S/R Zones (Daily and Weekly) from 1H Candles

6 Nis

S/R Zones (Daily and Weekly) from 1H Candles



🧠 Core Concept: Higher Timeframe Accuracy via Lower Timeframe Data

This indicator delivers high-precision daily and weekly support & resistance (S/R) zones by extracting price-weighted volume data from the 1H timeframe, taking these data into account: approximate POCs, volume spikes, price pivots, etc. Unlike traditional indicators based on current or higher timeframes, this method provides more accurate and responsive levels, ideal for traders focusing on retests, breakouts, and structure-based entries.
⚠ Important: Due to Pine Script limitations, this indicator must be applied on a 1H chart, even though it is intended for daily and weekly trading setups.



🚨 Usage Restrictions

✅ Apply this indicator ONLY on a 1H chart — use the zones for trading decisions on the daily or weekly timeframe.
❌ Do not apply directly on daily or weekly charts — it will not function correctly under current TradingView limitations.



🛠 How to Use It

Input trading hours per day and trading days per week in the indicator settings according to the asset being analysed.
Use the 1H chart for application, but base your trades on the daily or weekly S/R zones it reveals.

Best suited for crypto and tech stocks. May work for commodities and FX, but might require parameter adjustments for optimal performance.



🔍 Support & Resistance Categorisation

Zones are determined by analysing price-weighted volume behaviour on the 1H timeframe, with a 3-day or 3-week confirmation period required before a zone is plotted.

📦 Zone Colors & Labels
• Blue – Daily Support
• Orange – Daily Resistance
• Green – Weekly Support
• Red – Weekly Resistance
• Aqua – 4H Support
• Fuchsia – 4H Resistance

4H Zones are designed to help fine-tune entries/exits when daily or weekly zones are too wide. They are less reliable due to signal strength limitations and should be treated as secondary reference levels. Only the latest 4H zones are shown for clarity.



🔄 Dynamic Features

✅ Automatic Zone Adjustment

When a daily or weekly zone breaks (as detected via the 4H chart), the indicator automatically shifts to the next relevant historical zone just above or below the most recent 1H candle. This reduces guesswork and simplifies post-breakout analysis. You can customise the appearance of adjusted zones in the indicator settings.

✅ Expanded Zone History

Supports up to 100 historical daily and weekly zones, offering a broader view of market structure and context. This setting is adjustable in the indicator menu.

📊 Example in Action

ETH just broke a major weekly support and multiple daily supports — a clearly bearish signal. But where’s the next key level?

The indicator instantly reveals the next major support range (e.g., 1540–1650), helping you decide whether to:
• 📉 Take profits on short positions
• 📈 Re-enter long positions if signs of reversal appear



🧩 Final Thoughts

This tool is more than an S/R indicator — it acts as a signal generator for both long and short trades. It will soon be integrated into a comprehensive trading system, including a risk management module.

📢 Stay tuned for updates – and happy trading! 🚀

19 Nis

Sürüm Notları

Here’s a polished and more professional version of your update description, preserving all the technical details while improving clarity, flow, and tone:

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🔔 Latest Update – Smarter Zone Handling Logic

⚠ Important: Please remove and re-add the indicator to ensure the latest version is applied correctly.

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🆕 What’s New: Refined Logic for “Latest” Zones

We’ve overhauled how the indicator determines and displays the most recent support/resistance zones to resolve a key issue in range-bound markets.

📉 Problem (Before):

Previously, a zone remained active (extended to the right) until a new zone of the same type and timeframe was confirmed. However, in many sideways or ranging conditions, this could lead to overlapping zones—particularly where a newly formed 1D support nearly overlaps an existing 1D resistance.

This often caused confusion, especially when such overlaps should indicate a potential zone flip (e.g., resistance turning into support). Yet, the old logic would continue to show both zones as active and valid, despite the overlap suggesting otherwise.

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✅ Solution (Now):

In the updated version:
When a new 1D support overlaps with the existing latest 1D resistance, the old resistance zone will no longer extend to the right.
The indicator will automatically search for the next most recent 1D resistance that is entirely above the new support zone to reassign as the “latest.”
This ensures that latest zones on the same timeframe will never overlap, resulting in cleaner, more logical visual presentation and more reliable trading signals.

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📈 Why This Matters:

This improvement:
Enhances clarity by avoiding ambiguous overlapping zones
Reflects logical zone flipping behaviour (resistance → support and vice versa)
Helps define clearer trading ranges between support and resistance levels
Improves elegance and readability on your chart

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📌 Final Tip:

If you notice a new support or resistance appearing close to an existing one, trust that the indicator will now resolve and reassign zones dynamically to better reflect price structure.

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As always, your feedback is invaluable — feel free to share thoughts or suggestions as we continue refining this tool. Happy trading! 🚀

21 Nis

Sürüm Notları

Minor bug fix patch