A custom support and resistance level plotting tool for /ES futures, allowing traders to manually input and visualize key price levels with optional major level markings.
Explore complementary indicator rolesHow it works
The script allows traders to manually input support and resistance levels for the /ES futures contract in a specific string format. Levels can be entered as single points or ranges, which will be plotted as lines or boxes on the chart respectively.
Traders can mark certain levels as 'major' by adding the keyword, which will create additional labeling. The script uses string manipulation specific to the /ES symbol to parse and render these levels, providing a visual representation of key price zones traders are monitoring.
Why it may be useful
Support and resistance levels are crucial for understanding potential price turning points and market psychology. By manually plotting these levels, traders can quickly identify key areas where price might react, pause, or reverse, which helps in making more informed trading decisions.
The ability to distinguish between standard and major levels adds an extra layer of strategic insight, allowing traders to prioritize and focus on the most significant price zones that could impact their trading strategy.
When to explore it
This tool is most effective in range-bound or trending markets where clear support and resistance levels can be identified through technical analysis or previous price action. It is particularly useful for futures traders focusing on the /ES contract who want a customizable way to track potential entry, exit, and stop-loss points.
The script is ideal for traders who prefer a hands-on approach to identifying key market levels and want a visual representation of their strategic price zones directly on their trading chart.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
