Multi-Timeframe S/R & Breakout Projection

How it works

The script collects support and resistance levels from 15-minute and 1-hour timeframes using pivot detection. It calculates the distance of these levels from the current price and sorts them accordingly.

The indicator draws horizontal rays representing the nearest support and resistance lines. It then analyzes breakouts by checking if price sustains above or below a level for a specified number of bars, distinguishing between real and false breakouts

Why it may be useful

This indicator helps traders identify key price levels across multiple timeframes, providing a comprehensive view of potential support and resistance zones.

By detecting and categorizing breakouts, it offers valuable insights into market momentum and trend strength. The additional trend and sentiment indicators help traders quickly assess the overall market direction, making it easier to make informed trading decisions

When to explore it

The indicator is most effective on lower timeframe charts like 1-minute, 5-minute, or 15-minute intervals. It works best in trending markets with clear directional movement.

Traders should use it to confirm potential entry and exit points, validate breakout strategies, and understand the broader market sentiment. It is particularly useful for day traders and swing traders looking for precise support and resistance levels

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