Support Resistance Channels/Zones Multi Time Frame

The Support Resistance Channels/Zones Multi Time Frame indicator automatically identifies and plots significant support and resistance zones based on higher time frame pivot points to provide institutional-grade context on lower time frame charts.

Usage

The Usage section describes how the script can be used to identify key market levels. To function correctly, the "Higher Time Frame" setting must be set to a duration greater than the current chart's time frame. The script analyzes historical price action within the specified loopback period to find price clusters where pivots have frequently occurred.

Visual Interpretation

The indicator displays zones as colored channels extending across the chart:

• Resistance: Red zones located above the current price.
• Support: Green zones located below the current price.
• Active Interaction: Blue zones (by default) indicate when the current price is trading inside a channel.

Dynamic Filtering

The "Show S/Rs that fits the Chart" feature ensures that the workspace remains clean by only displaying zones that fall within the current vertical price range of the screen. As you zoom out or scroll, new zones may appear if they become relevant to the visible price action.

Details

The script utilizes a matrix to capture high and low data from a higher time frame using request.security. It identifies pivot points based on the "Pivot Period" and groups these points into channels if they fall within the "Maximum Channel Width %" threshold.

Strength is calculated based on how many pivot points and price touches (Open, High, Low, Close) occur within a specific range. The zones are then ranked by strength, with the most significant levels prioritized for display. The tool also includes a data table that lists the exact upper and lower price boundaries for each identified zone, sorted by their calculated strength.

Settings

• Higher Time Frame: Specifies the time frame used to calculate pivot points and S/R zones.
• Pivot Period: Determines the number of bars on each side of a high or low to confirm a pivot point.
• Loopback Period: The total number of bars on the higher time frame used for calculation.
• Maximum Channel Width %: Sets the maximum vertical thickness of each S/R zone as a percentage of the total price range.
• Minimum Strength: Defines the minimum number of pivot points required for a zone to be valid.
• Maximum Number of S/R: Limits the total number of support and resistance channels displayed on the chart.
• Show S/Rs that fits the Chart: When enabled, filters out zones that are far above or below the current visible price range.
• Show S/R channels in a table: Toggles a dashboard showing the specific price levels and strengths of the zones.
• Chart Location: Adjusts the horizontal and vertical positioning of the S/R table.
• Resistance/Support/In-Channel Colors: Customizable color options for different zone states.

FAQ

How do I fix the indicator if it says "You should choose Time Frame wisely"? This error occurs when the "Higher Time Frame" setting is equal to or lower than your current chart time frame. Ensure the input is set to a higher duration (e.g., Daily time frame if you are viewing a 1-hour chart).

How is the strength of a zone calculated? Strength is determined by the number of pivot points contained within the channel boundaries, combined with the frequency of price touches (OHLC) over the last 500 bars.

How can I access the Support Resistance Channels/Zones Multi Time Frame? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.