DB Support Resistance Levels + Smart Higher Highs and Lower Lows

How it works

The indicator creates historic base levels by plotting lines representing high, low, and close prices from previous periods. Traders can customize the lookback period and apply a multiplier to these base levels, which are displayed in light gray.

On top of these base levels, the indicator identifies and highlights higher highs and lower lows from the current price bar. It uses color-coding (pink for higher highs, yellow for lower lows) to visually distinguish the most relevant price levels, filtering out less significant zones using optional KC and price multiplier filters.

Why it may be useful

Support and resistance levels are critical for understanding market dynamics and potential price reversals. By visualizing historic price zones, traders can anticipate where price might bounce or break, improving their entry and exit strategies.

The indicator's smart filtering mechanism helps traders focus on the most relevant levels, reducing noise and providing a clearer view of potential market turning points. This visual representation can help traders make more informed decisions about potential trade setups and market sentiment.

When to explore it

This indicator works best on weekly timeframes but can be applied across multiple time periods with appropriate lookback settings. It is particularly useful during range-bound or trending markets where support and resistance levels play a crucial role.

Traders should use this tool when seeking to identify potential reversal zones, confirm trend strength, or develop strategic entry and exit points. It is most effective when combined with other technical analysis tools and when traders understand the context of the broader market trend.

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