Support Resistance - Dynamic v2

Hello Traders!

After the addition of "Arrays" to the Pine, I developed new and improved version of Support Resistance - Dynamic script as version 2. In this script Arrays were used. This can be used as Support Resistance tool, also it will be an example for the people who want to learn Array usage in Pine. Many thanks to Pine Team for adding Arrays!

The script finds the Pivot Points and check them in channels if there can be S/R or not, and draws mid line of the channel as S/R line. you can set number of PPs and channel width in the options. Each channel width is optimized dynamically according to Pivot Points . Also you can choose "High/Low" or "Close/Open" as source for Pivot Points .

There is an option for maximum number of S/R levels. S/R levels are found and sorted dynamically and number of S/R lines with enough strength changes dynamically.

Some other options for coloring and line width. (Solid, Dashed or Dotted)

S/R levels are shown in the Labels and Label colors are changed automatically, if S/R line is below the closing price then it's color is Green (as Support), otherwise its color is Red (as Resistance).


릴리즈 노트: Alerts added.
릴리즈 노트: Color option added for S/R, you can set any color you want ;)
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what settings you can recommend for 5 min TF ? thnx
+10 응답
@sytnykk, it looks default settings are good but different settings should be better for different securities (FX pairs, stocks, indices etc), there is no workaround about it, you need to find best settings for yourself.
+2 응답
sytnykk LonesomeTheBlue
@LonesomeTheBlue, big thanks!the same question so as not to repeat - your indicator Support and Resistance MTF - any recommends for 5m TF ?
+5 응답
SRIKANTHG LonesomeTheBlue
you are super brother
+1 응답
genkir sytnykk
@sytnykk, Pivot period 21 seems to be the best for 5 min.
expressing gratitude towards you
+7 응답
Thank you so much!
+5 응답
LonesomeTheBlue ForteTrader
@ForteTrader, you are welcome ;)
thank you bro ,for this script ..looking forward for the alerts version
+4 응답
Can I use it for free or I need access
+4 응답
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