Support and resistance zones

The Support and resistance zones indicator allows traders to manually plot custom support and resistance levels as visual boxes or lines on the chart. Unlike automated indicators, this tool relies on user-defined coordinates to draw significant price action zones, providing a clear visual reference for discretionary trading strategies.

Usage

The indicator is used to highlight specific price ranges that the trader identifies as significant. To use the tool, users must input a string containing the low value, high value, zone type, and strength.

• Plotting Zones: Zones are drawn based on the "Zones" input field.
• Support vs. Resistance: Users can specify if a zone is Support (S), Resistance (R), or a Line (L). Support zones typically appear in green, while resistance zones appear in red.
• Strength Levels: Zones can be marked as "Normal" or "Strong", which adjusts the border thickness of the box to highlight more critical levels.
• Comments: Optional text can be added to each zone string to provide context or labels directly on the chart.

Details

The script operates by parsing a specifically formatted string provided in the settings. It breaks down the input into individual components (price levels, types, and styles) and renders them using TradingView's box and label primitives.

The tool is designed to be lightweight and only renders zones for the most recent trading days (customizable via settings) to keep the chart clean. It also includes built-in alert logic that triggers when the current price enters any of the defined zones, facilitating timely trade execution.

Settings

Main Settings

• Zones: The primary input string used to define the levels. The format is: low,high,type,strength,comment. Each zone must be separated by a space or a new line.
• Days back to be drawn: Determines how many days of price action the zones should be visible over.

Visuals

• Resistance-Box/Border Color: Customizes the fill and outline color for resistance zones.
• Support-Box/Border Color: Customizes the fill and outline color for support zones.
• Line-Color: Sets the color for zones defined as a simple line (where high and low are equal).
• Border-Width Normal/Strong: Adjusts the thickness of the box borders based on the strength attribute.
• Label Settings: Controls the background color, text color, and horizontal offset for the labels displayed to the right of the price action.

FAQ

How do I format the zones input? Each zone requires a string formatted as low,high,type,strength. For example: 3897.50,3906.50,R,Normal. Multiple zones are separated by spaces.

Can I add labels to my zones? Yes, you can add an optional fifth parameter to the zone string (e.g., 3891.00,3894.50,S,Strong,Key_Level) to display a custom label on the chart.

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