Major Support and Resistance Price Levels

Mar 16

This indicator is to be used to automatically plot Major Support and Resistance Price Levels. This is not a TREND support/resistance identifier. This is strictly for auto-plotting historically important price levels.

I would suggest adjusting the support/resistance filter before adjusting the sensistivity levels as I've testing out the setting quite a bit, but as always, do what works best for your chart.

If there is an input that you would like to have me add, let me know and I'll see what I can do.

Things to Consider:
Currently this works best on the 4H through 3D chart for Identifying major price levels; however lower timeframes do still work. Because of the large swings that can be typical when coming from Afterhours trading into Market hours, timeframes under 2H can create some false positives. This is obviously not as much of an issue on crypto or forex.

I will be working on allowing lower or higher timeframes with this indicator in order to circumvent the need to jump back to other timeframes and reference them if they are under that 2h threshold.

Future Updates:
Plotting different timeframe's results on a lower or higher timeframe.

Mar 24

Release Notes

Understanding how this script works:
The Support and Resistance points are found using high volume areas of interest and narrowing that down to peaks and troughs. This give you S/R points that may not be at the exact highs and lows, but can be considered highly important levels thus my use of "Major" Support and Resistance Price Levels.

How this is different from other Support & Resistance Indicators:
Many other Support and Resistance Indicators I've seen focus on RSI or the use of other indicators that I feel miss out on the significance of high volume at these important levels. Basing the evaluation off of volume, in my opinion, makes price level acquisition a bit more accurate even if they don't necessarily seem it when looking on the chart

Caveats:
The options I've supplied such as the "Detection Smoothing/Sensitivity" and especially the "Distance Filters" can absolutely have an affect on the accuracy of the S/R Points that the script finds. While the default settings I set we're the best that I could personally find, there is most likely a better set of parameters.

When changing parameters, the distance filters are the first that I tinker with since that may allow you to see a point that is blocked by another close price level; I usually bring them down to a lower value BEFORE adjusting my "Detection Smoothing/Sensitivity" so that I'm not missing any filtered out data when evaluating a new setting.