A dynamic support and resistance indicator that identifies key price levels using pivot points, tracking market interest zones and providing insights into potential trading opportunities.
Explore complementary indicator rolesHow it works
The Support and Resistance Indicator uses pivot points to detect significant price levels by analyzing swing highs and lows across a specified period, typically 10 bars. It dynamically manages support and resistance levels, maintaining separate arrays and limiting the maximum number of displayed levels to prevent chart overcrowding.
The system continuously monitors price interactions with established levels, tracking touch counts and classifying level strength based on how many times price approaches each level. Levels are categorized as 'New' (1 touch), 'Moderate' (2 touches), or 'Strong' (3+ touches), with visual representations including horizontal lines, varying line widths, and color-coded markers.
Why it may be useful
This indicator provides traders with a systematic approach to identifying and tracking key price levels where market participants have shown significant interest. By quantifying level strength and monitoring price interactions, traders can gain insights into potential reversal zones and market sentiment.
The support and resistance levels help traders make more informed decisions about entry and exit points, stop loss placement, and potential breakout opportunities. The dynamic nature of the indicator allows for adaptive analysis that reflects current market conditions and evolving price dynamics.
When to explore it
The Support and Resistance Indicator is most effective in markets with clear directional movements and recognizable price patterns. It works best when combined with other technical analysis tools and used across multiple timeframes to confirm signals and reduce false positives.
Traders should pay special attention to strong levels with multiple touches, as these represent more reliable potential reversal or breakout zones. The indicator is particularly useful during range-bound markets and when analyzing stocks, forex, and other financial instruments with predictable price behavior.
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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.
