Dimensional Support Resistance

The Dimensional Support Resistance indicator automatically detects and displays non-overlapping support and resistance levels using pivot-based analysis and intelligent distance filtering to provide traders with a clean view of key market structure.

Usage

The tool can be used to identify high-probability reversal points and historical price areas of interest.

• Level Identification: Green horizontal lines represent support, while red lines represent resistance.
• S/R Zones: Semi-transparent boxes surrounding the levels highlight price areas of significance rather than just a single price point.
• Bounce Signals: The tool identifies price reversals at these levels. A "BOUNCE" marker appears when a pivot forms with a candle reversal.
• Volume Confirmation: "STRONG" labels appear when a bounce occurs with volume at least 1.5x above the 20-period average, indicating higher institutional interest.
• Dashboard: A compact panel provides a quick count of active support and resistance levels currently visible on the chart.

Details

The script utilizes a configurable pivot strength to scan for swing highs and lows. It employs a filtering algorithm that ensures levels are spaced apart by a minimum percentage, preventing visual clutter in consolidated markets. Signal generation includes a 15-bar cooldown period to prevent repetitive signal spam during tight consolidation.

Settings

Core Settings

• Lookback Period: Determines the number of historical bars scanned for identifying levels.
• Pivot Strength: Sets the number of bars on each side required for a valid pivot; higher values result in fewer but more significant levels.
• Max Levels Each Side: Limits the total number of support and resistance levels displayed simultaneously.
• Zone Width %: Defines the vertical thickness of the S/R zones as a percentage of the price.
• Min Distance Between Levels %: Sets the minimum spacing required between levels to prevent overlapping lines.

Visual Settings

• Show S/R Zones: Toggles the visibility of the shaded area around levels.
• Show Bounce Signals: Toggles the display of BOUNCE and STRONG markers.
• Support/Resistance Color: Customizes the colors used for all bullish and bearish structural elements.

Dashboard

• Show Dashboard: Toggles the visibility of the summary table.
• Position: Selects the corner of the chart where the dashboard is displayed.

FAQ

How do I access the Dimensional Support Resistance?

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

Why do some bounce signals appear after the price has already moved?

The indicator relies on pivot detection, which requires a specific number of bars (defined by Pivot Strength) to confirm a high or low has formed. This ensures the structural validity of the signal.

Can I use this for intraday trading?

Yes, the indicator works on all timeframes. However, levels identified on higher timeframes (4H, Daily) generally carry more significance than those on lower timeframes.