OPEN-SOURCE SCRIPT

Strongest Supports And Resistances

Updated
Draws the best support and resistance lines. How it works:

1) Tries every possible line through lows, highs, opens, closes
2) Finds the total hit counts given the confidence interval as input to the candlesticks
3) Calculates the strength of every line according to hit count, total volumes on hits, and timestamps
4) Eliminates similar lines, confidence interval is set as input
5) Selects the strongest 20(changable as an input) lines and draws them on the graph.

Makes your work way easier!!!

Feel free to adjust the parameters for your own style!

Cheers!!
Release Notes
-Algorithm updates
-Added a time input that you can ask what would be your SR lines if you didnt know the price data after time T. So you can test how well it predicts.
Release Notes
-Parameter Fix
Release Notes
-Max non-broken streak time choice is added as power coef.
Bands and ChannelsBESTCandlestick analysiscandlestickpatternressistancestrongsupportSupport and Resistance

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.

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