This simple script will add in your chart "dynamic support/resistance" and the possible entry point, can be used in any chart and any timeframe.
This indicator is not designed to be used as a bot, but only to help your trades :)
If you consider this useful, please consider donate: 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf
OSOIL: XAUUSD: AUDUSD:
Feel free to use this indicator, don't forget to feedback!
Now it is possible to add/remove the average range of , and add/remove average range as a line. And if you link the average range as a line (thanks @SpyWhat) you can use a multiplier to add or remove % as you like.
study("Dynamic S&R",overlay=true) // Author: samuelhei // Tips: 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf // Feel free to use this script as you want! length = input(100,"Number of bars back") useRangAv = input(true,"Use range average of support and resistance.",type=bool) useLineAv = input(false, "Use average of support and resistance as one line.",type=bool) perLine = input(1,"Multiplier of averege line.", type=float) hhigh = highest(high,length) chigh = highest(close,length) llow = lowest(low,length) clow = lowest(close,length) mhl = (hhigh+llow)/2 mc = (chigh+clow)/2 aL = ((mhl + mc)/2) * perLine phh = plot( hhigh, 'hHigh',color=blue) pch = plot(chigh, 'cHigh',color=blue) fill(phh,pch,blue) pmhl = plot(useRangAv ? mhl : na, 'mHL',color=black) pmc = plot(useRangAv ? mc : na, 'mMC',color=black) fill(pmhl,pmc,black) plot(useLineAv ? aL : na,"Averege Line",color=black) pll = plot(llow, 'lLow',color=purple) pcl = plot(clow, 'cLow',color=purple) fill(pll,pcl,purple)