Support Resistance MTF

The Support Resistance MTF indicator identifies key multi-timeframe price levels to help traders visualize supply and demand zones across different chart resolutions. By calculating higher timeframe (HTF) values without the use of the security function, the script provides a more seamless way to track macro support and resistance levels alongside local price action.

Usage

The Usage section focuses on how to leverage the multi-timeframe capabilities to identify significant price levels. Traders can use the "Auto" setting to let the indicator select the most relevant higher timeframe based on their current chart, or manually select a specific timeframe (ranging from 15 minutes to 12 months) for custom analysis.

The tool is primarily used to identify "zones" rather than single lines. When the current timeframe levels and the higher timeframe levels are plotted near each other, the indicator fills the space between them, highlighting a price area where reversal or breakout potential is highest.

• Breakout Identification: When price closes above the resistance zone or below the support zone, it may signal a trend continuation or breakout.
• Rejection/Reversal: Large price wicks or reversals within the shaded zones indicate that the HTF level is holding as significant supply or demand.

Details

Unlike traditional MTF indicators that rely on the request.security() function—which can sometimes lead to repainting or data alignment issues—this script calculates HTF OHLC values manually from the current chart's data.

The core logic uses a loopback period to determine if a price point is a local high or low relative to the surrounding bars. By tracking these peaks and troughs on a custom-defined HTF anchor, the script ensures that the resistance and support levels reflect broader market structures. The "Source" setting allows for further refinement; while "High/Low" uses the extreme wick values, "Close/Open" focuses on candle bodies to filter out market noise and spikes.

Settings

General Settings

• Source: Determines the price data used for calculations. Options include "High/Low" (wicks) or "Close/Open" (bodies).
• Higher Time Frame: Sets the timeframe for the macro levels. "Auto" dynamically selects a higher timeframe, while manual options range from 15m to 12M.
• Period for Highest/Lowest Bars: The lookback period used to identify significant peaks and troughs. Lower values increase sensitivity, while higher values focus on major structural levels.

Visual & Functional Settings

• Resistance Color: Sets the color for resistance levels and zones.
• Support Color: Sets the color for support levels and zones.
• Transparency for Zones: Adjusts the opacity of the shaded area between current and HTF levels.
• Extend Lines: When enabled, extends the current support and resistance levels back to the left of the chart for easier historical reference.

FAQ

How do I adjust the sensitivity of the support and resistance levels? You can change the "Period for Highest/Lowest Bars" setting. A smaller number will identify more frequent, local levels, while a larger number will only highlight major structural levels.

What is the benefit of the "Auto" timeframe setting? The "Auto" setting ensures that the higher timeframe is always relevant to your current view. For example, if you are on a 15-minute chart, it will automatically calculate levels based on the 1-hour timeframe.

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