Support and Resistance

vor 20 Stunden

Support & Resistance Zones

This indicator automatically identifies support and resistance zones by clustering confirmed pivot highs and lows into statistically valid price areas.
Instead of drawing single horizontal lines, it creates price zones whose width is dynamically controlled using ATR (Average True Range), allowing the zones to adapt to market volatility.

Core Logic

The indicator scans a user-defined number of historical bars and detects pivot highs and pivot lows using a configurable pivot strength.

Each new pivot is evaluated against previously detected zones:

A zone becomes visible only after receiving sufficient confirmation (minimum number of pivot touches).

This ensures that only structurally meaningful levels are drawn.

Zone Construction Rules

Zones are formed by grouping pivot points whose total price range remains within ATR range

Each zone expands dynamically as new pivots confirm it

Zones are drawn as rectangular areas, not lines

Zones extend to the right, remaining active until price structure changes

This approach avoids over-plotting and reduces noise commonly seen in traditional support/resistance tools.

Dynamic Zone Coloring

Zones automatically change color based on current price position:

Support Color → Price is above the zone

Resistance Color → Price is below the zone

Neutral (In-Zone) Color → Price is trading inside the zone

This makes it easy to visually assess market context without additional indicators.

Inputs Explained

Logic Settings

Bars to Apply
Number of historical bars scanned to detect pivots and construct zones.

Pivot Strength
Number of candles required on both sides of a pivot high/low for confirmation.

Min Pivot Confirmation
Minimum number of aligned pivots required before a zone is drawn.

Styling

Support, resistance, and in-zone colors

Zone fill transparency

Why This Approach

Uses price structure, not arbitrary levels

Adapts to market volatility via ATR

Filters out weak, single-touch levels

Works across all markets and timeframes

This indicator is designed to highlight areas of interest, not generate buy or sell signals.
It is best used in combination with trend, momentum, or volume-based tools.

vor 3 Stunden

Versionshinweise

Alerts

1. Support or Resistance Broken
This alert is designed for Confirmation. It triggers only when the price has successfully moved through a zone and closed on the other side.

Logic: Uses the close price. It requires the candle to finish.

Best Setting: Set the Trigger to "Once Per Bar Close".

Usage: Best for identifying trend shifts or successful breakouts where you want to avoid "fakeouts."

2. Support and Resistance Touches
This alert is designed for Immediate Action. It triggers the very moment the price enters or taps the boundary of a zone.

Logic: Uses the high and low of the current candle. It does not wait for the candle to finish.

Best Setting: Set the Trigger to "Once Per Bar" or "Once Per Minute".

Usage: Best for traders who want to enter a trade exactly when the price hits a support or resistance level.

How to Activate Them
Click the Alerts icon in the right-hand sidebar (or press Alt + A).

In the Condition dropdown, select this indicator name.

In the second dropdown (directly below the indicator name), you will see your two custom options:

Support or Resistance Broken

Support and Resistance Touches

Select the one you want, choose your trigger frequency (Once Per Bar Close is recommended for "Broken"), and click Create.