Visible Range Support and Resistance

The Visible Range Support and Resistance indicator dynamically identifies significant price zones based on the current visible range of the chart, providing traders with real-time insights into key pivot areas.

Usage

The tool is designed to highlight areas where price action is least concentrated, which often act as significant support or resistance levels.

• Market Analysis: Traders can use the highlighted boxes to identify potential reversal zones. These zones are calculated based on the historical interaction of price within the current zoom level of the chart.
• Strategy Integration: The levels can be used to set profit targets, stop losses, or as confluence for entry signals. When price breaks through a level or bounces from it, it indicates a shift in market sentiment.
• Dynamic Adaptation: Because the levels are based on the visible range, zooming in or out will cause the indicator to recalculate and show the most relevant levels for that specific view.

Details

The indicator segments the total price range visible on the chart into a user-defined number of horizontal "bins" (Resolution). It then calculates the frequency of price action within each segment.

Levels are identified as "key" when they represent local minima in price concentration—essentially identifying the "gaps" or "low-volume" areas where price tends to transition quickly or pivot. The indicator utilizes the VisibleChart library to ensure calculations only encompass the bars currently displayed on the user's screen.

Settings

General Settings

• Resolution: Determines how many segments the price range is divided into. Higher values create more granular levels, while lower values result in broader zones.
• Indicator Horizontal Extension: Controls how far the support and resistance boxes extend to the right of the current bar, allowing for easier visualization of future price targets.
• Levels Color: Customizes the color of the identified support and resistance boxes.

FAQ

How do I access the Visible Range Support and Resistance?

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

Why do the levels change when I zoom out?

The indicator is based on the visible range logic; it recalculates based on the highest and lowest prices currently visible on your chart to ensure the levels are relevant to your current time-frame and zoom level.

Can I set alerts for these levels?

Yes, the script includes a built-in alert that triggers whenever the price crosses through one of the identified support or resistance zones.