Pivot-Based Automatic Support and Resistance Trendlines

Summary

This indicator builds a resistance line from the two latest confirmed swing highs and a support line from the two latest confirmed swing lows. It calculates each line’s slope and projects its current value across bars, while plotting pivot markers and line segments. Crosses of the close above resistance or below support are marked as breakout signals and can trigger alerts.

Pivot confirmation uses configurable bars on the left and right of a candidate high or low. Increasing the right-side setting delays recognition but tends to select more established pivots, so responsiveness and pivot quality trade off. The description provides no performance tests or evidence that the breakout markers predict profitable trades. Its drawn historical segments are also subject to a chart drawing limit, so older ones may disappear; the indicator should be treated as a visual tool rather than a validated strategy.

Key ideas

• The resistance line connects the two latest confirmed swing highs.
• The support line connects the two latest confirmed swing lows.
• Pivot settings control detection frequency and introduce confirmation delay.
• A close crossing above resistance or below support marks a breakout signal.
• The script reports no backtest evidence, and older drawn segments can be removed when drawing limits are reached.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.