This study will help many friends who are new to market and facing issue while drawing support and resistance trend line .
I have used inbuilt function PivotHigh and PivotLow to find high and low points for a stock. These points are used then to find support and resistance.
Resistance = Lower Pivot High Support = Higher Pivot Low
Additionally, 1) plotted exponential moving average which you can change based on your requirement. 2) * will show volume spike => volume > highest volume of given period
How to use this study: 1) short term investor: can buy when price is around support line and sell around resistance line. 2) long term investor: can buy near support or breakout of resistance and sell based on swing high low.
Please note: Lines will be drawn only if change in pivot points . You may not see lines for bigger trend unless there is change.
Note: My previous indicator was removed by Trading view due to unintentional House rules violation. I do respect their decision.
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New version update 1) Added bar colour calculation Bar colour will be changed only if High or low is changed compared to 3 days high and low. You can remove bar colour calculation from setting option. 2) Added EMA band EMA Band = FILL(EMA,EMA of PIVOT_Support)
Added new feature 1) Vertical lines to show range where stock shows strength against Nifty index Removed feature 2) removed moving average cloud and volume spike
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Added Price level at time of earnings. Inspired from Earnings S/R Levels [LazyBear]