Intraday Auto Support/Resistance Levels

Intraday Auto Support / Resistance Levels
Welcome to a powerful, automated tool designed for intraday traders. This indicator dynamically identifies and plots key Support and Resistance (S/R) levels directly onto your chart at the start of each new trading session. By leveraging historical pivot points, it eliminates the guesswork and manual drawing, providing you with clear, actionable price levels to enhance your trading strategy. Focus on your execution while the indicator handles the analysis.
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How It Works
The indicator operates through a sophisticated, multi-step process:
Pivot Identification: Using Tradingview’s built- in ta.pivothigh() and ta.pivotlow() functions, the script scans a user-defined number of bars back (the "Swing Level") to identify significant price swing highs and lows.

Data Collection: All identified pivot points are collected into a central array, creating a pool of potential S/R levels.

Session Start: At the opening of each new trading day (determined by the daily timestamp), the indicator processes this pool of prices.

Filtering & Sorting: The pivot points are split into two groups: those above the day's open price (potential Resistance) and those below (potential Support). A smart filtering algorithm then selects the most relevant levels based on your "Min Distance" setting, ensuring levels are not too close to each other and are statistically significant.

Dynamic Plotting: The strongest Support (S1, S2, S3...) and Resistance (R1, R2, R3...) levels are drawn as dotted lines extending throughout the trading session.

Adaptive Management: The script intelligently manages the lines. If price convincingly breaks through a key level (e.g., breaking above R1), the indicator may plot the next higher level (R2, R3) while removing a less relevant level on the opposite side of the market, keeping the chart clean and focused on the most pertinent zones.
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Key Features & Benefits

• Saves Time: Get professional-level analysis instantly, eliminating the need for manual
line drawing.
• Removes Emotion: All levels are determined objectively by the algorithm, not by
subjective trader bias.
• Enhances Strategy: Provides clear visual cues for potential entry, exit, stop-loss, and
take-profit points.
• Fully Customizable: Tailor the indicator's behavior to match your specific trading style and
instrument volatility.
• Clean Visuals: Plots clear, labeled lines with customizable colors and width for an
uncluttered chart.
• Data Window Output: Displays the exact price value for each level in the Data Window,
enabling precise planning and alert setting.
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Input Settings: Fine-Tune Your Levels
The indicator offers a comprehensive set of options for fine-tuning its behavior.
• Adjust Distance Between Lines (%): Controls the minimum percentage distance required
between consecutive S/R levels. A lower value plots more lines, while a higher value plots
fewer, more significant levels.
• Adjust Swing Level: This is the core sensitivity setting. A lower value finds more frequent,
minor pivots, while a higher value identifies major, more significant swings.
• Set Line Width: Adjust the visual thickness of the Support/Resistance lines.
• Show Label Side: Choose to place the level labels (e.g., "R1", "S2") on the "Left" or "Right"
side of the chart.
• Set Up Line Color: Customize the color for all Resistance (R) lines.
• Set Down Line Color: Customize the color for all Support (S) lines.
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Limitations
• Repainting: While historical levels are fixed, the most recent pivots can change until a
new swing point is confirmed. This can cause the most recent plotted level to "repaint"
slightly.
• Timeframe Dependency: This indicator is optimized for intraday timeframes. Using it on
timeframes longer than 1D may not yield the intended results as the daily session break
logic is a core part of its function.
• No Predictive Power: The algorithm is based on past price action. It does not account for
future fundamentals, news events, or market-moving announcements.