Support Resistance

The Support Resistance checks the close price against a level and reports whether the price reacts to the level. Candles are labeled as other, unconfirmed support , confirmed support, unconfirmed resistance, and confirmed resistance.

• Unconfirmed Support: If the high price of a candle gets under the level and the candle is closed above the level, it is an unconfirmed support.

• Confirmed Support: If the entire candle that comes after an unconfirmed support, including its body and shadows, is above the level, it is a confirmed support.

• Unconfirmed Resistance: If the high price of a candle gets above the level and the candle is closed under the level, it is an unconfirmed resistance.

• Confirmed Resistance: If the entire candle that comes after an unconfirmed resistance, including its body and shadows, is under the level, it is a confirmed resistance.

The inputs of the function are:

• Timeframes: The timeframe(s) in which the function is applied

• Feature: The level the price is checked against

• Output Column Name(s): The name given to the column that stores the result

Example

To check whether sma 30 acts as a support or resistance, you can use the Support Resistance function as is shown in the figure below:

In the figure below, confirmed supports and resistances are marked by green and red circels, respectively. Likewise, unconfirmed supports and resistances are marked by green and red crosses, respectively.