This is my first attempt of writing an indicator.
Let me start by saying I could never have done this without lmatl and WMX_Q_System_Trading who were and are an incredible source of inspiration.
This indicator shows horizontal Pivot Support and Resistance . It draws up to 4 horizontal lines extending to the right from and adds labels to High and Low Pivot Candles . It also draws the Support / Resistance that is currently forming.
You can select the number of lines on the current timeframe.
There are some options in Settings:
- Current timeframe pivot settings
- Show and hide levels of the current timeframe
- Change colors
- Extend Lines
Any suggestions are more than welcome!
I also welcome donations, no matter how small ;-)
- Fourt -> Fourth
- in showFourthPivot I had two different occurrences. Fixed that to keep consistancy.
this is the result of the many feedback messages I received about this first draft of this script. It has significant updates:
- The use of Arrays.
- Using PineCoders Coding Conventions for Pine: www.pinecoders.com/coding_conventions/.
- Display up to 6 Support / Resistance levels.
- Line colors and Labels change according to their status (Support or Resistance).
- Moved Labels to the future for better overview of the Prices / Levels.
There are many configurable options. Feel free to explore them all.
If you should notice a bug or something of a kind, feel free to contact me.
All feedback is very welcome as well.
Request might be considered but don't take them for granted please.
Pivot Points are considered to be levels which may become significant levels (Support / Resistance) in the future. They can be interpreted in various ways, but fact is that price, when it comes close to a previous Pivot Point, can mess with your head. Prices often returns to previous Pivot Points, more than once even a few times, as shown below.
I hope you find this useful.
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.