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Variable Support and Resistance

It shows Support and Resistance from the last X periods chosen as input, and also the Mean value of them.

  • Support is when the Low value of a candle is lower or equal to the previous candle low value and the next candle low value. The indicator searches from the last X input period what was the lowest value among these minimums.
  • Resistance is when the High value of a candle is higher or equal to the previous candle high value and the next candle high value. The indicator searches from the last X input period what was the highes value among these maximums.
  • Mean is just (Support + Resistance)/2.


Input Parameters

  • period - the number of bars used for the indicator calculations. Must be higher than 2.
  • Shift Bars - Shift of the indicator relative to the price chart. Resistance Value now considers if it is the highest value in selected period. Support Value now considers if it is the lowest value in selected period.
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Version 2.0 - 2016.06.07
Added input "Shift Bars" - Shift of the indicator relative to the price chart
Resistance Value now considers if it is the highest value in selected period
Support Value now considers if it is the lowest value in selected period