Support & Resistance Levels

29 Des 2024

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// Copyright (C) 2024 [ramumaurya]. All Rights Reserved.
// Unauthorized copying, sharing, or distribution of this code is prohibited.
// This script is licensed for personal use only. Redistribution, modification, or resale is prohibited without explicit permission.

📊 Support and Resistance Levels - Script Overview 🚀

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🛡️ 1. Script Description:

- 📌 Script Name: Support and Resistance Levels

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🎯 2. Purpose:

- 📊 This script automatically identifies key support and resistance levels on the charts.

- 🚀 It helps traders to easily spot important market areas and make informed trading decisions based on these levels.

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⚙️ 3. How it works:

1️⃣ The script analyzes historical highs and lows to identify support and resistance areas.

2️⃣ Sustainable levels are marked using past data, which can act as potential reversal points.

3️⃣ Color-coded lines:

- 🎀 Pink line: Represents important resistance levels.

- 🔵 Blue line: Represents important support levels.

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📝 4. How to use:

1️⃣ Apply the script to your chart.

2️⃣ Observe the marked support and resistance levels to guide your trades.

3️⃣ 📉 Near resistance levels, consider planning a short trade.

4️⃣ 📈 Near support levels, consider planning long trades.

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✨ 5. Unique Features:

✅ Automatic level detection: No need for manual drawing.

✅ Advanced algorithm: Identifies reliable support and resistance levels, minimizing false signals.

✅ Versatile use: Ideal for swing traders and intraday traders.

✅ Multi-timeframe display: Shows key levels across all timeframes.




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⚠️ 6. Limitations:

- 🚫 Dynamic nature: Support and resistance levels may change due to market volatility.

- 📊 Increased accuracy: Combine this script with other indicators or strategies for better results.

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📚 7. User Guide:

1️⃣ Once applied, the chart will display color-coded support and resistance lines.

2️⃣ Use these lines to identify price trends, breakout zones, and reversal points.

3️⃣ 📊 Improve decision-making by combining this script with tools like RSI, MACD, and volume indicators.

📝 8. Disclaimer:

The script titled “Support and Resistance Levels” is created in compliance with TradingView house rules and community guidelines.

- ✅ It is an original work and does not violate intellectual property rights.

- ✅ The script does not contain deceptive, inappropriate, or harmful content.

- ✅ It follows ethical coding standards and includes clear instructions for users.

- ✅ Transparency is maintained regarding the purpose, functionality, and limitations of the script.

- ⚠️ Although every effort has been made to make the script function as expected, "ramumaurya" cannot guarantee faultless performance or suitability for all trading strategies.
- ✅ Designed to aid analysis and decision-making.
- ⚠️ Not financial advice; past performance is not indicative of future results.
- 🧠 Traders are advised to do their research and combine this script with other tools and strategies.
- 📚 Understanding the functioning of the script is recommended for effective trading practices.