Support & Resistance AI LevelScope

The Support & Resistance AI LevelScope indicator automatically detects and highlights key historical price boundaries to provide traders with real-time support and resistance levels.

Usage

The Usage section focuses on identifying high-probability reversal or breakout zones. Traders can use the displayed lines to gauge where price action is likely to stall or accelerate.

• Identifying Strength: The indicator distinguishes between "Strong" and "Weak" levels based on the number of times price has interacted with a specific price point. Strong levels are visually emphasized to indicate higher significance.
• Timeframe Filtering: By using the Timeframe setting, users can project levels from higher timeframes onto their current chart, allowing for multi-timeframe analysis of structural importance.
• Sensitivity Adjustments: Lower sensitivity values result in more frequent, minor levels suitable for scalping, while higher sensitivity values filter for major structural pivots ideal for swing trading.

Details

The script utilizes a pivot-based detection algorithm combined with a "matching tolerance" system. When a new pivot high or low is detected, the script checks if it falls within a certain percentage (defined by the Tolerance Multiplier) of an existing level. If it does, the interaction count (touches) for that level increases. This logic simulates how human traders identify zones of interest where price repeatedly reacts. The tool maintains a dynamic array of the most relevant recent levels, extending them to the right of the chart for real-time decision-making.

Settings

General

• Timeframe: Determines the timeframe used for calculating pivots.
• Sensitivity (1-10): Sets the pivot lookback/lookahead period; higher values detect more significant structural levels.
• Touches to be Strong Level: The minimum number of price interactions required to classify a level as "Strong."
• Display Weak Levels: Toggles the visibility of levels that have not yet reached the strong touch threshold.

Visuals

• Strong Level Color/Width: Customizes the appearance of confirmed high-significance levels.
• Weak Level Color/Width: Customizes the appearance of developing or minor levels.
• Level Matching Tolerance (%): Defines the price range within which different pivots are considered part of the same level.

Alerts

• Enable Alerts: Toggles the proximity alert logic.
• Alert Distance (%): Specifies how close price must be to a strong level to trigger a "Near Level" alert.

FAQ

How do I access Support & Resistance AI LevelScope?

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 Strong and Weak levels?

Strong levels have been touched by price a number of times equal to or greater than the "Touches to be Strong Level" setting, whereas Weak levels are newer or less tested zones.

Can I use this for intraday trading?

Yes, by adjusting the "Sensitivity" and "Timeframe" inputs, you can tailor the level detection to suit fast-paced intraday movements or long-term structural shifts.