Support Resistance Zones using confluence & Std. Deviation
Dec 19, 2021
The Support Resistance Zones using confluence & Std. Deviation indicator identifies high-probability price levels by combining manual support and resistance inputs with 32 automated confluence levels and standard deviation filtering. It aims to visualize dense areas of technical interest to help traders filter out weak levels and focus on major price zones.
Usage
To use the tool, add it to your chart and input up to six manual support or resistance levels that you have identified through your own analysis. The script then scans for proximity to 32 different technical confluences, including Fibonacci levels, EMAs, Pivot Points, and Divergences.
If the distance (measured via standard deviation) between your manual input and the nearest confluence levels is below your specified threshold, a visual "Zone" is plotted on the chart.
- Zones: Displayed when manual levels and automated confluences align closely.
- Table: A real-time dashboard showing the minimum and maximum standard deviation across your levels. To see a zone, your "Minimum standard deviation" setting must be higher than the values shown in the table.
- Visuals: You can toggle the visibility of individual confluence lines, Fibonacci channels, and divergence labels to clean up the workspace.
Details
The script evaluates "nearest n" confluence values for every manual input level. It uses a standard deviation calculation to determine how "tight" the cluster of levels is. If the cluster is sufficiently tight (confluent), it indicates a stronger area of support or resistance.
The 32 confluence levels included in the calculation are:
- Divergences: 4 recent positive and 4 recent negative divergence levels.
- Fibonacci: 0, 0.236, 0.5, 0.618, and 0.786 levels.
- Pivots: Standard P, R1-R3, and S1-S3 levels.
- Moving Averages: EMA 20, 50, 100, and 200.
- Historical Extremes: ATH, ATL, Weekly High/Low, Previous Day High/Low, and Two-Day High/Low.
Settings
Setup
- Number of Support/Resistance: Defines how many manual price inputs you want to evaluate (1–6).
- S/R level 1-6: The manual price coordinates used as the basis for the confluence search.
Confluence Settings
- Display Zones: Toggles the background highlights for confluent areas.
- Minimum standard deviation: The threshold for zone creation; lower values require tighter confluence.
- Number of confluence to check: Sets how many automated levels (n) the script looks for around your manual input.
Levels & Divergence
- Display ATH/ATL/Weekly: Toggles the visibility of specific historical price levels.
- Divergence Type: Choose between Regular, Hidden, or both for the confluence engine.
- FIB Settings: Customizes the Fibonacci retracement or extension levels used in the calculation.
FAQ
How do I get a zone to appear on my chart?
Ensure you have entered manual price levels in the "Setup" group and that your "Minimum standard deviation" setting is higher than the deviation calculated between your price and the nearest technical indicators.
Can I see the individual indicators used for confluence?
Yes, you can enable "Display Individual confluences" in the settings to see exactly which lines (EMAs, Pivots, etc.) are contributing to the zone.
How can I access Support Resistance Zones using confluence & Std. Deviation?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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