Ersoy Support-Resistance-Osilatör

The Ersoy Support-Resistance-Osilatör indicator aims to provide a multi-layered view of market momentum and potential reversal zones using multiple linear regression curves.

Usage

The indicator can be used to identify trend direction and potential areas where price might find support or resistance. By plotting four distinct linear regression lines with varying lengths, users can visualize short-term momentum relative to longer-term structural levels.

• Momentum Tracking: The shortest line (Moment) tracks immediate price action.
• Resistance Levels: The Resistance-35 line acts as a primary hurdle for bullish price action or a baseline for bearish retracements.
• Support Levels: The Near Support-144 and Far Support-382 lines provide deeper zones where price often stabilizes during corrections or downtrends.

Traders often look for crossovers between price and these levels or the convergence/divergence of the lines themselves to gauge trend strength.

Details

The script utilizes the ta.linreg function to calculate Linear Regression Moving Averages (LSMA) for four different periods: 14, 35, 144, and 382. Unlike standard simple moving averages, LSMA attempts to find the best-fit line for price action over a specific period, which can result in less lag and a more reactive representation of the current trend trajectory. The specific lengths used are designed to capture different market cycles ranging from short-term momentum to long-term macro support.

Settings

• Moment: Sets the period for the shortest linear regression curve (default 14).
• Moment Offset: Adjusts the horizontal displacement of the Moment line.
• Resistance-35: Sets the period for the resistance linear regression curve (default 35).
• Resistance-35 Offset: Adjusts the horizontal displacement of the Resistance-35 line.
• Near Support-144: Sets the period for the primary support linear regression curve (default 144).
• Near Support-144 Offset: Adjusts the horizontal displacement of the Near Support-144 line.
• Far Support-382: Sets the period for the deep support linear regression curve (default 382).
• Far Support-382 Offset: Adjusts the horizontal displacement of the Far Support-382 line.

FAQ

How do I interpret the different lines?

The lines represent different time horizons. The "Moment" line is the most sensitive, while the "Far Support" line represents the most significant long-term trend baseline.

Are there built-in alerts?

Yes, the script includes alerts for price crossing over or under the Resistance-35, Near Support-144, and Far Support-382 lines.

How can I access Ersoy Support-Resistance-Osilatör?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.