When a new pivot location is near from a resistance/support the latter gains weight.
You can modify multiple parameters :
- Nb Max res/sup : Define the number max res/sup to keep in our res/sup history array. The greater it is the older bar index will be taken.
- Nb show res/sup : Define the number of res/sup to be drawn.
- Min weight shown : Define min res/sup weight to be shown. Weight is used to measure strengh of res/sup.
- % range stack : Define price percentage change required to stack a pivot into an existing res/sup. Default is 0.015 = 1.5%.
Pivots are calculated with deviation parameter to validate with more precision.
Fontilab Library is used to code this indicator.
- Added table display functionality: you can now see the weight of your top res/sup in the bottom right corner.
- The calculation has changed a little to avoid multiple res/sup at the same price.
- Default parameters changed to be more relevant but you are encouraged to find the most effective combo.
- Bug fix.
- Bug Fix
- Change line style
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 a publication is governed by House Rules. You can favorite it to use it on a chart.