Support and Resistance Strength Indicator

  • Thread starter Misterputspread
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Misterputspread

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Thinking about common price action, I commonly see prices quickly bounce off of support and resistance and others that stagnate around those areas before failing to break through. I'm curious as to how the quicker changes in price (first derivative - price velocity) around support and resistance areas may indicate the strength of a resistance or support line.

Some sort of indicator that takes in the support and resistance lines ( that are already plotted from a different thinkScript study) and uses potentially a moving average derivative on a minute scale in order to measure the strength of the resistance and support. This could be shown as its own chart or potentially as a bubble next to the price.

I have been trying to code this in think script as well as create a scanner for stronger support and resistance lines as I think it has huge potential for the size of various price breakouts but have been struggling in creating a full fledged indicator. Any thoughts, ideas, or even code to collaborate with is much appreciated.
 

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