Common support, resistance and key levels

tride

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Hi all

Drawing support, resistance and marking up other key levels on the charts are a pretty common thing that most of the traders end up doing. Volume, gap ups/down, multiple touch points, breakouts, etc. - a bunch of techniques are used to plot these and all of us have this plotted slightly here and there on the price marks.

Would be pretty cool if there was an indicator or service that would show me community collaborated price levels (& verified by some expert) on the chart, that way everyone would be able to leverage everyone's elses work and we wouldnt have to plot these individually, does anything like that exist? or could be made?
 

BenTen

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Support and resistance levels are generally subjective. Not everyone will agree on the same exact price, though some people may have similar levels on their chart, but never the same unless they follow a systematic method.

Would be pretty cool if there was an indicator or service that would show me community collaborated price levels

We have tons of S/R indicators here: https://usethinkscript.com/p/best-support-resistance-indicators-for-thinkorswim/

There are services like FlowAlgo that will display "important" price levels based on significant volume and order blocks.

I hope that helps.
 

thinkscript78

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Hi,
Is it possible to have a script that can alert when price is approaching a support/resistance level? Would like to configure the support and resistance levels and be able to alert realtime at various timeframes. Thank you.
 

BenTen

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@thinkscript78 First, you need to identify support and resistance levels on your chart. You can use the Price Levels drawing tool provided by ThinkorSwim.

Then, right-click on each of your S/R level and select "Create alert with drawing..."

image.png
 

XeoNoX

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Trendlines serve as good support and resistance... good for a buy the dip approach. Here is a auto trendline that i found online, i modified it a little bit.

Appreciation goes a long way! Remember to hit like if you like my post!

PwQ0Cax.png


Code:
###### Auto Trend Line Plot  aka Auto Support and Resistance  Plot ########

###############################

input TrendLineLength1 = 150;

input TrendLineLength2 = 100;

input TrendLineLength3 = 50;



def Inertia1 = InertiaAll(close, TrendLineLength1);

def Inertia2 = InertiaAll(close, TrendLineLength2);

def Inertia3 = InertiaAll(close, TrendLineLength3);



def TL_Bull1 = Inertia1 - (HighestAll(AbsValue(Inertia1 - close)) * 0.5);

def TL_Bear1 = Inertia1 + (HighestAll(AbsValue(Inertia1 - close)) * 0.5);

def slope1a = TL_Bull1 > TL_Bull1[1];

def slope1b = TL_Bear1 > TL_Bear1[1];



def TL_Bull2 = Inertia2 - (HighestAll(AbsValue(Inertia2 - close)) * 0.8);

def TL_Bear2 = Inertia2 + (HighestAll(AbsValue(Inertia2 - close)) * 0.8);

def slope2a = TL_Bull2 > TL_Bull2[1];

def slope2b = TL_Bear2 > TL_Bear2[1];



def TL_Bull3 = Inertia3 - (HighestAll(AbsValue(Inertia3 - close)) * 0.8);

def TL_Bear3 = Inertia3 + (HighestAll(AbsValue(Inertia3 - close)) * 0.8);

def slope3a = TL_Bull3 > TL_Bull3[1];

def slope3b = TL_Bear3 > TL_Bear3[1];



#### Long length ####

plot TrendLine1a = if slope1a > 0 then TL_Bull1 else TL_Bear1;

TrendLine1a.SetStyle(curve.firm);

TrendLine1a.SetLineWeight(3);

TrendLine1a.SetDefaultColor(CreateColor(237, 116, 0));



plot TrendLine1b = if slope1b > 0 then TL_Bear1 else TL_Bull1;

TrendLine1b.SetStyle(curve.firm);

TrendLine1b.SetLineWeight(3);

TrendLine1b.SetDefaultColor(CreateColor(237, 116, 0));



#### Medium length ####

plot TrendLine2a = if slope2a > 0 then TL_Bull2 else TL_Bear2;

TrendLine2a.SetStyle(curve.medium_dash);

TrendLine2a.SetLineWeight(1);

TrendLine2a.SetDefaultColor(CreateColor(237, 116, 0));



plot TrendLine2b = if slope2b > 0 then TL_Bear2 else TL_Bull2;

TrendLine2b.SetStyle(curve.medium_dash);

TrendLine2b.SetLineWeight(1);

TrendLine2b.SetDefaultColor(CreateColor(237, 116, 0));



#### Short length ####

plot TrendLine3a = if slope3a > 0 then TL_Bull3 else TL_Bear3;

TrendLine3a.SetStyle(curve.firm);

TrendLine3a.SetLineWeight(4);

TrendLine3a.SetDefaultColor(CreateColor(237, 116, 0));

plot TrendLine3b = if slope3b > 0 then TL_Bear3 else TL_Bull3;

TrendLine3b.SetStyle(curve.firm);

TrendLine3b.SetLineWeight(4);

TrendLine3b.SetDefaultColor(CreateColor(237, 116, 0));





#emovaveragePlot3.SetDefaultColor(CreateColor(237, 116, 0));
 
Last edited by a moderator:

unkownriver

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I am new to trading so to keep simple, I am trying to find script which could let me visualize as trend how many buyers and sellers standing for given stock volume wise. All my objective is to understand demand and supply which could help me see trend. Am I going into right direction?
 

BenTen

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@unkownriver Are you referring to reading the Level 2 data or identifying support/resistance levels?

In regards to identifying support and resistance levels, it's a great way to know at which price point or area where traders feel the market is unlikely to go above or below.

If you're interested in drawing your own support and resistance levels, I recommend starting with this guide: https://school.stockcharts.com/doku.php?id=chart_analysis:support_and_resistance
 

jauyzed

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You would have to define what your interpretation of support and resistance is in detail in order to plot a column for it, there are 1000's of interpretations of support and resistance.

To describe further on this feature, I was thinking to have columns for the support/Resistance price based on time short term, mid term, long term or based on a time we set in the column. I'm using the dynamic S/R study on chart; it works great but something on columns would be nice to have. Seperate columns for support and resistance or something of a combination

For example we have 52 week high and low columns. So, for a stock in my watchlist if the price is at the support level, it will help to decide if we can enter the trade or not depending on the time(20D, 50D and even low or high per user requirement)
 

XeoNoX

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To describe further on this feature, I was thinking to have columns for the support/Resistance price based on time short term, mid term, long term or based on a time we set in the column. I'm using the dynamic S/R study on chart; it works great but something on columns would be nice to have. Seperate columns for support and resistance or something of a combination

For example we have 52 week high and low columns. So, for a stock in my watchlist if the price is at the support level, it will help to decide if we can enter the trade or not depending on the time(20D, 50D and even low or high per user requirement)
that would require you sharing the code to be able to scan against and share your exact idea more in detail in order to create any kind of possible watchlist.
 

jauyzed

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that would require you sharing the code to be able to scan against and share your exact idea more in detail in order to create any kind of possible watchlist.
I do not have the code yet :confused: but its just an idea for someone familiar with thinkscript-ing.
 
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rad14733

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I do not have code yet :confused: but its just an idea for someone familiar with thinkscript-ing.
So you have an idea but want others to do all of the work for you...??? We're more apt to help those willing to help themselves... Not knowing how to code isn't a valid excuse because they only way you'll learn is to start trying... Otherwise, just use studies and indicators that are available... I could sit back and fire of ideas for others to code all day long... I think you get my point...
 

jauyzed

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So you have an idea but want others to do all of the work for you...??? We're more apt to help those willing to help themselves... Not knowing how to code isn't a valid excuse because they only way you'll learn is to start trying... Otherwise, just use studies and indicators that are available... I could sit back and fire of ideas for others to code all day long... I think you get my point...

Sir yes Sir. Like I said, I'm not asking anyone to do the work for me. I only asked if it is already available or not and described the idea as requested. Since this forum is out there for quite sometime; I thought of asking before reinventing the wheel. If its not there yet, I'm okay with it for now. If I happen to script it; I'm happy to share/post it here.
 

XeoNoX

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Sir yes Sir.
Like I said, I'm not asking anyone to do the work for me. I only asked if it is already available or not and described the idea as requested. Since this forum is out there for quite sometime; I thought of asking before reinventing the wheel. If its not there yet, I'm okay with it for now. If I happen to script it; I'm happy to share/post it here.
There are plenty of watchlist columns already on here that show resistance/support levels. what your version of support and resistance however may differ unless you care to explain more in depth what you are trying to accomplish/find. This is due to the fact that support and resistance may possibly vary from person to person. Anything that's not already coded would require you to share the study you are trying to compare to or share the idea in EXACT details.
 

jauyzed

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There are plenty of watchlist columns already on here that show resistance/support levels. what your version of support and resistance however may differ unless you care to explain more in depth what you are trying to accomplish/find. This is due to the fact that support and resistance may possibly vary from person to person. Anything that's not already coded would require you to share the study you are trying to compare to or share the idea in EXACT details.
Let me search if there is anything closer and I can add modifications then post for edits/recommendations
 

MerryDay

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@jauyzed Many members here come to the realization that trendlines, support and resistance, etc.. are best drawn manually.
There are just too many fribbles for a straight computation. That said, you have a point. We have 52 week high and lows which we use to guide our strategy so having an idea where the pivot points / computer-generated support and resistance are can provide some illumination.
In a few of the Mobius support and resistance threads in this forum, you will find a posting of mine that creates a label (which I also use as a watchlist) that provides the resistance price and calculates the percentage between it and the current price. I use that information to guide my entry decisions. If I am close to a resistance line, I generally pass. Here is an example. Just remember the fribbles. Computer-generated lines seldom represent reality.
 
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