High Low Yearly Support Resistance
Mar 10, 2015
The High Low Yearly Support Resistance indicator plots the current and previous year's high and low price levels as horizontal support and resistance lines directly on your chart.
Usage
The Usage section describes how these yearly levels can identify major long-term structural pivot points. Traders often use these levels to:
- Identify potential breakout or rejection zones based on the current year's range.
- Use the previous year's high and low as significant historical support and resistance.
- Monitor price action relative to these levels for trend direction or reversal signals.
The indicator uses circle-style plots to distinguish these levels without cluttering the chart with solid lines, providing a clear visual representation of the annual price boundaries.
Details
The script utilizes the request.security function to fetch data from the 12-month (12M) timeframe. This ensures that the high and low values remain accurate regardless of the timeframe you are currently viewing. It calculates:
- The current year's highest price.
- The current year's lowest price.
- The previous year's highest price.
- The previous year's lowest price.
Additionally, the script includes built-in alert conditions for price crossovers and crossunders for all four levels, facilitating real-time monitoring of significant price movements.
Settings
- High Yearly Line: Toggles the visibility of the current year's high price level.
- Low Yearly Line: Toggles the visibility of the current year's low price level.
- High Yearly Line Previous: Toggles the visibility of the previous year's high price level.
- Low Yearly Line Previous: Toggles the visibility of the previous year's low price level.
FAQ
How do I use these levels for trading?
Yearly highs and lows are often considered "psychological" levels where institutional buying or selling may occur; a break above a yearly high is often seen as a bullish signal, while a break below a yearly low is seen as bearish.
Can I change the color of the lines?
Yes, you can modify the colors and line thickness within the "Style" tab of the indicator settings in TradingView.
How can I access this indicator?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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