S&R Zone Signals

Support & Resistance Zone Signals


This simple script is designed for structure based traders and trading strategies, although it can be used by anyone who uses price zones and basic candlestick patterns in their trading.

The purpose of this indicator is to generate trading alerts when these patterns occur in order to reduce the screen-time required to monitor setups.

How It Works

If price puts in an Engulfing Candle, a Doji Candle, a Hammer Candle or a Shooting Star Candle pattern within the zone you specify, then a trading signal and alert will be generated.

If you leave either zone set to 0 then that zone will not be used, meaning that you can use this to detect both support and resistance signals, or only signals at support, or only signals at resistance.

Settings

R1:
First resistance zone.

R2:
Second resistance zone.

S1:
First support zone.

S2:
Second support zone.

Draw Signals:
Enable/Disable Visual Signals

How Far To Look Back For Swing High/Lows:
Used for detecting fractal lows for candle patterns.

Doji Size:
This changes the maximum size of detectable doji candles.

Hammer Wick Size:
This changes the minimum size of the wick of detectable hammer/shooting star candles.

Must Engulf Wick:
If enabled, then engulfing candles must engulf the previous wick to be considered valid.

Show Engulfing Candles:
Enable/Disable visual signals for engulfing candles.

Show Doji Candles:
Enable/Disable visual signals for doji candles.

Show Hammer Candles:
Enable/Disable visual signals for hammer and shooting star candles.

Source Code

Last Updated: 21st June, 2019


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