Support & Resistance PRO

The Support & Resistance PRO indicator automatically charts significant support and resistance zones based on two user-defined timeframes, allowing traders to visualize multi-timeframe liquidity areas directly on their chart.

Usage

The Usage section describes how the script can be used to identify key market levels for various trading styles, such as scalping or swing trading. By utilizing two distinct timeframes, traders can see where short-term price action intersects with long-term structural levels.

• Identifying Zones: The indicator creates "liquid zones" between the highest/lowest closures and the highest/lowest wicks within the lookback period.
• Multi-Timeframe Analysis: Users can set a "Medium Time Frame" (e.g., Daily) and a "Macro Time Frame" (e.g., Weekly) to see how current price action reacts to broader market targets.
• Breakout & Reversal Monitoring: Traders can watch these zones for potential price rejections or breakouts, supported by built-in alerts for price crosses.

Details

The script functions by calculating the highest high, lowest low, highest close, and lowest close over a specific lookback period (defaulting to 30 bars) using the request.security function.

The construction of each zone is based on the distance between the extreme price point (wick) and the extreme closing price. This creates a shaded area that represents a more realistic zone of interest compared to a single line, as it accounts for price volatility and "fake-outs" beyond the candle bodies. The lines are extended across the chart to provide a clear horizontal reference for future price action.

Settings

• Look Back Period: Defines the number of bars on the target timeframes used to find the highest and lowest price points.
• Medium Time Frame: Sets the timeframe for the first set of support and resistance zones (e.g., 'D' for Daily).
• Macro Time Frame: Sets the timeframe for the second set of support and resistance zones (e.g., 'W' for Weekly).
• Show Medium Target: Toggles the visibility of the Medium Time Frame zones.
• Show Macro Target: Toggles the visibility of the Macro Time Frame zones.

FAQ

How do I access Support & Resistance PRO?

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

What is the difference between the solid and shaded lines?

The solid lines represent the highest/lowest closing prices, while the shaded area extends to the highest/lowest wicks, forming a comprehensive liquidity zone.

Can I use this for intraday trading?

Yes, you can adjust the Look Back Period and Time Frame settings to suit lower timeframes for scalping or day trading strategies.