These levels correspond, most of time, to good supports and resistances prices.
Price levels drawings can be based on the following indicators:
- Stochastic RSI (default)
- Stochastic CCI
You can customize this indicator with the following options:
- Source: The candle source to use in indicators calculation
- Source Indicator: The indicator on which you cant to base your levels
- Timeframe: The timeframe on which you want to apply the selected indicator, and calculate levels
- Show supports/resistances: enable/disable price levels, depending on there status (overbought - resistances) / (oversold - supports)
- Lines width: width of price levels. (set to 10 by default in order to draw "zones")
- Supports/Resistances source: Select the candle data you cant to use to draw supports and resistances levels
- Extend levels: Select the line extension for price levels
- Levels color: Select the desired color for price levels
- And of course , all parameters corresponding to the supported indicators (Stoch, RSI, CCI)
Here are a few examples of different configurations:
This script will probably be modified in the future, don't hesitate to suggest any improvement.
- Supports and resistances are now represented in different colors
- Default timeframe is now the current one
- Support and resistances are not extended anymore in order to avoid chart overloading
- Default parameters are now RSI(14) based on the candles closing price
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.