drkhashix Advanced Support Resistance

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Indicator Name: Advanced Support Resistance

Description: The Advanced Support Resistance indicator identifies and plots potential support and resistance levels on the chart. It calculates these levels based on a specified range and number of confirmations. Support levels are marked in dark blue, while resistance levels are marked in dark red

Parameters:

• Range: The range used for identifying support and resistance levels (Default: 10).
• Confirmations: The number of confirmations required to validate a support or resistance level (Default: 1).

How It Works:

• Resistance levels are calculated by taking the average of the maximum close and high prices within the specified range.
• Support levels are calculated by taking the average of the minimum close and low prices within the specified range.

Visualization:

• Resistance levels are plotted in dark red with a solid line.
• Support levels are plotted in dark blue with a solid line.

Usage:

• A resistance level is confirmed when the specified number of bars close below the calculated resistance line.
• A support level is confirmed when the specified number of bars close above the calculated support line.