Support and Resistance Intensity Zones

24 Okt 2022

Support and resistance are often drawn using lines. This is too simple and doesn't give a clear idea of the market sentiment at these particular levels. What is strong support and resistance? What is weak support and resistance. How can either be defined by a single price point?
Using a simple, clean and configurable solution, this indicator not only shows these support and resistance levels as zones, it also gives them a colour gradient based on their intensity.
It does this by letting you choose the pivot highs and lows within a chosen range back. Then you choose one of two options to display how these multiple pivots at the same levels look. You can either group these pivots together into 'zones', where grouped pivots are all separated by a chosen price percentage, choosing how many zones to display, the most grouped pivots being the most intense colour.
Alternatively you display the pivots by 'gradient', where the closer the pivots are together in price the more intense the colour. As pivots diverge apart, the colour weakens.

Both of these options have to be seen to realise how much more there is to support and resistance than a single line.

25 Okt 2022

Nota Keluaran

Fixed some elements of the Zones option.

24 Mac 2023

Nota Keluaran

Fixed a bug in displaying the Gradient type S/R zones

2 Jul 2023

Nota Keluaran

Changed some of the default settings so the indicator is more useful when first applied.
Changed the default colours so the indicator works well on both light and dark theme charts, when first applied.
Added some more helpful tooltips.

6 Jul 2023

Nota Keluaran

Option to extended the boxes drawings into the future, on by default.
Additional tooltip warning - if there is an error, reduce the number of zones being used, there are not enough pivots for the required zones.