Is there a way to automate the identification of support and resistance levels on tradingview for digital assets?

4 answers

• Apr 30, 2022 · 3 years ago
  Absolutely! TradingView offers various indicators and tools that can help automate the identification of support and resistance levels for digital assets. One popular tool is the 'Auto Support/Resistance' indicator, which automatically detects and draws support and resistance levels on the chart. Additionally, you can also use the 'Fibonacci Retracement' tool to identify potential support and resistance levels based on Fibonacci ratios. These tools can save you time and provide valuable insights for your trading decisions.
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• Apr 30, 2022 · 3 years ago
  Yes, there are ways to automate the identification of support and resistance levels on TradingView for digital assets. One approach is to use custom scripts or indicators developed by the TradingView community. These scripts can be added to your chart and will automatically identify and plot support and resistance levels based on specific algorithms or patterns. You can find a wide range of custom scripts on the TradingView website or by searching online forums. Just make sure to carefully review and test any scripts before using them in your trading strategy.
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• Apr 30, 2022 · 3 years ago
  As an expert in the field, I can say that while TradingView offers some automated tools for identifying support and resistance levels, it's important to note that manual analysis and interpretation are still crucial. Automated tools can provide a starting point, but they may not always accurately capture all relevant support and resistance levels. It's recommended to combine automated tools with manual analysis to ensure a comprehensive understanding of the market dynamics. At BYDFi, we also emphasize the importance of human analysis and provide educational resources to help traders develop their skills in identifying support and resistance levels.
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• Apr 30, 2022 · 3 years ago
  Definitely! TradingView has a range of features that can assist in automating the identification of support and resistance levels for digital assets. In addition to the built-in tools, you can also explore various scripts and indicators created by the TradingView community. These scripts can be customized to suit your specific trading strategy and can save you time by automatically identifying key levels on your charts. Remember to backtest and validate any automated approach before relying solely on it for your trading decisions.
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