Support and Resistance Finder v1.0
Mar 1, 2018
The Support and Resistance Finder v1.0 indicator identifies multiple horizontal price levels based on historical highs and lows to assist in finding key market areas where price might react.
Usage
The tool can be used to identify potential breakout or reversal zones. By plotting various historical price peaks and troughs, it visualizes a hierarchy of support and resistance levels. Traders can use these levels to set profit targets, stop-loss orders, or identify entry points when price interacts with a specific zone. For example, a price crossover of a minor resistance level may indicate short-term bullish momentum, while a crossunder of a support level might suggest bearish continuation.
Details
The indicator functions by calculating the highest high and lowest low over multiple lookback periods. These periods are derived from a base "Sensitivity" input multiplied by various coefficients (ranging from 1 to 1500). By using trackprice=true and a significant negative offset in the plotting logic, the indicator projects these historical price extremes as horizontal lines across the chart, effectively mapping out historical supply and demand zones across different time scales.
Settings
- Sensitivity: Determines the base lookback period used to calculate support and resistance levels. Increasing this value will widen the search area for price extremes, resulting in levels based on more significant historical price action.
FAQ
How do I use the levels on my chart?
Levels appearing above the current price act as potential resistance, while levels below act as potential support. You can monitor price action around these lines for signs of rejection or breakouts.
Can I set alerts for these levels?
Yes, the script includes built-in alert conditions that trigger when the price crosses the most immediate (minor) support or resistance levels.
How can I access Support and Resistance Finder v1.0?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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