Using a set of rules and user-defined weightings it mathematically identifies, draws, and updates the best trend lines (up to 3 upper trendlines and up to 3 lower trendlines) based on recent price action. It also automatically identifies and draws the two most recent gap zones in the vicinity of current price as well as up to four of the strongest s/r (support/resistance) levels found in the price action.
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| Highlighting open gaps just above current resistance. |
A side benefit is that the combination of trend lines and s/r lines that it produces also tend to highlight a number of important price patterns, such as double tops and bottoms, triangles, flags, pennants, and wedges.
S/R Trendlines uses the concept of an 'Ignore Zone' which, by default, is comprised of the most recent 3 price bars and is shaded in light grey. Trendline or s/r level breaks that occur in the Ignore Zone do not invalidate the trendline or the s/r level. Thus you can see the breakouts as they occur and make your trading decisions before the invalidated trendlines or s/r levels are removed from the chart.
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| Support/resistance levels displayed as dashed lines. |
With a large number of settings that can be adjusted by the user, S/R Trendlines can be customized to a high degree, and it is very easy to use and understand... even for beginners.
The indicator itself is available on our Products page...just select the TradingView category in the indicator section.
Divergence Software, Inc.
www.sr-analyst.com
support@sr-analyst.com
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