Waddah Attar Pivot Fibo Dayly Indicator:
Author: waddah attar
You are a prolific writer of code. I have a request and hopefully an easy one for you. I would like a support and resistance indicator that when applied to any timeframe chart, would place 2 support and 2 resistance lines on the chart. These lines would be based on the two most significant each of support and resistance, specific to that timeframe chart, and calculated from a user selected period of intervals for the data. As each time interval for the timeframe closed, the farthest back interval of data would be dropped and the current just closed interval of data would be added, and the lines redrawn based on any change in the 2 support and 2 resistance values. For example, the user could select 25, 50, 100, etc. time intervals of data for the calculations, which would be repeated at the close of each interval. I can only suppose the S and R values would be at the two "most popular" prices below and the two "most popular" prices above the current price, based on the users selected number of intervals for the calculations. As the current price moved up or down, at some point the S1/R1 level would move once the current price hit them. Same for the S2/R2 level...it would move once the current price had made a big move to that level.
I hope I have explained clearly. The S&R lines would be calculated based on a user selected number of intervals. There would be different levels shown on different timeframe charts. On any timeframe chart, the displayed levels would be recalculated at the close of each interval, and with movement in the current price, these lines would tend to "float". But big moves in the current price would cause these lines to be "hit" and then pop farther away.
Is such an indicator for timeframe specific S&R lines across the chart, based on user selected number of intervals in that timeframe for the calculations to be based on? I suppose 3 support and 3 resistance lines are possible, but if they "float" as the price moves towards them and hits them, would 3 of each even be needed?