Support and Resistance Signals MTF
Aug 25, 2023
The Support and Resistance Signals MTF [LuxAlgo] indicator is an essential tool for traders looking to understand price movements through Support and Resistance Levels. By identifying major price action movements such as Breakouts, Tests, Retests, and Rejections, this trading indicator enhances your trading strategy. Its Multi-TimeFrame (MTF) functionality adds depth by allowing analysis from higher timeframe perspectives. This enhanced version evolves from our Support-and-Resistance-Levels-with-Breaks script, further establishing it as a cornerstone for successful technical analysis.
How to Trade the Support and Resistance Signals MTF Indicator?
Support and resistance are fundamental concepts that traders use to analyze and execute trading strategies. Understanding these levels helps traders identify where a downtrend or uptrend might pause or reverse. Market dynamics of supply and demand create these levels, often forming swing highs or lows that serve as key reference points for chart patterns in financial markets.
The script identifies swing highs/lows first, leveraging them to pinpoint potential support and resistance levels. Market participants reference these levels historically to place orders, making them critical for setting buy, sell, or stop orders.
A standout feature is the visual signals it provides by tracking major price movements. These signals aid traders in making informed decisions on their trading activities.
Breakouts (non-repaint)
A breakout occurs when the price extends beyond a defined support or resistance level. While the script does not filter breakouts by volume, it offers volume data for the relevant price bar, assisting in evaluating the breakout's significance.
Retests
Retests occur when the price breaches a zone but then revisits the breached level, a critical movement for deciding trade entry or exit.
Tests
Tests are instances where the price action touches upon the support or resistance zones, helping traders judge the strength and durability of the zone.
Rejections
Rejections appear as pin bar patterns with high trading volume, often indicating a reversal or continuation of trends.
The indicator's Multi TimeFrame (MTF) capability further empowers traders to assess these levels from broader time perspectives, enriching their trading strategy.
Indicator Settings
User-defined parameters tailor the detection and visualization of zones, levels, and signals for a personalized trading experience.
Support & Resistance Settings
- Detection Timeframe: Adjusts the indicator’s resolution. Allows examination of higher timeframe detection on current chart timeframe.
- Detection Length: Sets the swing levels detection length.
- Check Previous Historical S&R Level: Enables reference to historical levels for comprehensive analysis.
Signals
- Breakouts: Toggles and customizes Breakouts' visibility, color, and size.
- Tests: Allows customization of Tests’ visuals.
- Retests: Offers customization options for Retests.
- Rejections: Provides customization settings for Rejections’ appearance.
Others
- Sentiment Profile: Adjusts display of Sentiment Profiles.
- Bullish Nodes: Customizes color for Bullish Nodes.
- Bearish Nodes: Customizes color for Bearish Nodes.
Related Scripts
For further enhancing your trading strategy, consider these related scripts:
FAQ
How do I access the Support and Resistance Signals MTF indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
What markets is the indicator suitable for? The indicator can be used across various financial markets including forex, stocks, and commodities.
Can I customize the settings? Yes, the indicator provides various customizable settings to tailor it to your specific trading needs.
Trading is risky and many will lose money in connection with trading activities. All content on this site is not intended to, and should not be, construed as financial advice. Decisions to buy, sell, hold or trade in securities, commodities and other markets involve risk and are best made based on the advice of qualified financial professionals. Past performance does not guarantee future results.
Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, including, but not limited to, lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight, and are based on historical information. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.
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