Intraday Support and Resistance from Confirmed Price Extremes
Summary
This indicator identifies intraday support and resistance from rolling lows and highs. It checks whether an extreme remains unchanged across a confirmation lookback, then smooths repeated values and records levels that persist across consecutive bars. A tolerance band merges nearby candidates by assigning them a midpoint. The indicator returns up to ten stored support levels and ten resistance levels, with separate switches for displaying each side.
The description exposes settings for the extreme calculation period, confirmation lookback, and tolerance, and explains that levels reset at the start of each day. It provides code but no performance evidence or trading rules. The method is a charting and signal-input tool; it does not specify entries, exits, position sizing, or risk controls. Its usefulness depends on parameter choices and instrument behavior, and the supplied code alone does not establish that detected levels predict future price reactions.
Key ideas
- Rolling highs and lows are candidates for resistance and support.
- A candidate is accepted after remaining stable over a confirmation lookback.
- Nearby levels within a point-based tolerance are combined around a midpoint.
- The indicator stores up to ten levels on each side and resets them daily.
- No trading performance or risk-management results are provided.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.