S/R and Reversal Bars

Today I'm proposing an idea to form S/R with a slightly different basic idea. This is a combination of CCI and candlestick study, and we will use this to mark possible reversal candles and possible S/R lines.

This is nothing complicated, I've used a basic CCI indicator with certain rules/system to mark S/R levels on the chart. (Have loaded traditional CCI indicator on bottom for comparison)

S/R levels are market as followed
Cross -
Lime = Support
Red = Resistance

Zero/Balance line - Yellow circles

The idea is to use this indicator to trade sideways market more successfully, in trending market this can be futile if you are not waiting for the break-out or breakdowns with confirmation.

Since this is based on CCI, it will give static result only when bar is closed, till then it will be susceptible for repaint. This is inherited nature from CCI readings on current bar. I could change this to only making reading on closed bar (historical bar), but that takes away from the uniqueness of this indicator in giving early indications.

This is a great tool for intraday scalping, but it does work on all timeframes, it's not bound by granularity.

This is for education purpose only.

Past success or seemingly positive results on published posts are not indication of future success.

Script open-source

Dans le véritable esprit de TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par le règlement. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

Vous voulez utiliser ce script sur un graphique ?