This script is similar to the last one but with the previous one, one general set of settings can produce VASTLY different results (might have 2 S/R lines on one coin and 80 on another). I wanted to fix that with this script, turn it into a "Market Overview" Scanner and create alerts for the MO Scanner to be able to get alerted any time a coin is passing its largest wick S/R levels bc DULY NOTE...it is VERY rare that a coin will blow past it if it hasn't approached it recently. That means that a small retrace of 3-5%(or more) is EASY to acquire (with leverage that can really add up with how many coins are in the Kucoin Margin Coin list that I have in my scanners). Now, once price does shoot through a level you best be sure to be looking down the line for a retest of the S/R level it blew past before as they are MANY times the retest level and price will be coming back to it before continuing
in the direction it was going. Depending on the TF your using this could be a few hours to a few days to a few weeks...you get it. With this script you can choose to draw S/R lines 2 ways: 1) by having it plot S/R lines on the end of the largest 2(3,4,5..however many you choose) wicks that the chart has access to. For the scanner ill just be putting the largest 2-3 wicks and set alerts when coming up to them/crossing them & 2) having it draw S/R lines on the ends of the largest X% of wicks. it will be erasing the lines and drawing new ones on each new candle occurrence so the same general settings will no longer be producing VASTLY diff amounts of S/R lines and will be way more consistent amongst the coins for better utilization with the scanner (when I publish it). There is also a Wick Max Cutoff % so for those coins that had it's first few hours printing 100% sized wicks...you can choose to ignore them so they are not taking up one of your top spots for the S/R lines. There is similarly a Wick % min Size that can be selected so if you’re using the top % setting, it will help decrease those coins that can be still plotting 30 lines even though the top 3% of the largest wicks are set in the settings. Hope Im being clear but it's easy enough. I believe in you and your capabilities of comprehending it all and getting it all figured out. So this script is for a visualization for the scanner that I will be uploading soon-after. It's always nice to get a few comments if my ideas/scripts have been helpful to you and please don't hold back if you have something to tell me that I screwed up on (I am still rather new to this coding thing but I like to think I at least have some fresh ideas that aren’t out there in the public library). Talk to you soon and may the force be with your trades. Peace and love people...peace and love. -ChasinAlts out.
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.