Support & Resistance Levels

kelmarin

//version=6
// Copyright (C) 2024 [ramumaurya]. All Rights Reserved.
// Unauthorized copying, sharing, or distribution of this code is prohibited.
// This script is licensed for personal use only. Redistribution, modification, or resale is prohibited without explicit permission.


Title: Support & Resistance Levels

Description:✨
This script automatically identifies and plots key support and resistance levels on the chart, providing traders with a clear view of critical price levels for decision-making. It combines precision with simplicity to help users easily identify areas of potential price reversals or consolidations.

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What the Script Does:

1. 📈 Automatically detects and plots significant support and resistance levels based on historical price highs and lows.
2. 🔄 Updates these levels dynamically as new market data becomes available, ensuring they remain relevant.
3. 📍 Highlights critical price zones where reversals or consolidations are likely to occur.
4. ⏳ Simplifies technical analysis by automating the identification of key levels, saving users time.
5. 🧹 Filters out insignificant price fluctuations, focusing on meaningful support and resistance zones.
6. 🎨 Displays levels with clear, color-coded visualizations for ease of interpretation.
7. ✔️ Ensures accuracy by confirming levels based on completed price movements, avoiding false signals.
8. ⏱️ Provides multi-timeframe support, making it suitable for both short-term and long-term trading strategies.
9. 🛠️ Integrates seamlessly with other TradingView indicators, enhancing analytical capabilities.
10. 🚀 Eliminates the need for manual adjustments, as parameters are pre-configured for optimal performance.

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How It Works:

1. The script employs low detection to find significant price levels:

- 🟣Resistance levels are identified using recent highs.
- 🔵Support levels are determined using recent lows.
2. 📊 Utilizes left and right inputs to define the range of bars analyzed for high and low detection.
3. 🔒 Ensures that levels are based on confirmed price action, avoiding repainting and providing reliable insights.
4. 🔁 Dynamically extends plotted levels as new candles form, maintaining relevance throughout changing market conditions.
5. ⏳ Supports multiple timeframes, making it useful for day traders, swing traders, and long-term investors.
6. 🛡️ Focuses on significant levels by filtering out minor price fluctuations.
7. 🖌️ Ensures visual clarity with bold, color-coded lines for support and resistance.
8. 🤝 Adapts seamlessly with other indicators, creating a holistic trading toolkit.
9. 📌 Automatically highlights critical price zones, saving users time in manual analysis.
10. 🤓 Provides a straightforward approach for both novice and experienced traders.

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How to Use It:

1. 🖥️ Apply the script to your chart to automatically display key support and resistance levels.
2. Analyze Resistance Levels:
- 🟣 Observe magenta lines for zones where the price tends to face resistance.
- 📉 Use these levels to identify potential sell zones or tighten stop-losses.
3. Analyze Support Levels:
- 🔵 Observe blue lines for zones where the price tends to bounce back.
- 📈 Use these levels to identify potential buy zones or set stop-loss orders below them.
4. 🔗 Integrate the script with other technical indicators for enhanced analysis and strategy development.

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What Makes It Original:

1. 🤖Automation:
- Simplifies the traditionally manual process of identifying support and resistance levels.
2. 🔄Real-Time Relevance:
- Levels are dynamically updated, ensuring users have the most current data.
3. 🛡️No Repainting:
- Levels are confirmed based on actual price movements, providing trustworthy signals.
4. 🎨Clear Visualization:
- Distinct color coding and bold lines enhance usability.
5. 🕒Multi-Timeframe Compatibility:
- Works across various chart timeframes, catering to different trading styles.
6. 📏Accurate Filtering:
- Focuses on meaningful price levels, reducing noise, and improving precision.
7. 🤝Integrated Workflow:
- Designed to complement other TradingView tools and indicators for comprehensive analysis.
8. 🎛️User-Friendly Interface:
- Intuitive setup and controls, suitable for both beginners and advanced traders.
9. 🛑Risk Management Assistance:
- Highlights logical zones for setting stop-loss and take-profit levels.
10. 🚀Efficiency:
- Saves traders time by automating a critical aspect of technical analysis.

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Limitations Disclaimer:

1. ⚠️ This script is intended as a tool for technical analysis and does not guarantee profitable trades.
2. 🔄 Levels plotted are based on historical price data and may not predict future price movements.
3. 🌐 Performance may vary depending on market conditions and individual trading strategies.
4. 🚫 The script is not designed to replace thorough market analysis or risk management practices.
5. 🛠️ Users should test and validate the script on a demo account before applying it to live trading.
6. 🔀 Support and resistance levels may behave differently across various asset classes and timeframes.
7. 📉 The effectiveness of the script may decrease during highly volatile or illiquid market conditions.
8. 🧩 This tool should be used as part of a broader trading strategy and not in isolation.
9. 🔙 Past performance of support and resistance levels is not indicative of future results.
10. ❌ The script does not offer customizable parameters; its settings are fixed for optimal performance.

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Risk Disclaimer:

Trading financial markets involve a high level of risk and may not be suitable for all investors. Before using this script, consider the following:

1. ⚠️ The use of this script does not eliminate the risk of financial loss.
2. 📊 Always perform your analysis and consider your risk tolerance before making trading decisions.
3. 💰 Do not trade with money you cannot afford to lose.
4. 🔙 Past performance is not a guarantee of future results.
5. 📈 Leverage can amplify both gains and losses; use it cautiously.
6. 🧠 Seek advice from a qualified financial advisor if you are unsure about your trading strategies or decisions.
7. 🛠️ The script is a tool to aid trading but should not be relied upon solely for decision-making.
8. 🌐 Market conditions can change rapidly, leading to unexpected price movements.
9. 🖋️ By using this script, you agree that the author is not responsible for any losses incurred.
10. 🧮 Always adhere to sound money management and risk management practices.