LuxAlgo

Support and Resistance Levels with Breaks [LUX]

This script provides basic pivot point Support and Resistance Levels to the user whilst displaying Break signal tags. It also has the ability to let the user display more significant breaks by filtering using the Volume Oscillator.

Only more significant breaks of these basic levels are displayed to the user when optimized which avoids noise and messy signals.

It will also display breaks with candles it deems to be bullish (e.g. having a longer upper or lower wick).

Notation

The notation of "B" denotes a break of either a Support or Resistance level with a volume greater than the threshold.
The notation of "Bull or Bear Wick" denotes a bullish or bearish candle on the break.

Settings:

Left Bars - the number of bars left hand side of the pivot .
Right Bars - the number of bars right hand side of the pivot .
Volume Threshold - the threshold value (%) for the Volume Oscillator.

Usage & Details:
Knowing when a pivot S/R level is broken with significance can be of great help to a trader. Many times significant levels may not be broken with significant force and the move is therefore weaker and possibly not worth trading.
Release Notes: Copyright update
Release Notes: Minor Changes.
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.

Want to use this script on a chart?
Get instant access to our premium indicators: https://LuxAlgo.com

Full guides & documentation: https://docs.luxalgo.com

Join our Discord: https://discord.gg/LUX

Comments

What’s the best setting for 5min?
+68 Reply
naba_naif tsykes3
@tsykes3, if u know tell us pls
+4 Reply
Thank you very much LuxAlgo .
How I can see an alert when any Support or Resistance broken?
+8 Reply
Many thanks LUX
+6 Reply
LuxAlgo bobber70
@bobber70, Cheers!
+3 Reply
Many thanks LuxAlgo team. Great people and excellent tools.
+4 Reply
LuxAlgo RiskRewardGames
@RiskRewardGames, You are very welcome and thanks for all of your support, enjoy! ❤️
+4 Reply
knower80 LuxAlgo
@LuxAlgo, how do we get the old s/r ?
Reply
LuxAlgo knower80
@knower80, This is the old S/R from our main invite-only script with some extra features.
Reply
is that free script or for premium subscribers only?
+3 Reply