Support & Resistance Lines
Apr 2, 2021
The Support & Resistance Lines tool automatically identifies and plots multiple horizontal price levels based on historical high and low values to help traders visualize potential breakout or reversal zones.
Usage
The Support & Resistance Lines indicator can be used to identify key price levels where the market has historically found floor (support) or ceiling (resistance) pressure. Traders can use these levels to:
- Determine Exit Targets: Use resistance lines for profit-taking in long positions or support lines for short positions.
- Identify Breakouts: Monitor price action as it crosses these historical extremes, potentially signaling the start of a new trend.
- Risk Management: Place stop-losses above or below significant levels to protect capital.
The indicator plots six resistance levels (red) and six support levels (green) derived from various lookback periods ranging from short-term (50 bars) to long-term (1000 bars).
Details
The script executes by scanning the price history for the highest and lowest points over specific lookback windows. Specifically, it tracks the ta.highest() and ta.lowest() values for 50, 100, 250, 500, 750, and 1000 bars. By using trackprice=true and a significant negative offset, the tool displays these levels as horizontal lines extending across the current price action, providing a comprehensive view of historical supply and demand zones across multiple time horizons.
Settings
The current version of the script uses fixed lookback periods to maintain consistency across various charts.
- R1 - R6 Colors: Visual representation of the highest price points (Resistance) found over the 1000, 750, 500, 250, 100, and 50 bar periods.
- S1 - S6 Colors: Visual representation of the lowest price points (Support) found over the 1000, 750, 500, 250, 100, and 50 bar periods.
FAQ
How do I access Support & Resistance Lines?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
What do the different lines represent?
Each line represents the extreme high (resistance) or low (support) reached within a specific lookback window. Longer lookback windows (e.g., 1000 bars) represent stronger, more significant historical levels.
Does this indicator provide alerts?
Yes, the indicator is optimized with alerts that trigger when the price crosses above a resistance line or below a support line.
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