What is Support and Resistance?
Support and Resistance is an indicator that automatically identifies key support and resistance levels for any symbol and timeframe, including higher ones. It significantly reduces manual analysis time and offers various alerts to notify you of potential reversals, continuations, and bounces off these levels.
Key Advantages of Support and Resistance
Automatic Level Identification
Dynamic Trend Creation
Automatic Fibonacci
Customizable Alerts
How Support and Resistance Works
Support and Resistance automatically identifies key support and resistance levels, eliminating the need for manual analysis. The indicator generates real-time levels with detailed data, providing a clear view of areas of interest in the market.
The indicator continuously analyzes market data to identify new support and resistance levels, automatically creating levels with price, creation date, and liquidity levels.
Displays historical support and resistance levels to provide a comprehensive view of the market.
The detected signals can be integrated into tools such as TradeLab’s “Strategy Builder” and “Strategy Tester”, to create customized strategies based on support and resistance levels.
Details and Settings of Support and Resistance
Support and Resistance offers a range of customizable settings to tailor the indicator to each trader’s needs and optimize their strategies.
Level Customization
Adjust the length, timeframe, and type of levels shown on the chart. Display only active levels, include broken ones, or select levels from higher timeframes for added precision. You can even add a second level for more comprehensive analysis.
Level Style and Colors
Personalize the colors and line styles for each level type, enhancing visual clarity and intuitive interpretation.
Fibonacci Levels
Incorporate Fibonacci levels based on the last two identified support and resistance points. Customize these levels and their colors to integrate perfectly with your analysis approach.
Custom Alerts
Configure alerts for breakouts, bounces, or new level formations. This feature keeps you informed of market dynamics without requiring constant chart monitoring.
How to Use Support and Resistance
Support and Resistance offers features that help traders understand and make the best use of critical market levels.
Consider all levels displayed on the chart as magnetic points for the price, as they represent critical areas where the market tends to react.
The signals provided by the indicator should be used to interpret market movements. For example, the breakout of a level could indicate a potential trend reversal or a continuation of the existing trend, while bounces may suggest the holding of a level or a warning of a possible breakout.
Use the trend of support and resistance levels, along with breakouts and bounces, as fundamental conditions to develop and refine your personalized strategies. These conditions can improve the accuracy of your operational decisions.
FAQ Specific to Support and Resistance
Yes, the indicator works on any timeframe equal to or greater than that of the chart. However, levels identified on higher timeframes tend to be stronger and more relevant.
Absolutely. You can add a second timeframe to view support and resistance levels. It’s advisable to use a higher timeframe to confirm important levels.
Alerts are available, but the number you can set depends on your TradingView subscription plan. The indicator occupies one slot for all alerts, without needing to create one for each type.
Yes, it’s suitable for day trading. It also works for swing trading or scalping. The indicator’s versatility makes it useful for various trading styles.
The indicator automates the identification of levels, breakouts, and bounces, allowing you to create your own strategy based on these signals. However, human interpretation remains important to consider market context and other variables.
Start Using Support and Resistance Today
Explore how Support and Resistance streamlines your market analysis, saving valuable time and offering clear signals for swifter, more accurate trading decisions.