This indicator draws support and resistance lines that are an extension of the last two swing highs and last two swing lows (or fractal points).
The pivot /fractals 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.
Whenever a new pivot point is formed a new support or resistance line starts to be drawn that lines up with the last two pivot points.
This indicator can be used to easily see if price is either bouncing off of the last two pivots support and resistance or if it is breaking out from that support or resistance.
Download and import the ITF file to get full functionality.
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//Last Pivots Support and Resistance Lines //By Vonasi //17011919 //DEFPARAM CalculateOnLastBars = 1000 //BarsAfter = 1 //BarsBefore = 1 BarLookBack = BarsAfter + 1 IF low[BarsAfter] < lowest[BarsBefore](low)[BarLookBack] THEN IF low[BarsAfter] = lowest[BarLookBack](low) THEN Support = low[BarsAfter] ENDIF ENDIF IF high[BarsAfter] > highest[BarsBefore](high)[BarLookBack] THEN IF high[BarsAfter] = highest[BarLookBack](high) THEN Resistance = high[BarsAfter] ENDIF ENDIF cr = 255 cs = 255 if resistance <> resistance[1] then hi2 = hi1 hi2index = hi1index hi1 = high[BarsAfter] hi1index = BarIndex[BarsAfter] cr = 0 endif if support <> support[1] then lo2 = lo1 lo2index = lo1index lo1 = low[BarsAfter] lo1index = BarIndex[BarsAfter] cs = 0 endif if hi2 > hi1 then nexthi = hi1 - (((hi2 - hi1) / (hi1index - hi2index)) * (barindex - hi1index)) endif if hi2 < hi1 then nexthi = hi1 + (((hi1 - hi2) / (hi1index - hi2index)) * (barindex - hi1index)) endif if lo2 > lo1 then nextlo = lo1 - (((lo2 - lo1) / (lo1index - lo2index)) * (barindex - lo1index)) endif if lo2 < lo1 then nextlo = lo1 + (((lo1 - lo2) / (lo1index - lo2index)) * (barindex - lo1index)) endif RETURN nexthi coloured(0,128,0,cr) as "Resistance", nextlo coloured (128,0,0,cs) as "Support" |
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I am getting a shading between the lines, how can I avoid that. I just want to see lines as shown in the pic in above post
Delete the ‘Color Zone’ in the indicator settings window.