Support Resistance Interactive

The Support Resistance Interactive indicator allows users to manually define key price levels on a chart to generate dynamic support and resistance zones. This tool enables a hands-on approach to technical analysis by transforming user-selected price points into visual zones with adjustable sensitivity and real-time alert capabilities.

Usage

The Usage section describes how the script can be used to visualize key market areas. To initialize the tool, add it to your chart; the script will prompt you to select specific price levels by clicking directly on the chart interface. You can set up to five distinct levels. If you only require a smaller number of zones (e.g., three), you can click any arbitrary points for the remaining prompts and then adjust the "Number of Support/Resistance" setting to display only the desired amount.

The indicator interprets these selected points as the center of a Support/Resistance zone. The height of these zones is determined by the "Threshold" setting, which calculates a percentage based on the price range of the last 300 bars. Users can interactively move these levels up or down using the mouse to refine their analysis as price action evolves.

Color coding is used to provide immediate sentiment context:

• Support: Zones below the current price typically display a green color.
• Resistance: Zones above the current price typically display a red color.
• Neutral: Zones where the price is currently trading within the boundaries are highlighted in a neutral blue/gray.

Details

The script calculates the zone width by taking the distance between the highest high and lowest low of the most recent 300 bars. This distance is then multiplied by the user-defined threshold percentage to create upper and lower boundaries for each manual level.

Because the tool is interactive and relies on input.price coordinates, the levels are specific to the symbol they were created on. Labels can be enabled to show the specific price values for the upper and lower bands of each zone, alongside their numerical order.

Settings

Setup

• Number of Support/Resistance: Determines how many of the manually selected levels are active and visible on the chart (1 to 5).
• % Threshold: Sets the thickness of the zones. It represents a percentage of the High-Low range over the last 300 bars.
• S/R level 1-5: Price inputs captured via chart clicks or manual entry that serve as the anchor for each zone.

Colors

• Support/Resistance: Customizes the colors for zones acting as support, resistance, or neutral areas.
• Label: Toggles the visibility of information labels.
• Location +-: Adjusts the horizontal offset of labels relative to the current bar.

Alerts

• SR Broken Alert: Enables notifications when price crosses the boundary of a defined zone.
• Price in SR Zone Alert: Triggers when the market enters the specified range of a zone.
• Frequency: Allows users to choose between "Once Per Bar" or "Once Per Bar Close" for alert notifications.

FAQ

How do I adjust the levels after they are set? You can click and drag the interactive points on your chart or modify the price values directly within the indicator settings menu.

Can I use this on multiple symbols simultaneously? The interactive coordinates are specific to the symbol on which they were placed. It is recommended to re-set the levels when switching between different tickers.

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