MTF Key Levels - Support and Resistance

The MTF Key Levels - Support and Resistance indicator provides a multi-timeframe perspective on essential market levels, including open, high, low, and VWAP coordinates across daily, weekly, monthly, and yearly intervals.

Usage

This tool is designed to help traders identify significant confluence zones by projecting key price levels from higher timeframes directly onto their current chart. It can be used to:

• Identify Trend Direction: Observe the current open relative to the previous open to gauge market control for specific timeframes.
• Detect SFP Opportunities: Monitor previous high (pH) and previous low (pL) levels for potential Swing Failure Patterns.
• Confluence Trading: Use VWAP levels as dynamic support or resistance areas, especially when they align with horizontal price levels.
• Visual Organization: Adjust line lengths and visibility to maintain a clean chart while keeping essential "short lines" or full-screen extensions for important levels.

Details

The indicator utilizes request.security to fetch data from higher timeframes. It calculates the Equilibrium (EQ) as the 50% midpoint between the previous high and low, providing a neutral zone for each period. VWAP calculations for monthly and yearly timeframes require sufficient historical candle data; if the chart history is limited, these specific VWAPs may not appear until enough data is loaded to perform the calculation.

Settings

Daily / Weekly / Monthly / Yearly Levels

• Show O/H/L: Toggles the display of the current period's Open, High, and Low levels.
• Show pO/pH/pL/pEQ: Toggles the display of the previous period's Open, High, Low, and Equilibrium (50% level).

Standard VWAPS

• Daily/Weekly/Monthly/Yearly: Enables the Volume Weighted Average Price for the respective periods.

Line Options

• Extend Short Line: Adjusts the length of the projected labels/lines to the right of the price action.
• Short Line / Across Screen / To Right: Selects the visual style of the level lines (none, both directions, or right-extension).
• Show Level/VWAP Prices: Toggles price labels for all active levels.

Colors

• Daily/Weekly/Monthly/Yearly Color: Individual color pickers to differentiate between different timeframes.

FAQ

How do I interpret the Daily Open level? The Daily Open indicates market control for the current session. Price staying above the open suggests bullish control, while staying below suggests bearish control, often acting as a pivot point.

Why are Monthly and Yearly VWAPs not showing? These levels require the chart to load enough bars to reach the start of the month or year. If your chart's history is too short, these values cannot be calculated.

How can I access this indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.