A very simple idea, a close (or high, low, ohlc4 or open) from a higher Time Frame will give future Support/Resistance area's
In this example of BTC/USD we see: - Yearly close 2017 gave Resistance in June 2019 - Yearly close 2018 gave Support in March 2020
We are now pushing to the Resistance of Yearly close 2019...
Since there is a limit for the amount of lines (since it is just too much if everything is plotted) there are different options: - 4 different Time Frames, each can be enabled/disabled, - TF can be chosen, - source can be changed (close, open, high, low, ohlc4)
- Period can be changed, for example TF Month: You can choose just to show a particular year, Month,...
You also can choose between which prices you want to see lines, for example Monthly close, since the beginning till now, but only between $6000 - $8000: This helps to know the closest S/R around the present price
Other example:
- Lines can be extended to the right, or not - Labels can be enabled/disabled:
- Linewidth and brightness of the line can be changed, also the style (solid, dashed or dotted line)
Default only 2 very high TF's are enabled (3 Month = one quarter, and 1 Year) The 3 Month has a dotted line, which helps distinguish the line against the yearly line
- Prices above 1000 are rounded since it seems distracting to see for example 6478,878654, seems better just to see 6479, prices below 1000 are just seen as intended
Have fun!
Notas de Lançamento
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Added color choice (Color 1 or 2) with different brightness
@Bhupinder786, Please rephrase, I don't understand your question very well. If you want to use my code, you may use it for public use only, providing you give credits and abide by the script publishing rules:
► Open-source reuse If your script reuses open-source code from another author: • You must credit the author in your publication’s description. It is also good form to credit in open-source comments. • You must make significant improvements to the original code base, and it must account for a small proportion of your script. Stylistic changes, input changes, variable renaming, code rearranging, conversion between Pine Script™ versions, etc. do not constitute significant improvements. • Your script must also be published open-source, unless explicit permission to that effect was granted by the original author, or unless the reused code is considered public domain AND it constitutes an insignificant part of your codebase.
Thanks
cryptopreet
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thanks for making such a OSM script open source....