1-2-3 Pivots Support and Resistance Lines On Any Indicator

v10.3
1-2-3 Pivots Support and Resistance Lines On Any Indicator

This indicator is a modified version of my 1-2-3 Pivots Support and Resistance Lines indicator that can be found here:

https://www.prorealcode.com/prorealtime-indicators/1-2-3-pivots-support-and-resistance-lines/

This new version allows you to plot the support and resistance lines (and the averages of them) that are based on the last three high and last three low points of an indicator. Just change the indicator in line 18 to the indicator of your choice. In the example here it is a fast average of RSI[14] but if you want a different indicator then change it to MyIndicator = Stochastic[5,10] for example.

Whenever a new pivot point is formed a new support or resistance lines start to be drawn that line up with previous high and low pivot points.

The last three swing highs and last three swing lows are used. By ticking or unticking the relevant box various support and resistance lines can be displayed or removed as follows:

  • Pivots12 – Lines that are a continuation of a line connecting the last two high and low pivots.
  • Pivots13 – Lines that are a continuation of a line connecting the last and the second to last high and low pivots.
  • Pivots23 – Lines that are a continuation of a line connecting the second to last and third to last high and low pivots.
  • Avg12 – Lines that are an average of the Pivots12 and Pivots13 lines.
  • Avg123 – Lines that are an average of the Pivots12, Pivots13 and Pivots23 lines.
  • Avg12Mid – A line that is mid way between the Avg12 support and resistance lines.
  • Avg123Mid – A line that is mid way between the Avg123 support and resistance lines.
  • Connected – All  lines are drawn connected when a new pivot high or pivot low is formed

The pivot definition can be adjusted by changing the number of bars before and the number of bars after the high or low. So for example you can have a new pivot whenever a high has one candle lower either side of it or when it has two candles lower either side of it.

Breakout of support and resistance lines by an indicator can indicate a change of direction or the start of a new trend. The slope of the lines can be used to spot divergence between an indicator and price.

I advise downloading the ITF and importing it to your platform to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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