zigzag support&resistance multi timeframe levels

The zigzag support&resistance multi timeframe levels indicator is a technical analysis tool designed to identify and project key price levels across multiple timeframes using a modified ZigZag algorithm. It allows traders to visualize confluence between local price structure and higher-timeframe resistance or support zones.

Usage

This tool can be used to identify significant market structure points such as Higher Highs (HH), Lower Lows (LL), and trend reversals. By projecting levels from multiple timeframes, traders can look for "confluence zones" where lines from different settings align, suggesting a stronger area of interest.

• Current Timeframe Levels: Displayed as dynamic lines that extend from recent ZigZag pivots. These are useful for spotting immediate intraday structure.
• Multi-Timeframe Projections: The indicator can plot levels from up to three additional timeframes (e.g., Weekly, Daily, 4-Hour) simultaneously. This helps in understanding the broader trend context without switching charts.
• Trend Identification: The underlying semafor logic helps in spotting future multi-level Support and Resistance zones based on historical pivot depth.

Details

The script is based on the ZigZag semafor concept, which identifies swing points by filtering price movements that do not exceed a certain deviation and depth. Unlike standard ZigZag indicators that only show the most recent path, this script stores and extends previous pivot levels to act as horizontal support and resistance.

The multi-timeframe functionality utilizes request.security to fetch pivot data from different resolutions. Each timeframe has its own independent Depth and Deviation settings, allowing for granular control over what constitutes a significant level on each period.

Settings

current S/R setting

• Show first: Toggles the display of the current timeframe's S/R levels.
• Depth: Determines the minimum number of bars between pivots.
• Deviation: The minimum price change required to confirm a new pivot.
• Color: The color of the current timeframe's lines.
• Extend lines: When enabled, levels extend horizontally across the chart.
• Line count: The maximum number of historical lines to display.

second/third/fourth S/R setting

• Resolution: Defines the timeframe for the specific level group (e.g., 'W' for Weekly).
• Depth/Deviation: Pivot sensitivity settings specific to this timeframe.
• Candle color: The color used for the horizontal lines and labels of this timeframe.
• Show S/R 1-4: Toggles up to four historical pivot levels from the selected timeframe.

FAQ

How do I interpret the different colored lines?

Each color corresponds to a different timeframe group defined in the settings. By default, different colors help distinguish between local price action and higher-timeframe levels like Daily or Weekly pivots.

Why do some levels disappear?

The "Line count" setting limits how many historical levels are kept on the chart. Additionally, if "Extend lines" is off, levels may stop once price significantly breaks through them or after a certain period.

How can I access zigzag support&resistance multi timeframe levels?

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