Support and Resistance Levels with Breaks

Sep 27, 2020

Support and Resistance

Volume Based

Signals

Pivot Based (Retrospective)

Works on the Following Platforms

TradingView

For free use on the TradingView platform

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NinjaTrader

For free use on the NinjaTrader platform

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MetaTrader 4

For free use on the MetaTrader 4 platform

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MetaTrader 5

For free use on the MetaTrader 5 platform

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Thinkorswim

For free use on the Thinkorswim platform

This script provides basic pivot point Support and Resistance Levels to the user whilst displaying Break signal tags. It also has the ability to let the user display more significant breaks by filtering using the Volume Oscillator.

Only more significant breaks of these basic levels are displayed to the user when optimized which avoids noise and messy signals.

It will also display breaks with candles it deems to be bullish (e.g. having a longer upper or lower wick).

Notation

The notation of "B" denotes a break of either a Support or Resistance level with a volume greater than the threshold. The notation of "Bull or Bear Wick" denotes a bullish or bearish candle on the break.

Settings:

Left Bars - the number of bars left hand side of the pivot. Right Bars - the number of bars right hand side of the pivot. Volume Threshold - the threshold value (%) for the Volume Oscillator.

Usage & Details: Knowing when a pivot S/R level is broken with significance can be of great help to a trader. Many times significant levels may not be broken with significant force and the move is therefore weaker and possibly not worth trading.

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