Advanced Support & Resistance [Alpha Extract]

🔶 AE - Advanced Support & Resistance

A sophisticated yet user-friendly tool designed to enhance your trading analysis by accurately identifying and plotting key support and resistance levels. Built on a unique pivot-based detection algorithm, this indicator provides clear visual cues in real time, helping traders stay ahead of potential market reversals and breakouts.

🔶 Pivot-Based Detection

Leverages pivot highs and lows along with a configurable threshold to filter out overlapping levels. This method helps the script stand out from simpler support/resistance indicators by focusing on the most significant price zones.

🔶 Multi-Timeframe Analysis

Pulls higher-timeframe data to ensure that critical levels remain visible and properly scaled, regardless of your current chart view. This prevents distortion and offers a more comprehensive perspective of market structure.

🔶 Break Signal Alerts

Generates breakout or breakdown signals whenever the price crosses above or below a detected level—labeled as RB (Resistance Break) or SB (Support Break)—so traders can quickly spot shifts in momentum or trend.

🔶 Customizable Parameters

Fine-tune sensitivity and appearance—adjust pivot bar settings, lookback periods, thresholds, and the maximum number of plotted levels to match your trading style and preferences.

// === USER INPUTS ===
pivotLeft   = input.int(15, "Left Pivot Bars", minval=1)
pivotRight  = input.int(15, "Right Pivot Bars", minval=1)
lookback    = input.int(200, "Lookback Period", minval=50)
threshold   = input.float(0.2, "Price Threshold %", minval=0.1, step=0.1)
maxLevels   = input.int(10, "Maximum Levels", minval=1)

📊How It Works

🔶 Identifying Pivots

The script scans for pivot highs and lows within a user-defined range of bars (Left Pivot Bars and Right Pivot Bars). Each pivot is evaluated against a proximity threshold, ensuring that similar nearby levels are combined into a single zone rather than cluttering the chart.

// === SUPPORT & RESISTANCE DETECTION ===
ph = ta.pivothigh(high, pivotLeft, pivotRight)
pl = ta.pivotlow(low, pivotLeft, pivotRight)

🔶Automatic Updates & Removal

Levels that remain untested or break too frequently are automatically removed based on the configured lookback period, keeping your chart focused on the most relevant support/resistance zones.

🔶Fixed Scaling

Through the use of higher-timeframe anchoring, the indicator maintains consistent plot lines that won’t distort when you zoom in or out. This approach ensures you always see crucial levels clearly.

🔶Entry and Exit Points

Pinpoint potential entry and exit opportunities based on how price interacts with these zones.

🔶Risk Management

Place stop-loss and take-profit orders around these levels to manage trade risk more effectively.

🔶Trend Confirmation

Observe how price respects or breaks levels to confirm ongoing trends or detect early signs of reversal.

🔶Sensitivity Adjustment

Control pivot bar width (pivotLeft and pivotRight) and the proximity threshold to focus on major or minor price zones.

🔶Visualization Options

Adjust line colors, styles, and thickness to align with your charting preferences.

🔶Maximum Levels

Limit the number of displayed levels to keep your chart clean and free of unnecessary clutter.