Support and Resistance lines - version 2

The Support and Resistance lines - version 2 tool plots predefined key price levels and alert zones across various currency pairs to assist in identifying potential market reversals or continuations. It streamlines the technical analysis process by providing fixed structural levels optimized for major and minor Forex pairs.

Usage

The indicator is designed to provide visual cues when price interacts with critical support and resistance zones. Users can observe how price action reacts within the highlighted "SR areas" to confirm potential entries or exits.

• Support and Resistance Identification: The script automatically plots horizontal lines representing historically significant price levels for the selected currency pair.
• Zone Analysis: Green-shaded areas around the SR lines indicate the width of the support/resistance zone, allowing for a margin of error rather than relying on exact price points.
• Trend Confirmation: Vertical bars and arrows (which can be toggled in settings) highlight specific price action patterns occurring within the defined alert zones.

Details

This version is an evolution of the original Support and Resistance script, featuring expanded compatibility with a wide array of currency pairs, including AUDCAD, EURJPY, GBPUSD, and many others. The logic incorporates hardcoded SR levels tailored for each specific ticker, ensuring consistency across different charting environments. It also includes an "Alert Zone" logic that detects when price is within a specified proximity (in pips) to these levels, triggering visual pattern highlights.

Settings

• SR area width (pips): Adjusts the thickness of the green-shaded support and resistance zones.
• Alert zone width (pips): Defines the sensitivity range around SR lines for detecting price action patterns.
• SR lines: Toggles the visibility of the primary horizontal support and resistance lines.
• Vertical bars: Enables or disables the background highlighting for price action patterns.
• Arrows: Toggles the display of directional arrows on the chart.

FAQ

How do I use these levels for trading?

These levels act as potential turning points. Traders often look for specific candlestick patterns or momentum shifts when the price enters the shaded SR areas.

Which currency pairs are supported?

The script supports 18 major and minor pairs, including AUDCAD, AUDJPY, AUDNZD, AUDUSD, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPJPY, GBPUSD, NZDCHF, NZDUSD, USDCAD, USDCHF, and USDJPY.

How can I access Support and Resistance lines - version 2?

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