Calculating Multi-Timeframe Support and Resistance Zones

Summary

This indicator plots support and resistance from both the chart timeframe and a selectable higher timeframe. The higher timeframe can be chosen from a list or set to an automatic mapping based on the chart interval. Users can define levels from either bar highs and lows or candle opens and closes. A lookback period determines how many higher-timeframe bars are considered when identifying fresh extremes; smaller periods make the levels more responsive. The script displays the resulting levels and fills the space between corresponding chart-timeframe and higher-timeframe values as zones. Optional horizontal lines extend selected levels leftward.

The author says higher-timeframe values are calculated from chart data rather than obtained with a security call. The document explains configurable display and calculation choices, but provides no evidence that the zones predict reversals or improve trading results. Levels depend on the selected source, timeframe mapping, and lookback, so they are analytical references rather than validated entry signals.

Key ideas

• The indicator derives support and resistance levels from chart and higher timeframes.
• Users can select highs and lows or candle opens and closes as the price source.
• An automatic option maps chart intervals to predefined higher timeframes.
• The lookback period controls sensitivity to newly formed extremes, while fills visualize zones.
• The document provides no performance evidence for using the plotted zones as trading signals.

Tags

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