Support and Resistance Multiperiod (Zig Zag Based)

The Support and Resistance Multiperiod (Zig Zag Based) indicator is a multi-period technical analysis tool that automatically identifies and plots significant price levels based on Zig Zag pivots across five customizable lengths. This tool provides traders with a dynamic view of market structure, highlighting areas where price action has historically reversed or consolidated to pinpoint potential future points of interest.

Usage

The indicator can be used by traders across various styles, from scalping to long-term investing, on any timeframe. The visual output consists of horizontal lines representing key price levels:

• Support Levels: Indicated by green lines, representing areas where buying pressure has historically emerged.
• Resistance Levels: Indicated by orange lines, representing areas where selling pressure has historically surfaced.
• Zone Strength: Overlapping lines from different periods create brighter, thicker zones, signifying stronger levels of support or resistance. Conversely, isolated or singular lines appear lighter, indicating weaker or more localized levels.

Traders typically use these levels to time entries (buying low at support) and exits (selling high at resistance) or to set stop-loss and take-profit targets.

Details

The script executes by calculating pivot highs and lows using a Zig Zag logic across five distinct lookback periods. For each period, the script tracks multiple levels of recent highs and lows. The construction involves:

• Multi-Period Analysis: By default, it uses lengths of 15, 30, 60, 120, and 240, allowing for a comprehensive view of both short-term fluctuations and long-term trends.
• Visual Prioritization: Different line widths (Level 1, 2, and 3) allow users to distinguish between the most recent and historical pivot points.
• Zig Zag Overlay: An optional Zig Zag line can be enabled to visualize the underlying price swings that form the horizontal levels.

Settings

Swing High & Low (1-5)

Each of the five levels contains the following settings:

• Length: Sets the lookback period for the Zig Zag and pivot calculations.
• Display All: Toggle to show or hide all elements for that specific period.
• Display Level 1/2/3: Individually toggle the visibility of the most recent (L1) to older (L3) levels.
• Display Label: Toggles price labels on the right side of the levels.
• Display Zig Zag: Toggles the visibility of the internal Zig Zag trend lines.

General Inputs

• Source: Choose between "High & Low" or "Close" for pivot calculations.
• Line Offset: Determines how far the lines extend to the right of the pivot point.
• Line Extend: Options to extend lines Left, Right, Both, or None.
• Line Width L1/L2/L3: Adjusts the thickness of the lines based on their recency level.
• Line Transp: Controls the transparency of the plotted lines.
• Colors: Customizable colors for Support, Resistance, and Zig Zag lines.

FAQ

How do I access Support and Resistance Multiperiod (Zig Zag Based)?

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

Can I use this on crypto and forex?

Yes, the indicator is asset-agnostic and functions on any instrument provided there is sufficient price data for the Zig Zag calculations.

Why do some lines disappear?

Lines are calculated based on the most recent pivots. As new price action creates new pivots, older levels may be removed or updated depending on the "Display Level" settings and the script's internal buffer.