Support & Resistance
Oct 5, 2018
The Support & Resistance indicator identifies significant swing highs and lows in historical price action to project horizontal levels that may serve as future support or resistance.
Usage
The indicator is designed to help traders visualize key areas where price has historically reversed. By default, it tracks the most recent significant swing points (pivots) and displays them as horizontal lines on the chart.
- Identifying Levels: The script plots lines based on historical highs and lows. These levels can be used to identify potential breakout points or areas where price might stall.
- Trend Context: The levels are color-coded based on the current price relationship. If the current price is above a level, it is colored green (acting as potential support); if below, it is colored red (acting as potential resistance).
- Breakout Alerts: The tool includes built-in alerts for when price crosses specific major levels, allowing users to react to potential market shifts.
Details
The script utilizes the ta.pivothigh() and ta.pivotlow() functions to detect market turning points. It calculates two types of levels:
- Quick Levels: Based on a smaller "Right Bars" lookback for more immediate, recent pivots.
- Standard Levels: Based on a larger lookback period to capture more significant historical structural points.
The indicator displays multiple tiers of these pivots, including the most recent "Quick" pivots and the three most recent standard swing highs and lows. This provides a comprehensive view of both short-term and medium-term price structure.
Settings
- Left Bars: The number of bars required to the left of a high or low to confirm a pivot point.
- Right Bars: The number of bars required to the right of a high or low to confirm a standard pivot point.
- Quick Right Bars: The number of bars required to the right to confirm a "Quick" pivot point, resulting in faster detection of recent levels.
FAQ
How do I use the Support & Resistance levels?
These levels represent historical price extremes. Traders often look for price to bounce off these levels or for a strong "break and retest" pattern to confirm a trend continuation.
Why do some lines change color?
The lines change color dynamically: green indicates the current price is above the level, while red indicates the price is below it.
How can I access this tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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