Support & Resistance Analyzer

2023년 4월 7일

This script analyzes the effectiveness of support and resistance (S&R) levels by examining their impact on price action. It measures the compression or reversion of price action around these levels to determine their overall performance.

To use the script, simply copy and paste the Moving Average (MA) or desired level script that you want to test. The results will be displayed in the data window for easy reference.

The script provides a metric called S&R overperformance or underperformance, which offers a concise summary of the S&R level's effectiveness. This metric is determined by comparing the price action near the S&R level to the overall price action throughout the dataset.

Additionally, the script includes specific metrics to further illustrate how the S&R level affects the price. These metrics provide more detailed insights into the S&R's influence on price action, enabling users to make better-informed decisions when applying S&R levels to their trading strategies.

2023년 4월 8일

릴리즈 노트

Minor fix for the inputs options

2023년 4월 14일

릴리즈 노트

Fix a coding mistake
Added the possibility of analyzing the S&R levels directionally.
Meaning when a candle is going up and the close is below the S&R and viceversa

2023년 4월 14일

릴리즈 노트

Few changes to optimize the code
Made the zones and contacts visible