Momo Support and Resistance
May 5, 2021
The Momo Support and Resistance indicator automatically identifies and plots dynamic support and resistance levels as price action evolves, providing essential reference points for momentum-based trading strategies.
Usage
The Momo Support and Resistance tool is designed to help traders identify key price areas where momentum might pause or reverse. By using historical pivot highs and lows, the script projects horizontal levels across the chart.
Traders can use these levels to:
- Identify potential breakout or breakdown points.
- Set price targets or stop-loss orders based on recent significant swings.
- Determine market sentiment based on color coding: levels turn green when price is above them and red when price is below them.
Details
The script utilizes the ta.pivothigh() and ta.pivotlow() functions to detect market turning points. It tracks multiple levels simultaneously:
- Quick Levels: These are based on a shorter "Right Length," allowing the script to detect and display more recent, reactive swing points.
- Standard Levels: These use a longer "Right Length" to identify established historical pivot points.
- Historical Lookback: The indicator tracks several previous instances of pivot highs and lows, ensuring that older but still relevant support and resistance zones remain visible via price tracking lines.
Settings
- Left Length: The number of bars required to the left of a high or low to confirm a pivot.
- Right Length: The number of bars required to the right of a high or low to confirm a standard pivot.
- Quick Right Length: A shorter lookback for the right side of a pivot, used to detect more immediate market reactions.
FAQ
How do I use the Momo Support and Resistance indicator?
Simply add the script to your chart and observe the horizontal lines. Green lines indicate support levels below the current price, while red lines indicate resistance levels above the current price.
What do the "Quick" levels represent?
Quick levels are designed to capture the most recent market volatility. They react faster to price changes than standard levels, making them useful for short-term momentum scalping.
Where can I access this indicator?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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