Support and Resistance Multi Time frame

The Support and Resistance Multi Time frame indicator identifies and plots key horizontal support and resistance levels from Daily, Weekly, and Monthly timeframes directly onto your current chart to help identify significant price pivot zones.

Usage

The Support and Resistance Multi Time frame tool is used to identify institutional and long-term price levels that may act as barriers to price action. Traders can use these levels to:

• Identify Confluence: Look for areas where multiple timeframes (e.g., Daily and Weekly) have support or resistance levels lining up in the same price zone, indicating a stronger level.
• Determine Reversal Points: Combine these levels with oscillators or candle patterns to gauge if a level will hold and cause a market reversal.
• Breakout Trading: Monitor when price crosses these levels as potential signals for trend continuation or breakouts.

The indicator uses different visual styles and colors to distinguish between timeframes:

• Daily: Plotted in green using circles for resistance and crosses for support.
• Weekly: Plotted in blue using circles for resistance and crosses for support.
• Monthly: Plotted in red using circles for resistance and crosses for support.

Details

The script calculates support and resistance based on a lookback period (defaulting to 34 bars). For each specified timeframe (Daily, Weekly, Monthly), it identifies the highest high and lowest low within that lookback period.

It utilizes the request.security() function to fetch data from higher timeframes without requiring the user to switch their chart view. This allows a trader on a 15-minute chart to see exactly where the Monthly resistance level sits without changing perspective. The calculation is based on historical pivots, specifically looking for the most recent occurrence where price met or exceeded the highest/lowest point of the lookback range.

Settings

• Number of bars to go back: Determines the lookback period used to find the highest and lowest price points for the support and resistance calculations. A higher value will identify more significant long-term levels, while a lower value will respond more quickly to recent price action.

FAQ

How do I use the Support and Resistance Multi Time frame?

You can apply the indicator to any chart, and it will automatically overlay Daily, Weekly, and Monthly levels. You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I change the colors of the levels?

Yes, the colors and line styles for each timeframe can be customized within the "Style" tab of the indicator settings.

Does this indicator repaint?

The indicator uses request.security() to fetch higher timeframe data. Because it uses established historical highs and lows from completed bars on those higher timeframes, the levels represent fixed price points based on the selected lookback.