I would like to introduce you volume support and resistance horizontals. It draws line horizontal on high and low high volume candles that has volume above volume MA for certain period multiplied by multiplier and also the volume is increasing from previous volume . You can select lines on this timeframe and/or another one.
The colors are dynamic depending whether price is below or above the line:
for the current timeframe green is used for support and blue for resistance for the other timeframe by default 4h orange is used for support and violet for resistance
There are various sections in setting:
volume - here you can select SMA volume length and multiplier show and hide section of the current timeframe other timeframe show and hide other timeframe horizontals
I'm mainly looking smaller timeframe and trading higher timeframe from level to level
Wow great work this is probably the best support/resistance indicator I've found. Surprised this script isn't more popular.
lmatl
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@njs1987, thank you for kind words always appreciate it
MaciejM29
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I find it very handy to see the support and resistance on mtf at one. Great overview. Thank you for your effort and good job!
cosmicraga
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Why are there 2 colors, namely, Color 0 and Color 1?
albertoand
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Hi!
First of all thnx for this great indicator!!!
Is it possible to add a setting to draw levels only to the right? and don't extend it to both sides?
lmatl
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@albertoand, nope it's like that as a trade of. it's multi timeframe so you don't know the origin from where to start on different one. it's a limitation of this approach
casualphoenixtrading
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What does the purple, yellow and orange signify? critical or less critical support or resistance or both?
mnakjj796
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is it possible to add an input function to consider only 30/20/10 period back volumes.
This is very helpful!