This algorithm is an advanced support and resistance indicator designed to help you identify key levels in the market.
Its main advantage is that it allows you to view support and resistance levels from any timeframe (such as daily, weekly, or monthly) directly on the chart youโre analyzing, even if itโs on a different timeframe (e.g., 15 minutes or 1 hour). ๐โฐ
Whatโs it for? ๐ฏ
Identify key market zones:
- Detect levels where the price might stop, bounce, or break with strength. ๐โ๏ธโ๏ธ
- Helps you make more informed decisions on entries, exits, and stop-losses. ๐ก๐๐
Analyze multiple timeframes without switching charts:
- View important levels from higher timeframes (like daily or weekly) while trading on lower timeframes (like 15 minutes or 1 hour). ๐๐
- Gives you a broader market view without constantly switching charts. ๐๐
Prioritize significant levels:
- The indicator ranks support and resistance levels based on their "strength," meaning how often the price has interacted with them in the past. ๐ช๐
- This helps you focus on the most relevant and reliable levels. ๐ฏโ
How does the logic work? ๐ง โ๏ธ
Data Collection:
- The indicator takes the high and low prices from a specific timeframe (daily, weekly, etc.). ๐๐
- This data is used to search for key patterns in price behavior. ๐๐
Detection of key points (pivots):
- It identifies local highs and lowsโpoints where the price has reached a peak or valley compared to nearby prices. โฐ๏ธ๐
- These points are candidates to become support or resistance levels. ๐ฏ๐
Grouping levels:
- Nearby levels are grouped to form support or resistance zones, rather than exact lines. ๐ฆ๐ง
- This reflects the idea that support and resistance are areas, not precise points. ๐๐ฏ
Level strength calculation:
The "strength" of a level is determined by two factors:
- Frequency of touches: How many times the price has touched or come close to that level in the past. ๐๐
- Clustering of key points: How many highs or lows are near that level. ๐๐
Levels with greater strength are considered more significant. ๐ช๐ฏ
Chart visualization:
- Levels are drawn as horizontal lines or colored zones on the chart. ๐จ๐
- The color of each level depends on the current price position:
- Resistance: If the price is below the level. ๐ด
- Support: If the price is above the level. ๐ข
- Within the range: If the price is inside the levelโs range. ๐ก
How can you view different timeframes on your chart? ๐๐
Support and resistance from higher timeframes on lower timeframe charts:
- For example, if youโre analyzing a 15-minute chart, the indicator can show key levels from the daily or weekly timeframe. ๐๐
- This lets you see important higher-context levels without leaving your current chart. ๐๐
Support and resistance from lower timeframes on higher timeframe charts:
- Although less common, you can also view levels from smaller timeframes (like 1-minute or 5-minute) on higher timeframe charts (like daily or weekly). ๐๐
- This can be useful for more detailed analysis within a broader context. ๐๐
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Dynamic Market Structure
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Fibonacci Linear
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Multi-Level Candle Bias
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Auto Support and
Resistance Trend Lines
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