OPEN-SOURCE SCRIPT
S & R - Trend Lines & Channels (Prince of Arabs)
Support and Resistance with Trend Channels
This indicator identifies key support and resistance levels based on swing highs and lows over a user-defined lookback period. It also visualizes dynamic trend channels to help traders understand price ranges and market structure.
Key features include:
Support Level: Marked with a green line and labeled "Support," indicating potential buying areas.
Resistance Level: Marked with a red line and labeled "Resistance," indicating potential selling areas.
Trend Channels: Dashed blue (upper) and purple (lower) lines show the price range above resistance and below support, helping to identify overbought and oversold conditions.
Clear Entry Signals: A "Buy" label is displayed near the price when it approaches the support level within a user-defined backtesting range.
Stop Loss and Take Profit Levels: Automatically calculated based on customizable percentages and visualized on the chart for each trade.
Risk-to-Reward Visualization: The indicator simplifies risk management by showing trade levels dynamically.
This indicator identifies key support and resistance levels based on swing highs and lows over a user-defined lookback period. It also visualizes dynamic trend channels to help traders understand price ranges and market structure.
Key features include:
Support Level: Marked with a green line and labeled "Support," indicating potential buying areas.
Resistance Level: Marked with a red line and labeled "Resistance," indicating potential selling areas.
Trend Channels: Dashed blue (upper) and purple (lower) lines show the price range above resistance and below support, helping to identify overbought and oversold conditions.
Clear Entry Signals: A "Buy" label is displayed near the price when it approaches the support level within a user-defined backtesting range.
Stop Loss and Take Profit Levels: Automatically calculated based on customizable percentages and visualized on the chart for each trade.
Risk-to-Reward Visualization: The indicator simplifies risk management by showing trade levels dynamically.
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