OPEN-SOURCE SCRIPT
Dynamic Support & Resistance Tracker with MTF
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Dynamic Support & Resistance Tracker with Weekly, Monthly & Daily Levels
The Dynamic Support & Resistance Tracker is designed to help traders identify key support and resistance levels across multiple timeframes, enhancing market analysis and decision-making. This indicator calculates and plots support and resistance levels for daily, weekly, and monthly periods, along with extension lines that provide insights into potential price targets.
Key Features:
Multi-Timeframe Analysis:
Daily Levels: Identifies the high, low, and midpoint for each trading day. These levels help traders recognize important price points for short-term trading strategies.
Weekly Levels: Plots the high, low, and midpoint for each week. This feature is valuable for swing traders who need to understand broader market trends.
Monthly Levels: Displays the high, low, and midpoint for each month, which is essential for long-term investors.
Extension Lines:
Calculates extension lines beyond the standard support and resistance levels to help anticipate potential price targets and reversals. These extensions are based on the distance between the high/low and midpoint levels.
Real-Time Updates:
Automatically updates the levels based on the most recent market data, ensuring traders have the most current information for their analysis.
Clear Visuals:
The indicator provides clearly labeled and color-coded lines for easy identification of key levels, improving the visual clarity of market analysis.
How It Works:
Daily, Weekly, and Monthly Levels: The indicator calculates the high, low, and midpoint levels for daily, weekly, and monthly timeframes and plots them on the chart. These levels serve as potential areas of support and resistance where price action may react.
Extension Lines: The extension lines are calculated based on the distance between the high/low and midpoint levels, projecting potential areas where price may find support or resistance beyond the standard levels.
Automatic Updates: The indicator continuously updates the plotted levels based on the latest market data, providing real-time insights.
Benefits:
Improved Market Analysis: By providing a clear view of support and resistance levels across multiple timeframes, this indicator helps traders understand market trends and price movements more effectively.
Informed Trading Decisions: The detailed plotting of levels and extensions allows traders to make more informed decisions, enhancing their trading strategies.
Versatility: Suitable for various trading styles, including intraday trading, swing trading, and long-term investing.
Instructions for Use:
Analyze the Levels: Observe the plotted high, low, and mid-levels for daily, weekly, and monthly timeframes.
Plan Your Trades: Use the identified support and resistance levels to set your entry and exit points, stop-losses, and profit targets.
Monitor the Market: Stay updated with real-time adjustments of the levels, ensuring you always have the latest market information.
Note: This indicator is designed to enhance your trading analysis by providing clear and reliable support and resistance levels. However, it should be used as part of a comprehensive trading strategy and not as the sole basis for trading decisions.
The Dynamic Support & Resistance Tracker is designed to help traders identify key support and resistance levels across multiple timeframes, enhancing market analysis and decision-making. This indicator calculates and plots support and resistance levels for daily, weekly, and monthly periods, along with extension lines that provide insights into potential price targets.
Key Features:
Multi-Timeframe Analysis:
Daily Levels: Identifies the high, low, and midpoint for each trading day. These levels help traders recognize important price points for short-term trading strategies.
Weekly Levels: Plots the high, low, and midpoint for each week. This feature is valuable for swing traders who need to understand broader market trends.
Monthly Levels: Displays the high, low, and midpoint for each month, which is essential for long-term investors.
Extension Lines:
Calculates extension lines beyond the standard support and resistance levels to help anticipate potential price targets and reversals. These extensions are based on the distance between the high/low and midpoint levels.
Real-Time Updates:
Automatically updates the levels based on the most recent market data, ensuring traders have the most current information for their analysis.
Clear Visuals:
The indicator provides clearly labeled and color-coded lines for easy identification of key levels, improving the visual clarity of market analysis.
How It Works:
Daily, Weekly, and Monthly Levels: The indicator calculates the high, low, and midpoint levels for daily, weekly, and monthly timeframes and plots them on the chart. These levels serve as potential areas of support and resistance where price action may react.
Extension Lines: The extension lines are calculated based on the distance between the high/low and midpoint levels, projecting potential areas where price may find support or resistance beyond the standard levels.
Automatic Updates: The indicator continuously updates the plotted levels based on the latest market data, providing real-time insights.
Benefits:
Improved Market Analysis: By providing a clear view of support and resistance levels across multiple timeframes, this indicator helps traders understand market trends and price movements more effectively.
Informed Trading Decisions: The detailed plotting of levels and extensions allows traders to make more informed decisions, enhancing their trading strategies.
Versatility: Suitable for various trading styles, including intraday trading, swing trading, and long-term investing.
Instructions for Use:
Analyze the Levels: Observe the plotted high, low, and mid-levels for daily, weekly, and monthly timeframes.
Plan Your Trades: Use the identified support and resistance levels to set your entry and exit points, stop-losses, and profit targets.
Monitor the Market: Stay updated with real-time adjustments of the levels, ensuring you always have the latest market information.
Note: This indicator is designed to enhance your trading analysis by providing clear and reliable support and resistance levels. However, it should be used as part of a comprehensive trading strategy and not as the sole basis for trading decisions.
Notes de version
fixed typoNotes de version
Added quarterly and yearly levels with a tick box to toggle each level off and on.Notes de version
updated pivots to plot lines correctly/Notes de version
.Notes de version
.Notes de version
Added a table to the indicator referencing the timeframesNotes de version
updated quarter high to plot as circlesNotes de version
fixed error in code regarding the timeframesNotes de version
after observing how price acts around a 2 week timeframe i decided to add it to the indicator.Notes de version
fixed biweekly lable not plottingNotes de version
.Notes de version
fixed the error plotting levels incorrectly when on that corresponding time frame.Notes de version
Added price levels to labelsNotes de version
add inputs to customize tableNotes de version
Added input to customize labels and turn background on or offNotes de version
.Notes de version
fixed label inputsNotes de version
updated table to display the next line value.Notes de version
updated title in table to comply with rules.Notes de version
updated colors for clarityNotes de version
Added Sma,vwapNotes de version
Added Alerts for notifications of changes in trend status. Notes de version
Enhanced MTF S/R and SMA VWAP Ribbon Indicator has been updated to include additional customization and new table styles for improved user experience and better visualization of trend information:New Table Styles:
Style 1: Horizontal table showing the trend direction and next support/resistance levels.
Style 2: Vertical table displaying trend direction and next support/resistance levels for each timeframe.
Style 3: Simplified horizontal table focusing on next support/resistance levels.
Style 4: Simplified vertical table displaying next support/resistance levels for each timeframe.
Style 5: Horizontal table showing the trend direction and next support/resistance levels (added as a horizontal version of style 4).
Customization Options:
Table Position: Choose the position of the table on the chart (e.g., top_left, top_center, top_right, bottom_left, bottom_center, bottom_right).
Table Colors: Customize the frame color, border color, background color, long signal color, short signal color, and font color of the table.
Table Size: Adjust the font size within the table (options: tiny, small, normal, large).
Enhanced Visuals:
Dynamic Coloring: Support for dynamic color transitions between SMA and VWAP lines.
Label Customization: Option to show/hide label background, adjust font size, and font color for better readability.
Notes de version
updated to fix inaccurate plotting of linesNotes de version
fixed bugNotes de version
added signal and alerts for breaks of pivot highs and lows which are adjustable in the setting.(# of left bars,right bars.) signal is indicted on the tables also.Notes de version
set default pivots to 4 barsNotes de version
Fixed plotting issue when in replay mode and when there was a start to a new period. All levels should display correctly now. Set default table position to bottom right so it displays in frame for users on mobile devices. Notes de version
color update to improve read-ability.Notes de version
updated calculations to work on smaller timeframes. was getting incorrect values because of the limit on the amount of bars back.Notes de version
rolled back because its still having issues with limitations on bars.Notes de version
updated to show levels if they occured in extended hours. Script open-source
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