Support and Resistance plotter
Nov 1, 2019
The Support and Resistance plotter indicator identifies key price levels by filtering pivots based on specific candle body and wick relationships to highlight areas of significant market swings. It provides traders with clear horizontal levels where price is likely to react, reverse, or accelerate upon a breakout.
Usage
The Usage section focuses on how these identified levels interact with price action. Traders can use this tool to spot potential double tops or bottoms, as price frequently returns to these specific levels.
- Reversals: Look for price to stall or show divergences on oscillators when approaching a plotted Support or Resistance line.
- Breakouts: When price breaks through a combined level (where support and resistance meet), the subsequent movement is often accelerated.
- Trend Confirmation: The indicator includes a bar coloring feature that changes based on price positioning relative to the SR levels, helping to visualize the current trend bias.
Details
The script distinguishes itself from standard pivot-based indicators by filtering for candles where the wick creates a high or low opposite to the candle body. This logic targets "hard" market swings where rejection was evident within the candle timeframe. By tracking Higher Highs (HH) and Lower Lows (LL) through this specific lens, the tool plots circles that represent sustained areas of supply and demand.
Settings
- Plot SR?: Toggles the visibility of the support and resistance circle plots on the chart.
- Use barcolor?: Enables or disables the candle coloring logic based on whether the close is above or below the identified levels.
FAQ
How do I use the breakout alerts?
The script includes built-in alerts for bullish and bearish conditions. A bullish alert triggers when the price closes above both the support and resistance lines, while a bearish alert triggers when it closes below both.
What do the different colors represent?
By default, green circles and bar colors represent bullish support/resistance dynamics, while red circles and bar colors represent bearish levels and trend pressure.
How can I access Support and Resistance plotter?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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