OPEN-SOURCE SCRIPT
Support & Resistance Levels
Plots support and resistance levels based on occurrence of fractals.
Line width indicates historical significance of the level.
Decreasing the proximity multiplier input increases the sensitivity/ increases the frequency of level changes.
If price closes above a resistance level, the level becomes a support level and its color on the chart changes to green (& vice-versa).
Line width indicates historical significance of the level.
Decreasing the proximity multiplier input increases the sensitivity/ increases the frequency of level changes.
If price closes above a resistance level, the level becomes a support level and its color on the chart changes to green (& vice-versa).
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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