Pivot Support/Resistance Zones

Category: Indicators By: robertogozzi Created: December 7, 2018, 2:21 PM
December 7, 2018, 2:21 PM
Indicators
15 Comments

This indicator plots levels of support/resistance calculated with high/low pivot points:

At a price bar preceded by 4 higher lows and followed by 2 higher lows, a new support line is found and green line is starting. It starts at the lowest low and stops until the line is later crossed or when a new support is formed later.

The same for a red resistance line at a price bar with 4 lower Highs before and followed by 2 lower Highs.

The code has been made following a request in the ProBuilder forum.

DEFPARAM CalculateOnLastBars = 1000
PivotBAR     = 2                      //2  bars AFTER  pivot
LookBack     = 4                      //3  bars BEFORE pivot

BarLookBack  = PivotBAR + 1
IF low[PivotBAR] < lowest[LookBack](low)[BarLookBack] THEN
 IF low[PivotBAR] = lowest[BarLookBack](low) THEN
  MySupport     = BarIndex - PivotBAR
  SupportPrice  = low[PivotBAR]
 ENDIF
ENDIF
IF high[PivotBAR] > highest[LookBack](high)[BarLookBack] THEN
 IF high[PivotBAR]  = highest[BarLookBack](high) THEN
  MyResistance    = BarIndex - PivotBAR
  ResistancePrice = high[PivotBAR]//high[BarIndex - MyResistance]
 ENDIF
ENDIF

DRAWSEGMENT(MyResistance,ResistancePrice,BarIndex,ResistancePrice) COLOURED(255,0,0,255)
DRAWSEGMENT(MySupport,SupportPrice,BarIndex,SupportPrice) COLOURED(0,128,0,255)

RETURN

 

 

Download
Filename: Pivot-SupportResistance-Zones.itf
Downloads: 1097
robertogozzi Master
Roberto https://www.ots-onlinetradingsoftware.com
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