Creating a strategy based on Supports and Resistances and plotting said lines
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Hello, I'm new to Backtrader and I want to achieve the following.
I want to create a trading strategy based on Support and Resistance lines and price action but for now, my goal is to calculate and visualize said support and resistance lines for a stock. So my questions are :-
What is the best practice here in order to detect and plot support and resistance lines? The practice of using supports and resistances seems to be common so I'm guessing there must be widely accepted measures to do it.
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It's likely that supports and resistances don't have a standard approach because it is rather subjective. In that case I'd like to use the trendln package in order to calculate these lines.
link: https://pypi.org/project/trendln/ -
I've come across a pinescript indicator which finds horizontal supports and resistances to my liking. I require help in converting that to an indicator in backtrader.
link:https://www.tradingview.com/script/va09eWAp-Support-Resistance-Dynamic-v2/
Thank you everyone in advance, if I'm asking these questions on the wrong forum, please direct me to the correct one.
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@tirtharaj backtrader has at least 3 built in, here's an example https://backtrader.com/docu/indautoref/#pivotpoint
Plotting is also supported https://backtrader.com/blog/posts/2016-04-28-pivot-point-cross-plotting/pivotpoint-crossplotting/
The documentation and articles section are well detailed. Recommend reading them at least once to learn what's available.
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If the built in ones don't meet your needs, recommend reading the indicator development section. It's in the same area in the first link above.
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@crazy25000 i'll look into it thanks