Sup/Res Levels [AlgoBuddy] — Indicator by QuantVue

educational supportandresistance support resistence breakout education indicators free supportandresistancezones freeindicator

Shows basic pivot point of support and resistance levels. Will show alerts for break of sup. or res. Allows for a volume filter for sup. res. breaks as well.

"B" means break of either a Sup. or Res. level with volume greater than the threshold.
"Bull/Bear Wick" means bullish/bearish candle on break.

Left - number of bars left hand side of the pivot .
Right - number of bars right hand side of the pivot .
Volume Thres. - the threshold value (%) for the Volume.

This indicator is useful to filter our insignificant breaks of sup. or res. Can help trader determine when to sit on their hands, or enter a trade.

Release Notes:

Updated the script from Version 4, to Version 5 of Pinescript.

Get Access to the AlgoBuddy Premium indicators: www.algobuddy.io/

Join thousands of traders in our Free Discord: discord.gg/tC7u7magU3

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 a 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.

Want to use this script on a chart?