Volumatic Support/Resistance Levels [BigBeluga]

Category: market_structure, volume

Identifies support and resistance levels based on local extrema and scales the visual thickness of these levels using normalized volume volatility.

Formula

\begin{cases} R = \text{Highest}(High, length) \text{ if } High[1] = \text{max} \\ S = \text{Lowest}(Low, length) \text{ if } Low[1] = \text{min} \\ \text{Width} = ATR(200) \times \frac{Volume}{\text{Percentile}(Volume, 500, 100)} \end{cases}

Inputs

• Length (default: 25)
• Resistance Max Volume % (default: 80)
• Support Max Volume % (default: 80)
• Bars Max Volume % (default: 50)

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