🎯 Auto Support & Resistance Detector

The 🎯 Auto Support & Resistance Detector indicator automatically identifies and visualizes key price levels where trends are likely to pause or reverse by tracking historical pivot points and their subsequent validation.

Usage

The 🎯 Auto Support & Resistance Detector is designed to assist traders in identifying significant psychological and technical levels. By monitoring pivot highs and lows, the tool plots horizontal lines that represent potential supply (resistance) and demand (support) zones.

• Identifying Strength: Levels that have been tested multiple times are highlighted as "Strong" levels. These are represented with solid lines and specific labels, indicating a higher historical significance.
• Breakout & Breakdown Detection: Users can observe price action around these levels. A move above a strong resistance may signal a bullish breakout, while a move below strong support may indicate a bearish breakdown.
• Visual Guidance: Dash lines represent emerging levels with fewer touches, while solid lines denote established zones. The optional summary table provides a quick overview of the most relevant levels and their touch counts.

Details

The script utilizes pivot lookbacks to detect local peaks and troughs. It employs a tolerance-based matching algorithm to group nearby price pivots into a single cohesive level.

• Pivot Detection: Uses a lookback period to find significant price turns.
• Level Consolidation: If a new pivot is found within a specific percentage distance of an existing level, it is registered as a "touch" rather than creating a duplicate level.
• Dynamic Management: The tool maintains a fixed number of recent levels using arrays, ensuring the chart remains clean while focusing on the most relevant historical price action.

Settings

• Pivot Lookback: Sets the number of bars required on either side of a high or low to qualify as a pivot.
• Level Strength: Determines the minimum number of touches required for a level to be classified as "Strong."
• Extend Lines: When enabled, projects the support and resistance lines to the right side of the chart.
• Show Labels: Toggles the visibility of level type (Support/Resistance) and touch count labels.
• Max Levels: Controls the maximum number of support and resistance levels stored and displayed simultaneously.

Styling

• Resistance/Support Color: Sets the color for standard levels with few touches.
• Strong Resistance/Support Color: Sets the color for levels that have met the strength threshold.

FAQ

How do I use the 🎯 Auto Support & Resistance Detector?

You can use it to find entry or exit points by looking for price bounces off established levels or by identifying breakouts when price closes beyond a strong support or resistance line.

What makes a level "Strong"?

A level becomes "Strong" once the price has interacted with (touched) that specific price zone a minimum number of times, as defined by the "Level Strength" setting.

How can I get access to this tool?

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