Support and Resistance by CainKellye

12 Jul 2021

Check out my automatic support and resistance indicator that uses the EMA of price change * relative volume as the bases of pivot search.
It also tells the strength of the support and resistance lines calculated using a 4 times quicker EMA and using its distance from the slower one.
The strongest plotted line has the maximum opacity and the weakest has the minimum opacity inside the given range.

This calculation results in an organic detection of the support and resistance prices.

• You can set the distance range in percentage you want to have lines calculated around the current price.
  
• You can set the lines gravity distance inside which they are snapped together: the stronger line pulls the weaker to it by using strength weighted average for the new price value.
  
• You can increase the minimum opacity value in case you only see few lines (but the maximum is 15)
  
• You can change the used price for the lines to Close or High/Low but recommended is to use the average of those two (default)
  

The distances multiplier helps to get a birds eye view easily when using 4H (or higher) chart and a separate one to use on Daily / Weekly / Monthly for even broader view.
Lines and labels are drawn near the candles so you are still able to zoom in.
Labels are not drawn when their line is barely visible (transparency >= 80)

This indicator has been refined on the 15 minute and 1 hour charts of BTC and other cryptos but it works well in smaller volatility markets as well if the distances are adjusted accordingly.

28 Jul 2021

Nota Keluaran

• Changed name to Organic Support and Resistance (OSR)
  
• Fixed minimum transparency setting
  
• Use EMA instead of SMA for volume average - only minor tweak but provides better values when there are sudden changes in volume
  

4 Nov 2021

Nota Keluaran

• Added "Resistance broken" / "Support broken" alerts that include price information as well.
  
• Added a setting for minimum alert strength percentage. It means that for lines with less than (default) 25% relative strength will not trigger an alarm when crossed.
  
• Fixed some lines were not drawn. All the lines will now be initialized at the last bar, not at the Label position. (Since TradingView changed the rendering and it always zooms out to contain all the lines even if they are not drawn in the visible area.)
  

4 Nov 2021

Nota Keluaran

Re-added the transparency filter so there are no invisible labels and lines drawn.
It can be overridden with the minimum alert strength setting by bringing it under 15%.