Support and Resistance (High Volume Boxes) [ChartPrime]

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Support and Resistance (High Volume Boxes)

◆ Overview:
The "Support and Resistance" indicator identifies key support and resistance levels using pivot points and volume analysis. It visually represents these levels with dynamically colored boxes, indicating the strength of the volume. This helps traders recognize potential price reversals and key zones for buy and sell opportunities.

◆ Key Features:
  • Dynamic Support and Resistance Boxes:
    The indicator plots support and resistance boxes based on pivot points and volume above threshold for positive volume boxes and below lower threshold for negative volume boxes.
    Box colors change from transparent to more intense based on volume, reflecting the strength of support or resistance.
    Boxes expands until a new box of the same type appears.

  • Volume-Based Color Coding:
    Boxes are color-coded based on the amount of volume:
    Green boxes indicate support levels with positive volume.
    Red boxes indicate resistance levels with negative volume.

  • Hold Signals:
    Green diamonds (◆) indicate when support holds, signaling potential buy opportunities.
    Red diamonds (◆) indicate when resistance holds, signaling potential sell opportunities.

  • Breakout Labels:
    If the price falls below a support level, that level will become resistance. If the price rises above a resistance level, it will often become support. As the price moves past a level of support or resistance, it is thought that supply and demand has shifted, causing the breached level to reverse its role.
    Labels "Break Sup" and "Break Res" are displayed when support or resistance levels are broken, indicating significant market movements.

    ◆ Break Resistance:

    ◆Break Support:

◆ Usage Notes:
This indicator helps traders identify strong support and resistance levels, offering visual cues for potential price reversals.
By analyzing volume at these levels, traders can gauge the strength of these zones and make more informed trading decisions.

◆ Settings:
  • Lookback Period: The number of bars to look back for pivot points.
  • Delta Volume Filter Length: The length of the volume filter for more accurate volume analysis. (Higher input, will filter low volume boxes)
  • Adjust Box Width: Adjusts the width of the support and resistance boxes.

This indicator is designed to enhance your trading by providing clear visual cues for support and resistance levels based on volume, making it easier to spot potential price reversals and key trading opportunities.
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