Support and Resistance all in one

The Support and Resistance all in one indicator identifies and tracks key price levels automatically, using pivot points to detect significant swing highs and lows for comprehensive market analysis.

Usage

The tool serves as a dynamic level manager, filtering out noise by ensuring new levels are unique and sufficiently distant from existing ones. Traders can use it to:

• Identify Support and Resistance: The indicator plots horizontal lines at pivot highs (resistance) and pivot lows (support).
• Assess Level Strength: It monitors price interactions with established levels. Levels are categorized as "New" (1 touch), "Moderate" (2 touches), or "Strong" (3+ touches). Stronger levels typically suggest more reliable reversal zones.
• Trading Strategies:
  • Reversals: Look for price action signals around "Strong" levels for potential mean-reversion trades.
  • Breakouts: Monitor breaks of high-touch levels; significant breakouts often occur when a long-standing level is finally breached.
  • Risk Management: Use identified levels to place stop-losses or take-profit targets.

Details

The script utilizes a pivot-based detection system, looking back over a user-defined period to find structural highs and lows. To maintain chart clarity, it manages levels through arrays, limiting the total number of displayed lines and removing the oldest ones as new levels are formed. A proximity filter (Minimum Distance) prevents multiple lines from cluttering the same price area. The touch detection system uses a sensitivity threshold (default 0.005%) to determine when price has interacted with a level without requiring an exact hit.

Settings

• Pivot Length: Sets the number of bars required on each side of a high or low to qualify as a pivot point.
• Maximum Levels to Display: Controls the maximum number of support and resistance lines shown on the chart at once.
• Minimum Distance Between Levels (%): Defines the minimum percentage difference required between a new pivot and existing levels to create a new line.
• Minimum gap to get a touch (Touch Sensitivity): Determines how close price must come to a level to increment the touch counter.
• Required Touches for Strong Level: The number of price interactions needed to classify a level as "Strong."
• Show Level Strength: Toggles the display of strength labels (New, Moderate, Strong) next to price levels.
• Line Style: Allows users to choose between Solid, Dashed, or Dotted lines.

FAQ

How do I interpret the line thickness? The indicator automatically increases the line width for levels that meet the "Strong" criteria, making significant historical zones easier to identify visually.

Can I use this for intraday and daily charts? Yes, the script is designed to be multi-timeframe compatible. You may need to adjust the Pivot Length and Minimum Distance settings to suit the volatility of your specific timeframe.

How can I access Support and Resistance all in one? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.