Behind every price movement there is a aggressive buyer/seller which causes a delta imbalance between either ask or bid. Every time time this happens, the code draws a support or resistance line, with more transparent lines, only showing a delta imbalance of > 1 and lines with higher alpha showing delta imbalances of >10. If you load up the code you will find every single support/resistance line is drawn on any time frame or instrument, with price always bouncing of one of the lines. I found only delta imbalances of > 10 are statistically significant so if you set price to points so candles are hidden, it will draw a rectangle for big buys/sells and ellipses for low delta periods when price is usually controlled by retail.

Btw this is the new code which is much more clearer to use, i recommend loading up the code and having a look at different instruments/time frames too see how different patterns are formed, it is truly an amazing phenomenon. You will

st1=(high-close)
st2=(low-close)

if st1 / -st2 > (1) then
DRAWLINE (barindex, close, barindex[1], close[1]) coloured (255,0,0, 25)
endif
if -st2 / st1 > (1) then
DRAWLINE (barindex, close, barindex[1], close[1]) coloured (0,255,0, 25)
endif

if st1 / -st2 > (10) then
DRAWLINE (barindex, close, barindex[1], close[1]) coloured (255,0,0,50)
endif
if -st2 / st1 > (10) then
DRAWLINE (barindex, close, barindex[1], close[1]) coloured (0,255,0, 50)
endif

if st1 / -st2 > (1) then
DRAWELLIPSE(barindex, close, barindex[1], close[1]) coloured (255,0,0, 100)
endif
if -st2 / st1 > (1) then
DRAWELLIPSE(barindex, close, barindex[1], close[1]) coloured (0,255,0, 100)
endif


if st1 / -st2 > (10) then
drawrectangle(barindex, close, barindex[1], close[1]) coloured (255,0,0, 200)
endif
if -st2 / st1 > (10) then
drawrectangle(barindex, close, barindex[1], close[1]) coloured (0,255,0, 200)
endif


return

find anything from megaphones, too channels, too straight support/resistance lines.

SPTRD-100-Ticks.jpg