Pivot Support & Resistance multi timeframe

The Pivot Support & Resistance multi timeframe indicator provides a comprehensive visualization of key price levels across multiple timeframes by identifying high and low pivot points. This tool allows traders to track significant market structure levels from higher timeframes on a lower timeframe chart, facilitating a "top-down" analysis approach for level-to-level trading.

Usage

The indicator can be used to identify key support and resistance zones that are likely to influence price action. By displaying levels from the current timeframe alongside two additional user-defined timeframes (e.g., 1-hour and 4-hour levels on a 15-minute chart), traders can pinpoint high-confluence areas.

The colors of the horizontal lines are dynamic:

• Support: Lines appear green (or the designated support color) when the current price is above the level.
• Resistance: Lines appear red/blue (or the designated resistance color) when the current price is below the level.

Traders typically look for "quick" pivots for short-term reactions and "major" pivots for more significant trend reversals or breakout points.

Details

The script utilizes the ta.pivothigh() and ta.pivotlow() functions to detect market turning points based on a specified number of bars to the left and right of a candle. High-timeframe data is fetched using the request.security() function, ensuring that the levels remain accurate regardless of the chart's current resolution. The indicator tracks the "nth" previous pivot occurrence, allowing users to see not just the most recent level, but several historical structural points that may still be relevant as horizontal support or resistance.

Settings

Pivot Settings

• Left Pivot Length: The number of bars required to the left of a high/low to qualify as a pivot.
• Right Pivot Length: The number of bars required to the right to confirm a major pivot.
• Quick Right Pivot Length: A shorter lookback for the right side to identify more recent, sensitive pivot levels.

Current Timeframe Hide/Show

• Enable Current TF Levels: Toggles all levels calculated from the chart's active timeframe.
• Show Most Recent Quick Pivots: Displays levels based on the Quick Right Pivot Length.
• Show Major Pivots (1st-4th): Individual toggles to show the most recent major pivot, the second most recent, and so on.

External Timeframe Settings

• Enable First/Second TF Levels: Toggles levels from external timeframes.
• First/Second Timeframe: Selects the specific timeframe (e.g., 60, 240, Daily) for the level calculation.
• Show Major Volume Levels: Toggles specific historical pivot occurrences for the chosen timeframe.

FAQ

How do I access Pivot Support & Resistance multi timeframe?

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

Can I change the sensitivity of the support and resistance lines?

Yes, by adjusting the "Left Pivot Length" and "Right Pivot Length" in the Pivot Settings, you can make the indicator more or less sensitive to price fluctuations.

Why do the colors of the lines change?

The colors are dynamic to reflect the current market state; if price breaks above a resistance line, it flips to the support color to indicate a potential "role reversal" level.