Support/Resistance Zones
May 18, 2021
The Support/Resistance Zones indicator provides a streamlined way to manually plot and visualize up to eight distinct price ranges for support and resistance directly on the chart. This tool is designed to help traders highlight critical supply and demand levels, allowing for clearer price action analysis and improved trade planning.
Usage
The tool is used by inputting specific price levels for the high and low boundaries of each zone. Traders typically identify these levels from higher timeframe analysis or historical rejection points. Once the coordinates are entered, the indicator automatically fills the range, creating a visual "zone" rather than a single line.
This can be particularly useful for:
- Identifying supply zones where price has historically reversed downwards.
- Identifying demand zones where price has historically found buyers.
- Monitoring price interaction with these zones through the built-in alert system, which triggers when the closing price enters a defined range.
Details
Unlike automated pivot indicators, this tool relies on user-defined inputs, offering full control over which levels are displayed. The script supports four resistance zones (typically colored red) and four support zones (typically colored green). The implementation uses plot and fill functions to create shaded areas, and includes a configurable offset to shift the visualization as needed.
Settings
- Resistance Zone 1-4 (High/Low): Sets the upper and lower price boundaries for the resistance zones.
- Support Zone 1-4 (High/Low): Sets the upper and lower price boundaries for the support zones.
- Offset: Shifts the horizontal plots to the right or left by a specified number of bars.
FAQ
How do I use the Support/Resistance Zones?
You can use the tool by entering the high and low prices for any zone you wish to track in the script settings. The indicator will then shade the area between those two prices.
Can I set alerts for these zones?
Yes, the script includes alert functionality that triggers a notification when the price enters any of the active resistance or support zones.
Where 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.
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