Toltecas Tendencies, Supports and Resistances V2

The Toltecas Tendencies, Supports and Resistances V2 indicator provides a multi-timeframe framework for identifying key market levels and trend directions through dynamic support/resistance channels and confirmation shapes.

Usage

This tool is designed to identify potential reversal and continuation zones by plotting price boundaries derived from higher timeframes. Users can utilize the visual triangle confirmation shapes to identify buy and sell opportunities when price interacts with the established channels.

For Binary Options (1M-5M timeframes):

• Set the Large Channel Timeframe to 30.
• Set the Small Channel Timeframe to 240.
• Use the triangle indicators as confirmation for short-term reversals.

For Forex, Cryptocurrencies, and Indices (15M-4H timeframes):

• Set the Large Channel Timeframe to Daily (D).
• Set the Small Channel Timeframe to Weekly (W).
• Monitor the price action relative to the Neutral (M_HIGH/M_LOW) lines for mid-term trend bias.

Details

The script utilizes the request.security function to fetch high and low price data from user-defined timeframes, creating a "macro" view of the market structure on a "micro" chart.

• Large Channel: Calculated based on the highest high and lowest low of a specified range over a higher timeframe.
• Small Channel: Provides additional perspective using a secondary higher timeframe to establish broader boundaries.
• ZigZag Implementation: Includes optional ZigZag overlays based on Relative Moving Average (RMA) logic to help visualize market swings and trend transitions.

Settings

• Show Triangles Indicators: Toggles the visibility of the red (sell) and green (buy) confirmation triangles.
• Show Tendencies, Supports and Resistances: Controls the visibility of the primary and secondary channel lines.
• Large Channel Timeframe: Determines the timeframe used for the main red and green support/resistance levels.
• Range Length: Sets the lookback period for calculating the highest and lowest prices within the chosen timeframe.
• Small Channel Timeframe: Determines the timeframe for the secondary neutral (blue) boundary lines.
• ZigZag Length: Adjusts the sensitivity of the ZigZag calculations.
• ZigZag 1 & 2: Toggles the display of different ZigZag visualization styles (circles or lines).

FAQ

How do I access Toltecas Tendencies, Supports and Resistances V2?

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

What do the triangles signify?

The triangles represent price hitting the calculated resistance (Red, pointing down) or support (Green, pointing up) levels, acting as potential entry signals.

Can I use this on any timeframe?

Yes, the indicator is versatile, but it is recommended to adjust the Large and Small Channel Timeframe settings to be higher than your current chart timeframe to maintain the multi-timeframe perspective.