20 Aug 2020
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This ProBuilder code snippet demonstrates how to draw support rectangles on a chart until the price breaks through the support level. The rectangles are drawn based on historical low prices and are adjusted or removed when the price breaks below these levels.
defparam drawonlastbaronly=true
REM Store support
IF high[2] < low THEN
$support[i]=low
$support1[i]=high[2]
$bar[i]=barindex
$bar1[i]=barindex[2]
i=i+1
ENDIF
REM check support line if islastbarupdate and i>1 then
for j = 0 to i-1
checklow = $support[j]
bars = max(1,barindex-$bar[j])
endbar=barindex
for z = 1 to bars
if low[z]Explanation of the Code:
- Initialization: The parameter
drawonlastbaronly=trueensures that drawing commands are executed only on the last bar of the chart to optimize performance. - Storing Support Levels: The code checks if the high price two bars ago is less than the current low price. If true, it stores the current low and the high from two bars ago as potential support levels, along with their respective bar indices.
- Checking and Drawing Support: If it's the last bar update and there are stored support levels, the code iterates through each stored level. It checks if the price has dropped below this level since it was stored. If the price has broken through, it adjusts the rectangle to end where the breakout occurred; otherwise, it continues the rectangle to the current bar.
- Visual Representation: Rectangles are drawn using
drawrectanglewith a semi-transparent green fill and no border to visually represent support areas. The rectangles adjust or terminate based on price action relative to the support level.
This snippet is useful for traders and analysts who use technical analysis in their strategy, providing a visual tool to observe and react to price support levels dynamically.
Related Post
Check out this related content for more information:
https://www.prorealcode.com/topic/fin-conditionnelle-de-trace-dun-rectangle/#post-221080
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Nicolas
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I created ProRealCode because I believe in the power of shared knowledge. I spend my time coding new tools and helping members solve complex problems.
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