RSI based support resistance levels

The RSI based support resistance levels indicator identifies key demand and supply zones by anchoring support and resistance lines to price extremes reached during RSI overbought and oversold cycles. This tool provides a systematic way to visualize market structure based on momentum-driven exhaustion points across multiple time-sensitive periods.

Usage

The Usage section focuses on identifying price levels where momentum has previously shifted. When the RSI enters an extreme zone (above 70 or below 30), the script monitors for the exact price peak or trough corresponding to the RSI's maximum or minimum value within that zone. Once the RSI exits the extreme area, a horizontal line is plotted at that price point.

• Support Lines: Drawn at the lowest price reached while the RSI was in an oversold state (below 30).
• Resistance Lines: Drawn at the highest price reached while the RSI was in an overbought state (above 70).
• Multi-Level Analysis: By enabling different RSI lengths (e.g., 7, 14, 21, 28), traders can identify short-term versus long-term structural levels simultaneously.
• Slanted Trendlines: If enabled, the tool connects the two most recent RSI-based S/R points to highlight potential diagonal trends.

Details

This indicator operates on the logic that "oversold" or "overbought" is a zone rather than a single point in time. The most significant price level within that zone is the point where demand (support) or supply (resistance) finally overwhelmed the prevailing momentum. By using the RSI's peak/trough to define the price level, the script provides a more objective methodology for drawing S/R lines compared to subjective manual charting.

Settings

Levels

• Level-1 to Level-4 Support/Resistance Line: Toggle visibility for up to four different RSI-based calculation layers.

RSI Settings

• RSI Level Length (1-4): Adjusts the period for the RSI calculation for each respective level. Shorter periods produce more frequent, short-term levels, while longer periods produce more significant structural levels.
• Overbought threshold: The RSI value above which a resistance zone is identified (default is 70).
• Oversold threshold: The RSI value below which a support zone is identified (default is 30).

Trendline

• Extend support/resistance lines to right: Extends the horizontal lines across the chart for better visibility of future price interactions.
• Default support/resistance lines length: Sets the initial length of the lines if extension is disabled.
• Support/Resistance Line color: Customizes the visual output for bullish and bearish levels.
• Support/Resistance Lines Style: Choose between solid, dotted, or dashed line appearances.

Slanted-Trendlines

• Draw the slanted trendlines automatically: Enables diagonal lines connecting the most recent S/R points.
• Slanted Trendline color: Customizes the color of the diagonal trendlines.

Alert / Table

• Table to show next support/resistance: Displays a real-time table on the chart listing the nearest support and resistance levels relative to the current price.

FAQ

How do I use the S/R table? The table automatically filters recorded levels to show only those currently relevant (supports below price, resistances above price) and sorts them by proximity to the current market price.

Can I get alerts for new levels? Yes, the script includes built-in alerts that trigger whenever a new support or resistance line is confirmed after the RSI leaves an extreme zone.

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.