The “Trend Lines, Supports and Resistances” (TSR) indicator developed by Ismailcarlik is designed to provide traders with visual aids to identify and monitor key levels and trends on a chart. This TradingView indicator plots pivot points, trend lines, and support and resistance levels, making it easier for traders to spot potential reversals, breakouts, and trend continuations.
About the Indicator
The TSR indicator uses historical price data to calculate and plot trend lines, support, and resistance levels. This TradingView indicator helps traders to see where the price has previously reversed or consolidated, which can be useful for making trading decisions.
Features
- Pivot Points: Identifies high and low pivot points based on the specified pivot length.
- Trend Lines: Draws uptrend and downtrend lines based on detected pivot points.
- Support and Resistance Levels: Plots key support and resistance levels using historical pivot points.
- Alerts: Provides alerts for new pivots, trend line violations, and support/resistance breakouts.
- Customization: Offers a range of customization options for pivot length, trend line settings, support/resistance settings, and visual styles.
Understanding the Indicator
The TSR indicator works by analyzing historical price data to identify significant high and low points (pivots). These pivots are then used to draw trend lines and determine support and resistance levels. The indicator can also alert the trader when important levels are reached or violated.
Input Parameters
- Pivot Points – Common
- Pivot Length: Length of the pivot calculation.
- Mark Pivots: Option to mark pivot points on the chart.
- Alerts Enabled: Option to enable alerts for new pivots.
- Alert Frequency: Frequency of the pivot alerts.
- Trend Lines
- Enabled: Toggle for enabling trend lines.
- Points to Check: Number of pivot points to consider for drawing trend lines.
- Maximum Violation: Maximum allowable violations for a trend line before it’s considered broken.
- Excepted Last Bars: Number of recent bars to exclude from trend line calculations.
- Show Violated Trend Lines: Option to show violated trend lines.
- Line Extension: Specifies the extension of trend lines (None, Left, Right, Both).
- Show Labels: Option to display labels on trend lines.
- Alerts Enabled: Option to enable alerts for trend line violations.
- Alert Frequency: Frequency of the trend line alerts.
- Supports & Resistances
- Enabled: Toggle for enabling support and resistance levels.
- Points to Check: Number of pivot points to consider for determining support and resistance levels.
- Maximum Violation Allowed: Maximum allowable violations for a support or resistance level before it’s considered broken.
- Excepted Last Bars: Number of recent bars to exclude from support and resistance calculations.
- Show Labels: Option to display labels on support and resistance levels.
- Alerts Enabled: Option to enable alerts for support and resistance breakouts.
- Alert Frequency: Frequency of the support and resistance alerts.
- Style
- High Color: Color for high pivot points and uptrend lines.
- Low Color: Color for low pivot points and downtrend lines.
- Line Width: Width of the lines drawn by the indicator.
How to avail this free indicator?
Method 1:
- Click on this link Trend lines, Supports and Resistances and it will take you directly to TradingView indicator.
- Scroll down until indicator explanation ends and you will see “Add to favorite indicators”.
- Click on it and you now you can see it under your indicators “Favorites” section.
Method 2:
- Go to TradingView indicators section, search for “Trend lines, Supports and Resistances” by IsmailCarlik and click on it.
- Tip: You can also add to favorites so that next time it will be available just under your “Favorites” section
- Once the indicator is applied to your chart, go to settings and configure the input parameters as mentioned above.
- Great, you are done and can start using the indicator.
Summary
The “Trend Lines, Supports and Resistances” (TSR) indicator is a comprehensive tool for technical analysis, providing visual aids for identifying and monitoring key price levels and trends. With its customizable settings and alert options, it caters to the needs of both novice and experienced traders, helping them make informed trading decisions based on historical price behavior.