Support and Resistance MTF

The Support and Resistance MTF indicator identifies and visualizes key market zones based on pivot highs and lows from a user-defined higher timeframe. This tool is designed to help traders align intraday price action with broader market structure by automatically projecting significant support and resistance levels onto the current chart.

Usage

The indicator can be used to identify potential reversal or breakout zones. By selecting a higher timeframe (e.g., 4H or Daily) while trading on a lower timeframe (e.g., 15m), traders can see where significant historical price action occurred.

Levels are displayed as either horizontal lines or shaded boxes. When price crosses a level, its role may flip—resistance becomes support and vice versa. Users can monitor these levels for:

• Retests: Looking for price to bounce off a recently established zone.
• Breakouts: Identifying when price momentum is strong enough to invalidate a historical zone.
• Confluence: Aligning lower timeframe setups with higher timeframe structural levels.

Details

The script utilizes configurable pivot logic (Pivot Left and Pivot Right) to detect peaks and valleys. Once a level is established, it is tracked throughout the session. The indicator includes a "Max breaks before delete" mechanism, which automatically removes levels that have been pierced by price multiple times, ensuring the chart remains focused on the most relevant data. It also features a "Show next level only" option to highlight only the closest structural zones to the current price.

Settings

• Time-Frame: Sets the timeframe for pivot detection (e.g., 'D' for Daily).
• Left / Right: The number of bars required to the left and right to confirm a pivot point.
• Extend Left: Extends the level backwards to show historical price alignment.
• Max breaks before delete: The number of times price can cross a level before it is removed.
• Draw lines only: Disables background boxes for a cleaner visual interface.
• Line width broken level: Adjusts the thickness of lines representing zones.
• Transparency Boxes/Lines: Controls the opacity of the visual elements.
• Show next level only: Filters the display to only show the closest support and resistance levels.
• Adapt visibility by breaks: Gradually fades levels as they are tested or broken.
• Support/Resistance Color: Customizable colors for bullish and bearish zones.

FAQ

How do I access Support and Resistance MTF?

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

What happens when a level is broken?

The level tracks the number of "breaks." Depending on your settings, it may change color (flipping from resistance to support) or decrease in visibility until it is eventually deleted.

Can I use this for scalping?

Yes, by setting the higher timeframe to something like 1H or 4H, scalpers can identify major "walls" in price action that might cause reactions on the 1-minute or 5-minute charts.