Support and Resistance Oscillator [CC] — Indicator by cheatcountry

centeredoscillator oscillator supportandresistance sro support resistancelevel momentumoscillator

The Support and Resistance Oscillator is an experimental script I created to identify when the current price breaks a support or resistance line and reflect this value in an oscillator formula. This indicator uses a threshold to decide the dividing line between buying and selling points. Feel free to change the threshold or smoothing settings to see if you find anything better since this is so experimental. I'm double smoothing the difference between the indicator and its signal line to attempt to capture a combo of the price momentum combined with the general support and resistance levels. I have used dark colors for strong signals and lighter colors for normal signals and make sure to buy when the line turns green and sell when it turns red.

Let me know if there are any other scripts or indicators you would like to see me publish!

I created the largest stock indicator library:
github.com/ooples/

Custom Indicator Requests:
forms.gle/ouMffZR3dQ8bSJQG7

Tips are appreciated:
paypal.me/cheatcountry
patreon.com/cheatcountry

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.

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