This script draws price levels corresponding to the highest price reached in overbought situations, and the lowest price reached in oversold situations, depending on the oscillator and the timeframe the user has configured. These levels correspond, most of time, to good supports and resistances prices.
Price levels drawings can be based on the following indicators:
Stochastic RSI (default)
Stochastic CCI
RSI
CCI
You can customize this indicator with the following options:
Source: The candle source to use in indicators calculation
Source Indicator: The indicator on which you cant to base your levels
Timeframe: The timeframe on which you want to apply the selected indicator, and calculate levels
Show supports/resistances: enable/disable price levels, depending on there status (overbought - resistances) / (oversold - supports)
Lines width: width of price levels. (set to 10 by default in order to draw "zones")
Supports/Resistances source: Select the candle data you cant to use to draw supports and resistances levels
Extend levels: Select the line extension for price levels
Levels color: Select the desired color for price levels
And of course , all parameters corresponding to the supported indicators (Stoch, RSI, CCI)
Here are a few examples of different configurations:
This script will probably be modified in the future, don't hesitate to suggest any improvement.
Notes de version
⋅
Updates:
Supports and resistances are now represented in different colors
Default timeframe is now the current one
Support and resistances are not extended anymore in order to avoid chart overloading
Default parameters are now RSI(14) based on the candles closing price
Notes de version
⋅
Levels extension added, but set to None by default