S&R Zone Signals Indicator
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.
First resistance zone.
Second resistance zone.
First support zone.
Second support zone.
Lookback For Swing High/Lows:
Used for detecting fractal highs/lows for candle patterns.
Hammer Close %:
How high/low the bar must open and close compared to the wicks as a % of the total bar size.
Must Engulf Wick:
If enabled, then engulfing candles must engulf the previous wick to be considered valid.
Stop Loss Multiplier (ATR):
How many ATRs to multiply stop loss distance by.
Display ATR Stop Loss:
Turns on/off stop loss display.
Show Engulfing Candles:
Enable/Disable visual signals for engulfing candles.
Show Hammer Candles:
Enable/Disable visual signals for hammer and shooting star candles.
The source code for this particular script is private.
If you’d like to purchase access to all of my source code including detailed video lessons explaining how and why it was written, then you can find more information over at www.pinescriptmastery.com.
And if not that’s fine! No hard feelings. Not everyone is willing to invest in their education and I respect that decision. But feel free to help yourself to my wealth of other open-source scripts.
Last Updated: 20th July, 2021