Given the positive feedback received on the first Dynamic Support/Resistance script, I've decided to rewrite it on Pine Script v5 and publish it with open source code.
The main Divina area (box) is derived from change in price and volume, while the other support and resistance levels are based on the golden ratio (Divina proportione) or Fibonacci numbers.
The box will start to paint if the previous closed bar satisfy a condition and it will be never be repainted in the future. Anyway the box and the levels will be extended until a new signal is detected.
The Divina Support and Resistance will help you to find good price zones on wich the market might take trading decision. It is not a strategy by per se, it should be used with other good trading techniques.
Notas de Lançamento
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Minor general fixes. Now the script does try to actively control the number of boxes and lines on the chart using arrays.
Notas de Lançamento
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Percent change function now use built in function ta.roc. Added source input for the price.
@cAosX, when a new box is created or price crosses the box would be very helpful
UnknownUnicorn769475
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@malignant_shitfunnel1, I'll think about it, anyway generally SR are not enough to capture the trend. The easiest usecase for this script is when you want to buy an asset for the long term and you have no idea where to place your limit orders. So you can split the order over different levels. The older SR are not always invalidated by the new boxes and levels. Yes, it is possible to use it for intraday trading but you still need to have a clue about the current priceaction and the microtrend before doing anithing
luanruby
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1D time display error, please fix it, thanks
UnknownUnicorn769475
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@luanruby,Hi, could you tell me the instrument on wich the error appears?