The script starts by parsing the target levels provided in the input strings for red, blue, and yellow levels. These levels are stored in arrays for further processing.
Distance Calculation :
The script calculates the distance between the current price and each target level. It sorts these distances to determine the closest resistance levels.
Drawing Lines and Labels :
The closest three resistance levels (Target1, Target2, Target3) are selected, and lines are drawn at these price levels.
The lines are colored according to their respective target group (Red, Blue, Yellow).
If labeling is enabled, the script will draw labels with the price values next to these resistance lines.
How to Use Analyze Resistance Levels :
The indicator will plot the closest three resistance levels based on the current price.
Use these levels to identify potential areas of resistance, which can be useful for making trading decisions.
Observe Labeling :
The labels will display the exact price level at each target line, aiding in quick reference and analysis.
This script is published closed-source and you may privately use it freely.
Want to use this script on a chart?
Disclaimer
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