Support and Resistance Levels from Rolling Highs and Lows
Summary
The indicator identifies candidate support and resistance from rolling price extremes. Support is defined as the lowest low over a chosen period when it matches the lowest low over that period plus an additional lookback. Resistance applies the corresponding rule to the highest high. When both levels exist and price is between them, the indicator displays the levels on the chart, framing the setup as a possible range in which bouncebacks may occur.
The document mentions two inputs, the period and the overlook, but provides no values, trading rules, or evidence that a displayed level predicts a reversal. It also notes a change to the loop used to validate the code, without explaining the implementation issue or its effect on indicator output. The description is therefore useful as a basic level-detection concept, but not as a tested strategy; users would need to define confirmation, invalidation, and evaluation methods themselves.
Key ideas
- Support is based on a period low that remains the lowest across an extended lookback.
- Resistance uses the corresponding test on period highs.
- The chart displays the levels when both exist and price lies between them.
- No settings, reversal confirmation rules, or performance evidence are supplied.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.