For long time I have been getting a lot of requests for Support/Resistance Multi Time Frame script. Here 'Support Resistance Channels/Zones Multi Time Frame' is in your service.
This script works if the Higher Time Frame you set is higher than the chart time frame. so the time frame in the options should be higher than the chart time frame.
The script checks total bars and highest/lowest in visible part of the chart and shows all S/R zones that fits according the highest/lowest in visible part. you can see screenshots below if it didn't make sense or if you didn't understand
Let see the options:
Higher Time Frame: the time frame that will be used to get Support/Resistance zones, should be higher than chart time frame
Pivot Period: is the number to find the Pivot Points on Higher time frame, these pivot points are used while calculating the S/R zones
Loopback Period: is the number of total bars on higher time frame which is used while finding pivot points
Maximum Channel Width %: is the percent for maximum width for each channel
Minimum Strength: each zone should contain at least a 1 or more pivot points, you set it here. (Open/High/Low/Close also are considered while calculating the strength)
Maximum Number of S/R: the number of maximum Support/Resistance zones. there can be less S/Rs than this number if it can not find enough S/Rs
Show S/R that fits the Chart: because of we use higher time frame, you should enable this option then the script shows only S/Rs that fits the current chart. if you disable this option, all S/R zones are shown and it may shrink the chart. also you may not see any S/R zone if you don't choose the higher time frame wisely ;)
Show S/R channels in a table: if you enable this option (by default it's enabled) then lower/upper bands of all S/R zones shown in a table (even if it doesn't fit the chart). you can change its location. zones are sorted according to their strengths. first one is the strongest.
and the other options is about colors and transparency.
Screenshots before and after zoom-out:
after zoom-out number of visible bars and highest/lowest change and it shows more S/R zones that fits the current chart!
if you see Support Resistance zone like below then you should decrease 'Maximum Channel Width' or you should set higher time frame better:
You can change colors and transparency:
You can change Table location:
Alerts added :)
P.S. I haven't tested it so much, if you see any issue please drop a comment or send me message
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