HTF Candle Support & Resistance

The HTF Candle Support & Resistance indicator identifies key market levels by projecting the High, Low, and Close values of higher timeframe candles as horizontal support and resistance lines. This tool helps traders visualize institutional price levels and areas of liquidity across different time horizons, providing a structured view of historical price anchors.

Usage

The Usage section focuses on how these multi-timeframe levels act as potential pivot points for price action. By projecting historical candle data from a user-defined timeframe, the indicator reveals "clusters" of lines; the more lines that converge at a specific price level, the more significant that level is likely to be as support or resistance.

• Red Lines: Represent the High of the selected higher timeframe candles.
• Green Lines: Represent the Low of the selected higher timeframe candles.
• Blue Lines: Represent the Close of the selected higher timeframe candles.

Traders can use these levels for entry targets, stop-loss placement, or to identify "gaps" between historical levels where price may move more rapidly. The indicator is versatile: a scalper might use a 60-minute ("60") or 240-minute ("240") setting on a 5-minute chart, while a swing trader might use Weekly ("W") or Monthly ("M") settings on a Daily chart.

Details

The script utilizes the request.security function to fetch OHLC data from the specified higher timeframe. It dynamically manages an array of lines, extending them forward as long as price remains within a certain percentage threshold of the level. This ensures that only relevant, nearby levels clutter the chart, while distant levels are automatically managed. The logic also includes built-in alert conditions for price crossing above the HTF High or below the HTF Low, allowing for automated monitoring of key breakouts or breakdowns.

Settings

• Source time frame: Determines the timeframe of the candles used to generate the levels. Options include 12-Month (12M), 3-Month (3M), Monthly (M), Weekly (W), Daily (D), 4-Hour (240), and 1-Hour (60).

FAQ

How do I interpret the different colors? Red lines mark historical highs, green lines mark historical lows, and blue lines mark historical closes from the chosen higher timeframe.

Can I use this for intraday trading? Yes, by setting the "Source time frame" to an intraday period like "60" or "240", you can view hourly or 4-hour levels on lower timeframe charts (e.g., 1m, 5m).

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