OPEN-SOURCE SCRIPT
Map example
Using Maps collections:
This code manipulates support and resistance lines using maps collection.
We normally maintain array/udt of lines and related properties to segregate lines as support and or resistance.
With introduction of maps the same can be achieved without creating lines array/udt.
What does this code do:
1. Plot support and resistance lines based on ta.pivothigh() and ta.pivotlow()
2. When price crosses support line, the line is marked as resistance and color is changed to resistance line color and style is changed to dotted line (support turned resistance). Also the width of the line is set based on number of crosses. Finally the support/resistance line is removed when number of times price crossing the line reaches max allowed crosses (input parameter)
Where maps are used:
1. map_sr_cross - Number of times the support/resistance lines has been crossed by price
2. map_sr_type - R=resistance, S=support
3. color_map - color for support and resistance lines
4. style_map - line styles. Support/resistance lines as solid style and support turned resistance/resistance turned support lines as dotted style.
This code manipulates support and resistance lines using maps collection.
We normally maintain array/udt of lines and related properties to segregate lines as support and or resistance.
With introduction of maps the same can be achieved without creating lines array/udt.
What does this code do:
1. Plot support and resistance lines based on ta.pivothigh() and ta.pivotlow()
2. When price crosses support line, the line is marked as resistance and color is changed to resistance line color and style is changed to dotted line (support turned resistance). Also the width of the line is set based on number of crosses. Finally the support/resistance line is removed when number of times price crossing the line reaches max allowed crosses (input parameter)
Where maps are used:
1. map_sr_cross - Number of times the support/resistance lines has been crossed by price
2. map_sr_type - R=resistance, S=support
3. color_map - color for support and resistance lines
4. style_map - line styles. Support/resistance lines as solid style and support turned resistance/resistance turned support lines as dotted style.
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.