Support & Resistance

Automated Level Detection

Drawing Support and Resistance (S/R) lines can be subjective and tedious. This tool automates the process by scanning historical price action to find "clusters" where price has reacted multiple times.

It doesn't just draw lines; it identifies High-Probability Zones where liquidity and orders are stacked.

How It Works

1. Scan: The script looks back over a defined period (Loopback) to find every Pivot High and Pivot Low.

2. Cluster: It analyzes where these pivots stack up at the same price level.

3. Qualify: Only levels with a high density of touches are kept. Weak, random levels are filtered out.

4. Visualize: The strongest levels are drawn as horizontal zones extending to the right.

Customization

1. Loopback Period

• Short: Finds S/R levels based on recent price action (good for scalping).

• Long: Finds major historical S/R levels that have been respected for a long time (good for swing trading).

2. Zone Attributes

• Channel Width: Controls the vertical thickness of the S/R zone.

  • Tip: Increase this slightly for volatile assets (like Crypto) to catch wicks.

• Strength Threshold: The filter for quality.

  • Higher Value: Shows fewer zones, but they are very significant.

  • Lower Value: Shows more zones, capturing minor supports.

3. Visuals

• Colors: Resistance is Red, Support is Blue/Green (customizable).

• Mean Line: Draws a thin line through the center of the zone for precision entries.

• Labels: Displays the exact price level on the chart scale so you can set your alerts or limit orders easily.