A Non-Repainting Indicator for the Nearest Confirmed Support and Resistance

Summary

The indicator tracks one active support level and one active resistance level near the current price. It identifies swing highs and lows using configurable bars on both sides for confirmation, then projects the selected levels forward. A level counts as broken only after a candle closes beyond it; after a confirmed break, the indicator marks it and searches historical price structure for a replacement.

The stated aim is to keep the chart focused on the nearest structurally relevant levels, for use in breakout and retest decisions, pullback entries, and market-structure assessment. The description claims the method does not repaint and filters weak swings, but gives no tests, definitions of statistical validity, or performance results. Confirmation using bars to the right necessarily relies on subsequent candles before a swing can be established, so the indicator’s timing and practical use depend on how that delay is handled. It supplies a level framework rather than a complete strategy or risk plan.

Key ideas

• The indicator selects the nearest confirmed swing low and swing high as active support and resistance.
• Configurable bars on both sides of a swing determine whether a price level is confirmed.
• A level is treated as broken only after a candle closes beyond it, after which a replacement is sought.
• The tool is intended to support breakout, retest, pullback, and market-structure analysis.
• The description provides no test results, detailed validation method, or trading risk rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.