LonesomeTheBlue

Support Resistance MTF

Hello Traders,


This is Support Resistance script that uses Multi Time Frame . While getting Close/Open/High/Low values of Higher Time Frames the script does NOT use Security function, instead it calculates them.

while choosing Higher Time Frame, you can use "Auto" option so it uses predefined Higher Time Frames, or you can choose the Higher Time Frame Manually from the list. options for HTF => 15mins, 30mins, 60mins, 120mins, 180mins, 240mins, 720mins, Day, Week, 2 Weeks, Months, 3 Months, 6 Months, 12 Months.

You have option to use High/Low or Close/Open values while calculating support resistance levels.

"Period for Highest/Lowest Bars" option is used as loopback period to check if it's Highest/lowest bars. smaller numbers = more sensitive result.

You have option for transparency and coloring of support/resistance levels/zone => Red, Lime, Blue, White, Black, Olive, Gray


An example for 15 min chart, 4hours selected as HTF

You can set transparency and colors as you wish:

You can choose Close/Open prices while calculating S/R levels instead of High/Low


Enjoy!
Release Notes: "Extend Lines" option added. (user request)
Release Notes: color option changed/improved and unnecessary parts removed
transp usage in fill() function removed
Release Notes: updated

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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