Support Resistance Algorithm - Technical analysis

Question

I have an intra-day chart and I am trying to figure out how to calculate support and resistance levels, anyone knows an algorithm for doing that, or a good starting point?

Answer 1

Here is the PineScript code for S/Rs. It doesn't include all the logic Dr. Andrew or Nilendu discuss, but definitely a good start:

https://www.tradingview.com/script/UUUyEoU2-S-R-Barry-extended-by-PeterO/

//@version=3
study(title="S/R Barry, extended by PeterO", overlay=true)
FractalLen=input(10)
isFractal(x) => highestbars(x,FractalLen*2+1)==-FractalLen

sF=isFractal(-low), support=low, support:=sF ? low[FractalLen] : support[1]
rF=isFractal(high), resistance=high, resistance:=rF ? high[FractalLen] : resistance[1]
plot(series=support, color=sF?#00000000:blue, offset=-FractalLen)
plot(series=resistance, color=rF?#00000000:red, offset=-FractalLen)

supportprevious=low, supportprevious:=sF ? support[1] : supportprevious[1]
resistanceprevious=low, resistanceprevious:=rF ? resistance[1] : resistanceprevious[1]
plot(series=supportprevious, color=blue, style=circles, offset=-FractalLen)
plot(series=resistanceprevious, color=red, style=circles, offset=-FractalLen)