This script is generate multiple types of resistance line which later work as support too on daily time frame.
this is not final breakout line but give you approx. idea about the support and resistance using this script.
No of lines are below
1) Pullback Line this line is generated when close[2] >= close[1] and close[1] >= close means 2 days straight todays close is below its previous days close, with rising volume.
2) Rising Line this line is generated when close > close[1] and close[1] > close[2] means 2 days straight todays close > previous days close, with rising volume.
3) Vshape Line this line is generated when close > close[1] and close[1] < close[2] means todays close above previous days close and previous days close is below its previous days close, with rising volume.
4) 2 Bar Fail Line this line is generated when close < open and close[1] >= open[1] and open >= close[1] and close < close[1] means todays close < open and previous day close >= previous day open and todays open >= previous day close and todays close < previous days close, with decreasing in volume.
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removed extra codes
* with rising volume. = with falling volume for 2 days.
there is typo in description its generated line on decreasing volume and not increasing volume.
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added label counter for the line so you can easily identified the order of the line.
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set the lable to the price instead of above bar position.
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Added 2 new breakout line
1) 2 Reversal Bar
this is generated when in 2 days row close below its previous day close. and on 3rd day close cross above previous day high.
buy signal only generate if todays close cross above previous day high. ideal stoploss is previous day low which is crossed today.
1) Inside Bar Breakout
for this its check upto 10 days inside bar.
buy signal only generate if todays close cross above previous day high. ideal stoploss is previous day low which is crossed today.
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increased no of lines
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Rounded buy value to 2 decimal point.
Important Note :
For Best Result to use this script is to use only 2 different types of lines at a single time and hide others.
For Best Result to use this script is to use only 2 different types of lines at a single time and hide others.
which gives you better levels.