Support & Resistance - Volume Based [Splirus]

The Support & Resistance - Volume Based indicator is a sophisticated tool designed for TradingView to assist traders in identifying key support and resistance levels based on volume and price action dynamics.

I have used the concept and code of ChartPrime indicator to perform my own upgrade/Modification.

URL: https://www.tradingview.com/script/Uz2AJ0i4-Support-and-Resistance-High-Volume-Boxes-ChartPrime/

Here the main modification I have done from ChartPrime indicator:

1. Volume Strength Calculation: I have review the calculation of the Strength of the Volume to have less levels but strength ones.
   
2. Extra Levels from Custom Timeframe: I have add the possibility to add extra levels from a Custom TimeFrame to have a better overview of significant level from Higher TimeFrame. So for example you can Set the Extra Levels to Dayly TimeFrame and switch from lower TimeFrame ( 1H / 2H / 4H / ... ) and continue to have on Screen Dayly Levels in Yellow Color
   

Here’s a breakdown of its functionality:

Core Features:

1. Dynamic Support and Resistance Zones:

• Automatically detects and plots support and resistance zones using swing highs and lows.
  
• Zones are calculated based on the Average True Range (ATR) to ensure dynamic adaptability to market volatility.
  

2. Volume Integration:

• Incorporates volume data to validate the strength of support and resistance zones.
  
• Highlights zones where volume activity indicates significant market interest.
  

3. Customizable Trading Modes:

• Offers three trading styles: Scalper, Intraday, and Swing, each with adjustable parameters to suit different timeframes and strategies.
  

4. Breakout and Retest Detection:

• Identifies breakouts above resistance or below support.
  
• Tracks retests of broken levels to confirm their validity as new support or resistance.
  

5. Multi-Timeframe Analysis:

• Includes an option to display custom support and resistance levels derived from higher timeframes for enhanced perspective.
  

6. Visual Enhancements:

• Configurable colors and labels for resistance and support zones.
  
• Displays volume labels and key level annotations for clarity.
  

Settings Overview:

Trading Settings:
Adjust parameters like swing length and retest bar count to refine level detection.

Visual Settings:
Control the appearance of zones, including width, history retention, and color customization.

Alert Conditions:
Alerts for testing, breaking, and retesting support or resistance zones, ensuring traders never miss critical events.

Usage Scenarios:

• Intraday Traders: Quickly identify intraday levels to base entries and exits.
  
• Swing Traders: Utilize historical zones to plan trades around significant support and resistance areas.
  
• Scalpers: Benefit from precise, short-term level detection tailored for high-frequency trading.
  

This indicator is highly versatile, combining technical precision with visual clarity, making it an essential tool for traders aiming to optimize their decision-making in dynamic markets.