Support and Resistance Levels and Zones

The Support and Resistance Levels and Zones indicator provides an automated framework for identifying critical price levels and dynamic liquidity areas where market momentum is likely to stall or reverse. By combining traditional pivot calculations with shaded zones, the tool offers a more flexible interpretation of market structure, acknowledging that price action often reacts within ranges rather than at precise, static price points.

Usage

The indicator can be used to identify potential reversal points, targets, and areas of interest for trade execution.

• Dynamic Zones: Use the shaded areas as "zones of interest." Price entering these zones often signals a potential exhaustion of the current move or a retest of historical liquidity.
• Pivot Levels: Standard horizontal lines (S1-S5 and R1-R5) act as traditional support and resistance. These can be used for setting stop losses or take-profit targets.
• Timeframe Flexibility: The Pivot Interval setting allows you to view levels based on Daily, Weekly, Monthly, Quarterly, or Yearly data, making it adaptable for scalpers and swing traders alike.
• Price Confirmation: Traders should look for price action patterns (like pin bars or engulfing candles) when the price interacts with the zones to confirm a high-probability entry.

Details

The script calculates levels using three primary methodologies: Classic, Traditional, and Camarilla pivots. Unlike basic pivot indicators, this version includes an "SR2" calculation mode and "FTP Levels" for enhanced market depth.

The tool utilizes an internal timezone offset to ensure the daily calculation start time matches your local trading session. By using the max_boxes_count and max_labels_count features, it maintains a clean visual history of zones across the chart while focusing on the most relevant recent price action.

Settings

General Settings

• Timezone offset: Adjusts the calculation start time in hours (GMT base).
• Pivot Calc Type: Choose between Classic, Traditional, or Camarilla calculation methods.
• Pivot Interval: Sets the anchor period for levels (Daily to Yearly).
• SR2 Levels Calc Time: Sets the specific time for the SR2 level calculation.
• Plot Zones: Toggles the shaded area representation of support and resistance.

Visibility & Styling

• Show Pivot Labels: Toggles the text descriptions next to each level.
• Adjust Labels: Sets the horizontal alignment of the labels (Left, Center, Right).
• Show Price/Interval In Labels: Toggles the inclusion of the price value and interval name in the level descriptions.
• Colors (PP, S1-S5, R1-R5): Fully customizable color palette for each specific support, resistance, and pivot point level.
• Text Label Font Size: Adjusts the scale of the on-chart text for better readability.

FAQ

What calculation methods are available for the levels? The indicator supports Classic, Traditional, and Camarilla pivot formulas, which can be selected via the "Pivot Calc Type" setting.

Can I see the price values on the chart labels? Yes, there is a setting called "Show Price Levels In Labels" that adds the specific price coordinate to every plotted line.

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