Pinescript Support/Resistance indicator

1. Bullish Followed by Bearish (Red Arrow)

Objective:
Mark a bullish candle with a red arrow if a bearish sequence afterward eventually closes below both the bullish open and the last bearish close prior to the bullish candle.

Rules:

1. Detect bullish candle ( close > open ).

2. Look back up to 20 candles to find the most recent bearish candle before it → store its close.

3. Track up to 20 candles forward:

   • Check bearish candles ( close < open ).

   • Stop if a new bullish candle appears.

4. If a bearish candle closes below both:

   • Bullish candle open, and

   • Prior bearish close → plot red arrow on the bullish candle.

5. Reset tracking after the next bullish candle or 20 forward candles.

2. Bearish Followed by Bullish (Green Arrow)

Objective:
Mark a bearish candle with a green arrow if a bullish sequence afterward eventually closes above both the bearish open and the last bullish close prior to the bearish candle.

Rules:

1. Detect bearish candle ( close < open ).

2. Look back up to 20 candles to find the most recent bullish candle before it → store its close.

3. Track up to 20 candles forward:

   • Check bullish candles ( close > open ).

   • Stop if a new bearish candle appears.

4. If a bullish candle closes above both:

   • Bearish candle open, and

   • Prior bullish close → plot green arrow on the bearish candle.

5. Reset tracking after the next bearish candle or 20 forward candles.

✅ Key Points (Both Patterns):

• Uses lookback of 20 candles to find prior opposite candle.

• Uses lookforward of 20 candles to track confirming sequence.

• Arrow is always plotted on the original candle (bullish for red, bearish for green).

• Triggered only when the sequence eventually confirms against the original candle’s open and prior opposite candle close.