ionone wrote: Wed May 18, 2022 6:36 pm
Converted from TradingView : HSRL - Historical Support Resistance Lines
hassan5041 wrote: Sat Mar 15, 2025 1:55 pm
please coders fix it, It doesn't work anymore
Historical Support and Resistance Lines
Did this version, but not sure if it is the same as the original though.
What is the HSRL indicator?
HSRL serves as a metric to illustrate a the "evolution" of a chart's of support and resistance levels over time. It computes the percentage change in both lows and highs, subsequently visualizing these changes.
The HSRL is derived by subtracting the change in resistance from the change in support. This indicator can be useful for validating trends, with green indicating a strong bullish sentiment, yellow representing a moderately bullish outlook, and red signaling a bearish trend, characterized by declining resistance and support levels.
How is the HSRL indicator used?
The indicator assesses the strength of trends by monitoring variations in the highest highs (resistance) and lowest lows (support) over a specified period, which is set to
150
bars by default.
- If the change in resistance exceeds the change in support, the market could be considered bullish.
- If the change in support exceeds the change in resistance, the market could be considered bearish.
- The visual representation features two plotted lines:
- Yellow Line (Resistance) Measures upward trend strength.
- Red Line (Support) Measures downward trend strength.
- The indicator will find single-period Moving Averages of high and low prices. Temporary buffers are used to hold moving average values of high and low prices.
This MT4 version is beneficial for traders aiming to pinpoint dynamic support and resistance levels derived from recent price movements. It assists in assessing trend momentum by examining fluctuations in extreme highs and lows over time.
PS: Additionally, for Ionone (Jeff)'s latest version, please see
here.