New Improved Support Resistance / Pivot Points (NO REPAINT)

2019年11月9日

This indicator plots local pivot points / support resistance levels in real time (No Repaint). I created this indicator based on my own research and testing (i.e. it is not just a a Pinescript adaptation of some other indicator available online).

The Problem with Similar Indicators Which Are Currently Available On TradingView:

• Inaccurate placement of swing/pivot/SR points (making your screen cluttered with meaningless levels).
  
• Repainting (meaning the historical values change as new data becomes available; this is misleading and not very useful when trading in real time).
  
• Have a long delay before confirming/plotting the new pivot points (20/20 hindsight...).
  
• Require you to specify a lookback period and simply looks for the highest or lowest value over that time frame (which isn't very useful since it disregards all of the swings in between).
  
• Do not show all of the historical swing levels, only the most recent ones.
  

My Solution:

• Accurately places swing/pivot/SR points on local highs and lows once a short term trend is over (allowing you to easily identify reversal points).
  
• Does not repaint (the historic values shown are exactly what would have been seen upon the close of the given candles in live trading; this means you can use this indicator for live trading).
  
• Has minimal lag. New swing lows/highs are typically identified by this indicator on the candle which immediately following the swing point (this allows for better entries/exits rather than waiting for the price to run too far in the wrong direction before confirmation).
  
• No lookback period required. The indicator will automatically identify new swings regardless how long the run lasts.
  
• Allows you to adjust for more/less sensitivity.
  

P.S.: Future developments will be using these levels to create an automatic plot of fibonacci retracement levels.

2019年11月10日

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Added extra logic to prevent repainting during "replay mode"

2019年11月22日

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candle colors for short term trend direction

2020年4月24日

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Updated for increased precision

2020年4月24日

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Removed accidental drawings on last update