic i build studying the charts.
There is 3 types of resistance generated by this script.
1) top resistance 1
when ema8 > ema21 and low > ema8 and gap between ema21 and sma50 is less than 10% and in last 3 days previous 4th days highs is not crossed by close.
2) top resistance 2
when close/open below ema21 and ema8 > ema21 and high >= ema8 and ema21 > sma50 and gap between ema21 and sma50 is less than 10%
3) bottom resistance
when ema8 < ema21 and close/open cross above ema8 but high < ema21
Script will use ema8, ema21, sma50 and sma200 to generate the support and resistance line.
Inspired from Patrick Walker style of trading. This is my personal logic i build studying the charts.
There is 3 types of resistance generated by this script.
1) top resistance 1
when ema8 > ema21 and low > ema8 and gap between ema21 and sma50 is less than 10% and in last 3 days previous 4th days highs is not crossed by close.
2) top resistance 2
when close/open below ema21 and ema8 > ema21 and high >= ema8 and ema21 > sma50 and gap between ema21 and sma50 is less than 10%
3) bottom resistance
when ema8 < ema21 and close/open cross above ema8 but high < ema21
Release Notes
changed condition for top resistance 1now its only generate when ema8 or ema21 above sma50
Release Notes
Added Relative Strength Line and Relative Strength 21 and 50 into the tableRelease Notes
added rsline 200 and rs 200Release Notes
bug fix in color codeRelease Notes
Added input value for gap between 21 & 50. so user can set as per their need.Default value is 10
Release Notes
updated condition for top resistance 1 and 2minimum 3 days required ema8 > ema21
Release Notes
Updated bottom resistance conditionadded close need to be below sma50
removed high need be below ema21
Release Notes
updated top resistance code condition to check ema8 > ema21 for at least 3 daysRelease Notes
updated bottom resistance code conditionRelease Notes
Added one more resistance code i called it downdays resistance
when close < open but close > (high+low)/2 then its generate the resistance.
Release Notes
bug fix in down days resistance conditionRelease Notes
Added volume condition for down days resistanceRelease Notes
updated bottom resistance conditionnow it will check for close < ema21 and high >= ema21
Release Notes
removed open/close above ema8 condition for bottom resistance codeRelease Notes
removed open < sma50 for bottom resistance code.Release Notes
Added 5 & 10 Days Pivot PointsRelease Notes
Added 20 days pivot pointRelease Notes
Added Hide / Show input for all the lines.Release Notes
changed bottom resistance condition to high > sma50 and close < sma50Release Notes
changed bottom resistance conditionRelease Notes
Added 252 days high resistance if next 15 days highest close is not crossed that high.Release Notes
Added option to draw recent latest 252 days high resistance or multiple in last 5 yearsspeed improvements in 252 days high resistance code.
Release Notes
bug fix in 252 days recent high codeRelease Notes
Added option to hide/show Relative strength tableRelease Notes
bug fix in 10 days pivot point codeRelease Notes
bug fix in 10 days pivot points codeRelease Notes
code improvements in 252 days high resistance line.
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.