Support/Resistance

3시간 전

Supertrend with EMA Cloud and Support/Resistance
Purpose: This script provides a comprehensive tool for technical analysis by combining multiple indicators, including Supertrend, EMA Cloud, support and resistance levels, and candlestick patterns.

Inputs:
atrPeriod: ATR (Average True Range) length for Supertrend calculation.

factor: Multiplier factor for Supertrend.

bcolor: Boolean to control bar color based on trend.

emaLength: Length for EMA calculation.

left: Number of bars to the left for pivot point calculation.

right: Number of bars to the right for pivot point calculation.

Supertrend Calculation:
The ta.supertrend function calculates the Supertrend, which helps identify the market trend and potential entry/exit points.

Direction: Determines if the market is in an uptrend or downtrend based on Supertrend values.

EMA Calculation:
EMAs are calculated on the closing, high, and low prices using the specified emaLength.

Trend Determination: Compares the closing price with the EMA to determine bullish or bearish trends.

Plot EMA Cloud:
Plots EMAs for high and low prices and fills the area between them with colors based on the trend:

Green for bullish trend.

Red for bearish trend.

Support and Resistance Calculation:
Uses pivot points to identify potential support and resistance levels:

hih: Pivot high values.

lol: Pivot low values.

top: Resistance level based on pivot high.

bot: Support level based on pivot low.

Plots these levels on the chart with distinct colors.

Engulfing Candle Detection:
Identifies and colors bullish and bearish engulfing candles in black.

Bullish Engulfing: When a candle completely engulfs the previous candle's body upwards.

Bearish Engulfing: When a candle completely engulfs the previous candle's body downwards.

Bar Colors Based on Trend:
Colors the bars green for an uptrend and red for a downtrend based on Supertrend direction and user preference (bcolor).

Example Visualization:
Supertrend: Visual indication of market trend with buy and sell signals.

EMA Cloud: Colored cloud between high and low EMAs, changing colors based on trend direction.

Support and Resistance: Horizontal lines indicating potential levels of support and resistance.

Candlestick Patterns: Highlights significant engulfing patterns for additional trading insights.