This ProBuilder code snippet is designed to identify and draw support lines between two historical low points on a price chart that occur at the same price level. The code is particularly useful in markets where price values are integers, such as the Micro DAX Full, increasing the likelihood of repeated low values.
defparam drawonlastbaronly=true
lookback = 200
if islastbarupdate then
for i = lookback-1 downto 0 do
pointA=low[i]
pointAbar=barindex[i]
for j = i-1 downto 0 do
pointB=low[j]
pointBbar=barindex[j]
period = max(1,barindex-pointAbar)
if pointA=pointB and lowest[period](low)=pointA then
drawtext("A",pointAbar,pointA)
drawtext("B",pointBbar,pointB)
drawray(pointAbar,pointA,pointBbar,pointB)
endif
next
next
endif
return
This code snippet performs the following steps:
This approach is useful for traders and analysts looking to visually identify price levels where the market has shown historical support, potentially indicating areas of interest for future trading decisions.
Check out this related content for more information:
https://www.prorealcode.com/topic/droites-avec-2-restrictions/#post-200756
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