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Daily And Hourly Support Resistance

As name suggests, this afl is based on major support and resistance. Since these are the daily support resistance, this afl can be used for swing or short term trading. It can also be used for intraday trading with at least 15 minutes timeframe. The support and resistance is plotted automatically so you can take either breakout trade or pullback trade at support and resistance line. Do not drate in between. Wait for price to reach at one of the support or resistance line. For pullback trading, you can use any oscillator like CCI or Stochastic to determine overbought or oversold condition. This afl is ideal for price action traders or who prefer to use less indicators.

Daily And Hourly Support Resistance
Daily And Hourly Support Resistance


_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
Plot( C, "Close", ParamColor("Color", colorDefault ), styleNoTitle | ParamStyle("Style") | GetPriceStyle() ); 

_SECTION_BEGIN("Sup / Res Lines");
SRswitch = ParamToggle("Sup / Res Lines","On,Off");
CHLswitch = ParamToggle("Hi Low / Close","Hi Low,Close");
NoLines = Param("No of Lines",3,1,10,1);
Sen = Param("Sensitivity",5,1,100,1);

Rcolor=ParamColor( "Res Color", colorGreen );
Rstyle=ParamStyle( "Res Style", styleLine );

Scolor=ParamColor( "Sup Color", colorBrown );
Sstyle=ParamStyle( "Sup Style", styleLine );


for( i = 1; i < NoLines+1 ; i++ )
x[i]=BarCount - 1 - LastValue(PeakBars(IIf(CHLswitch,C,H),Sen,i));
Line = LineArray( x[i], y[i], Null, y[i], 1 );
Plot( IIf(SRswitch,Null,Line), "", Rcolor, Rstyle );

x[i]=BarCount - 1 - LastValue(TroughBars(IIf(CHLswitch,C,L),Sen,i));
Line = LineArray( x[i], y[i], Null, y[i], 1 );
Plot( IIf(SRswitch,Null,Line), "", Scolor, Sstyle );
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