S/R with Multi-Indicator Consensus

This script identifies key support and resistance levels by analyzing consensus across multiple technical indicators. Here's how it works:
Core Concept

The script monitors 14 different technical indicators simultaneously, looking for areas where most indicators agree on potential reversal points. When a strong consensus emerges (over 60% agreement by default), it marks these price levels as significant support or resistance zones.
Indicator Analysis

The script uses an advanced "harmonic convergence" technique that examines:

Momentum indicators (RSI, Stochastic, Williams %R)

Volume-based indicators (OBV, MFI)

Trend indicators (MACD, WaveTrend)

Volatility measures (ATR, Bollinger Bands)

Special proprietary oscillators (RVI, Ultimate Oscillator)

Each indicator is normalized to a 0-100 scale for consistent comparison. The script then applies a "quantum weighting" algorithm that gives more importance to indicators showing extreme readings.


Support/Resistance Identification

When multiple indicators simultaneously reach overbought or oversold conditions near the same price level, the script:

Records these "harmonic convergence points"

Applies volume-based weighting (heavier volume = stronger level)

Uses time decay to fade older, less relevant levels

Groups nearby levels using a proprietary "price magnetism" algorithm

Visual Features

Colored Lines: Red for resistance, green for support

Line Styles: Solid (strong), dashed (medium), dotted (weak)

Dynamic Width: Thicker lines indicate stronger consensus

Info Labels: Show price, strength percentage, and touch count

Info Table: Displays key statistics in the corner


In this script, "Consensus Type" refers to whether the majority of indicators are signaling a potential support (oversold) or resistance (overbought) level.
How It Works:

The script checks multiple normalized indicators (RSI, Stochastic, MACD, OBV, etc.) to see if they are in overbought (OB) or oversold (OS) zones.

It calculates a consensus score (0% to 100%) based on how many indicators agree:

Type = 1 → Most indicators are in overbought (resistance likely).

Type = -1 → Most indicators are in oversold (support likely).

Type = 0 → No clear consensus (neutral).

The strength of the signal depends on the consensus score (higher = stronger level).

Example:

If RSI, Stochastic, and MACD are all in overbought territory (above ob_threshold), the script detects a Type 1 (Resistance).

If Williams %R, CCI, and OBV are oversold (below os_threshold), it detects a Type -1 (Support).

Why It Matters:

Helps traders identify high-probability reversal zones.

Filters out weak levels where indicators don’t agree.

Works alongside volume weighting & time decay to prioritize the strongest S/R levels.

The Info Table in the top-right corner shows the current Consensus Type (1, -1, or 0) and its strength (e.g., 75% means 75% of indicators agree on resistance/support).