OPEN-SOURCE SCRIPT
Updated Absorbing System Support and Resistance
Hello Traders :)
I am Only Fibonacci.
My purpose in coding this indicator was to detect support and resistance more easily.
What is the working principle of this indicator?
This tool detects pivot points.
If the length of the sell pin is higher than the length of the buy pin, it is considered as resistance.
It detects the formation according to the length of the pivot point and draws a line until this level is broken.
The main purpose is to add a new perspective to support and resistance detection and to prepare an educational code sequence.
The codes are open to everyone, you can develop as you wish.
In the settings you can choose whether you want to see the breakdowns, you can also choose whether the breakdowns will be with the wicks or the body.
It is written in a functional way.
If you call "RES" inside the func method, it draws the resistors. If you throw a call other than "RES" it draws the supports.
The main concept here;
"RES" = Resistance
"SUP" = Support
I am Only Fibonacci.
My purpose in coding this indicator was to detect support and resistance more easily.
What is the working principle of this indicator?
This tool detects pivot points.
If the length of the sell pin is higher than the length of the buy pin, it is considered as resistance.
It detects the formation according to the length of the pivot point and draws a line until this level is broken.
The main purpose is to add a new perspective to support and resistance detection and to prepare an educational code sequence.
The codes are open to everyone, you can develop as you wish.
In the settings you can choose whether you want to see the breakdowns, you can also choose whether the breakdowns will be with the wicks or the body.
Pine Script®
func("RES")
func("SUP")
func("SUP")
It is written in a functional way.
If you call "RES" inside the func method, it draws the resistors. If you throw a call other than "RES" it draws the supports.
The main concept here;
"RES" = Resistance
"SUP" = Support
Release Notes
Box added.If the box option is active, lines are removed.
Boxes and lines cannot be drawn at the same time.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
AlgoTrade sevdası.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
AlgoTrade sevdası.
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.