This idea started with below two concepts:
▶ Support and resistence are simply levels where price has rejected to go further down or up. Usually, we can derive this based on . But, if we start looking at every , there will be many of them and may be confusing to understand which one to consider.
▶ Lot of people asked about one of my previous script on divergence detector on how to use it. I believe divergence should be considered as area of support and resistence because, they only amount to temporary weakness in momentum and nothing more. As per my understanding
Trend > Hidden Divergence > Divergence > Oscillator Levels of Overbought and Oversold
▶ Now combining the above two concepts - what we are trying to do here is draw support resistence lines only on which has observed either divergence or hidden divergence. Continuation and indecision are ignored.
▶ Input requires only few parameters.
lengths and oscillator to be used. Oscillator periods are automatically calculated based on length. Hence no other information required. You can also chose custom oscillator via external source.
▶ Display include horizontal lines of support/resistence which are drawn from the candle from where divergence or hidden divergence is detected.
▶ Support resistence lines are colored based on divergence. Green shades for and hidden divergence whereas red shades for divervence and hidden divergence. Please note, red and green lines does not mean they only provide resistence or support. Any lines which are below the price should be treated as support and any line which are above the price should be treated as resistence.
▶ Divergence symbols are also printed on the bar from where divergence/hidden divergence is detected.
▶ Script also demonstrates usage of libraries effectively. I have used following libraries in this code.
import HeWhoMustNotBeNamed/ zigzag /2 as zg import HeWhoMustNotBeNamed/enhanced_ta/8 as eta import HeWhoMustNotBeNamed/ supertrend /4 as st
Can be good combination to use it with .
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