Indicator Support / Resistance [ISR]

Descripton

Summary:
This heat study script generates values based on support and resistance levels of an indicator.

Returns:
Support: 1
Resistance: -1

Variables

Type	Identifier	Description
IntegerArray	_indicatorKeys	Use for holding all of the indicator keys duplicated from the specified indicator key and indexed by symbol index.
IntegerArray	_supportIndicatorKeys	Use for holding all of the support indicator keys duplicated from the specified support indicator key and indexed by symbol index.
IntegerArray	_resistanceIndicatorKeys	Use for holding all of the resistance indicator keys duplicated from the specified resistance indicator key and indexed by symbol index.
Number	_supportMargin	Use for the percentage distance from the support level in which support starts.
Number	_resistanceMargin	Use for the percentage distance from the resistance level in which resistance starts.

OnInitialize

Function Parameters
Type	Identifier	Description
Indicator	indicatorKey	Use for the indicator key.
Indicator	supportIndicatorKey	Use for the support indicator key to duplicate for all of the account symbols and with which trading signals will be generated.
Indicator	resistanceIndicatorKey	Use for the resistance indicator key to duplicate for all of the account symbols and with which trading signals will be generated.
Number	supportMargin	Use for the percentage distance from the support level in which support starts. [Default 0.2]
Number	resistanceMargin	Use for the percentage distance from the resistance level in which resistance starts. [Default 0.2]
Implementation
' Assign the script parameters to script variables. _supportMargin = supportMargin _resistanceMargin = resistanceMargin ' Use for holding indicator keys based on the specified indicator key, indexed by symbol index. Redefine _indicatorKeys(SymbolCount() - 1) ' Use for holding indicator keys based on the specified support indicator key, indexed by symbol index. Redefine _supportIndicatorKeys(SymbolCount() - 1) ' Use for holding indicator keys based on the specified resistance indicator key, indexed by symbol index. Redefine _resistanceIndicatorKeys(SymbolCount() - 1) ' Iterate over all of the account symbols. For i As Integer = 0 To SymbolCount() - 1 ' Create an indicator for each account symbol, based on the specified indicator. _indicatorKeys(i) = IndicatorCopy(indicatorKey, i) ' Create an indicator for each account symbol, based on the specified support indicator. _supportIndicatorKeys(i) = IndicatorCopy(supportIndicatorKey, i) ' Create an indicator for each account symbol, based on the specified resistance indicator. _resistanceIndicatorKeys(i) = IndicatorCopy(resistanceIndicatorKey, i) Next

OnValue

Function Parameters
Type	Identifier	Description
Integer	symbolIndex
Implementation
' Get the indicator value, indexed by bar index. Define value As Number = IndicatorValue(_indicatorKeys(symbolIndex)) ' Get the support indicator value, indexed by bar index. Define supportValue As Number = IndicatorValue(_supportIndicatorKeys(symbolIndex)) ' Get the resistance indicator value, indexed by bar index. Define resistanceValue As Number = IndicatorValue(_resistanceIndicatorKeys(symbolIndex)) ' Support. If (supportValue <= value And value <= supportValue * (1 + _supportMargin)) Then Return 1 ' Resistance. ElseIf (resistanceValue * (1 + _resistanceMargin) <= value And value <= resistanceValue) Then Return -1 End If