Divergence-Support/Resistance - Widget [HeWhoMustNotBeNamed]

17 Nov 2021

Unique live widget which provides information about support and resistance along with distance to immediate levels.
https://www.tradingview.com/x/TXpTVX86


⬜ Custom Candle Source



Three options of candles available
▶ Regular OHLC candles
▶ Heikin-Ashi candles ( Taken leaf out of Bjorgum's book - but, still could not do it as good as him :) )
▶ Moving average candles


⬜ Multiple zigzags and choice of oscillator

Like any other zigzag based indicator, I prefer using 4 zigzag levels.

https://www.tradingview.com/x/g7PjXRBR/

And select oscillator of your choice to identify divergence. Oscillator lengths are automatically calculated based on zigzag lengths. You can also chose external oscillator.

https://www.tradingview.com/x/oOJGWsd9/


⬜ Support and resistance widget settings
▶ Max S/R per zigzag - this is the number of last S/R levels recorded for each zigzag
▶ Max S/R for stats - even though there can be many number of S/R levels, we cannot show all of them in the widget due to space constraint. Hence, this is set to minimal value of 3. Can be changed via this input.
▶ Max S/R for Alerts - When sending stats through alerts, users can decide how many immediate S/R levels to be sent in them.
▶ Alert Choices - Can chose to get alerts when new S/R levels formed and also when existing S/R levels broken.

https://www.tradingview.com/x/DEGGxzqJ/

Personally think it is a very handy widget to have!!