Support and Resistance Non-Repainting

The Support and Resistance Non-Repainting indicator identifies critical market levels in real-time, providing traders with reliable zones that do not change or recalculate once confirmed. This tool aims to enhance technical analysis by highlighting supply and demand areas where price action is likely to react.

Usage

The indicator can be used to identify potential entry and exit points based on price interactions with historical support and resistance zones.

• Bullish Zones: Look for price to find support within green zones. These are often used as areas to seek long opportunities or to place stop-losses.
• Bearish Zones: Look for price to meet resistance within red zones. These are typically used for short entries or profit-taking targets.
• Zone Invalidation: When the price closes through a zone (breaking above resistance or below support), the zone is invalidated and disappears from the chart, signaling a potential trend continuation or breakout.
• Alerts: Users can set alerts for the formation of new zones or the invalidation of existing ones to stay informed of market shifts without needing to monitor the screen constantly.

Details

The indicator utilizes pivot high and low detection logic based on a user-defined lookback period. Once a pivot is confirmed, the script draws a box representing the zone and a horizontal line marking the exact pivot level.

• Non-Repainting Logic: Unlike traditional fractal indicators that might shift, these zones are drawn only after the pivot is fully confirmed by the required lookback bars, ensuring the visual data remains consistent.
• Dynamic Management: The script manages up to 500 boxes and lines simultaneously. It automatically removes zones that exceed the "Max Bars Lookback" or those that are breached by price action, keeping the chart clean and relevant.

Settings

• Pivot Lookback Period: Determines the number of bars required on each side of a high or low to confirm a pivot point. Higher values result in more significant but fewer zones.
• Max Bars Lookback: Sets the maximum duration (in bars) that a zone can remain active on the chart before being automatically removed.
• Bullish Color: Sets the color for support zones and their respective pivot lines.
• Bearish Color: Sets the color for resistance zones and their respective pivot lines.

FAQ

How do I access Support and Resistance Non-Repainting?

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

Why do some zones disappear?

Zones disappear when they are "invalidated," which occurs if the price closes above a resistance zone or below a support zone. They can also expire if they exceed the Max Bars Lookback setting.

Does this indicator lag?

Since it is non-repainting, the indicator confirms a zone only after the "Pivot Lookback Period" has passed. For example, with a lookback of 70, the zone appears 70 bars after the actual high or low occurred to ensure the level is a valid pivot.