Support Resistance - Dynamic MTF

Support Resistance - Dynamic MTF
Description
Support Resistance - Dynamic MTF v2 is an advanced multi-timeframe indicator that identifies key support and resistance levels by analyzing pivot points across multiple timeframes. This enhanced version combines the power of current timeframe price action with higher timeframe structure to find the most significant S/R levels where price is likely to react.
What Makes This Different?
Traditional S/R indicators only look at the current chart timeframe. This MTF version allows you to:

Incorporate Higher Timeframe Structure: See where daily S/R levels are while trading on a 5-minute chart
Combine Multiple Timeframes: Merge pivots from both timeframes for stronger, more reliable S/R zones
Dynamic Calculation: S/R levels automatically update as new pivots form
Strength-Based Ranking: Shows only the strongest S/R levels with the most pivot confluence

Key Features
🎯 Multi-Timeframe Analysis

Three Operating Modes:

Current TF Only: Traditional single-timeframe S/R detection
Higher TF Only: Use exclusively higher timeframe pivots for major levels
Combined: Merge both timeframes for comprehensive S/R identification



📊 Dynamic S/R Zones

Automatically identifies S/R zones by clustering nearby pivot points
Calculates zone "strength" based on number of pivots within the zone
Adjustable channel width to control zone clustering sensitivity
Shows only top N strongest levels (customizable 1-10)

🎨 Visual Clarity

Color-Coded Levels: Red for resistance, Green for support
Distance Labels: Shows exact price and percentage distance from current price
HTF Pivot Markers: Optional markers showing where higher timeframe pivots formed
Clean Lines: Extends S/R lines across the chart with customizable style

⚙️ Highly Customizable

Adjustable pivot period (4-30 bars)
Source selection (High/Low or Close/Open)
Maximum number of pivots to track (5-100)
Channel width percentage
Minimum strength threshold
Line style, width, and colors

How It Works

Pivot Detection: Identifies pivot highs and lows on both current and higher timeframes
Zone Clustering: Groups nearby pivots that fall within the channel width
Strength Calculation: Counts how many pivots exist within each zone
Ranking: Sorts zones by strength and displays the top N levels
Dynamic Updates: Recalculates when new pivots form on either timeframe

Settings Guide
MTF Settings

Enable Multi-Timeframe: Turn MTF functionality on/off
Higher Timeframe: Select the HTF (empty = auto, or choose specific timeframe)
MTF Mode: Choose how to combine timeframes

Current TF Only: Standard S/R detection
Higher TF Only: Trade using only HTF structure
Combined: Best of both worlds - most comprehensive



Setup

Pivot Period: How many bars left/right to confirm a pivot (default: 10)
Source: Use actual High/Low or Close/Open for pivots
Maximum Number of Pivots: How many historical pivots to analyze (default: 20)
Maximum Channel Width %: How close pivots must be to form a zone (default: 10%)
Maximum Number of S/R: How many S/R levels to display (default: 5)
Minimum Strength: Minimum pivots required to show a level (default: 2)

Display

Label Location: Where to place price labels (bars ahead)
Line Style: Solid, Dotted, or Dashed
Line Width: 1-4 pixels
Colors: Customize resistance and support colors
Show Pivot Points: Display where pivots formed
Show HTF Markers: Display higher timeframe pivot markers

Use Cases
Day Trading (Scalping)

Chart: 5-minute
HTF: 15-minute or 1-hour
Use: Identify intraday key levels for entries/exits

Swing Trading

Chart: 1-hour or 4-hour
HTF: Daily or Weekly
Use: Find major support/resistance for multi-day holds

Options Trading

Chart: Any timeframe
HTF: One or two levels higher
Use: Identify high-probability rejection zones for puts/calls

Breakout Trading

Use alerts (Resistance Broken / Support Broken)
Enter on confirmed breakouts of strong S/R levels
Higher strength levels = more significant breakouts

How to Use

Add to Chart: Apply indicator to your chart
Enable MTF: Toggle on and select higher timeframe
Choose Mode: Start with "Combined" for best results
Adjust Settings: Tune channel width and minimum strength for your asset
Watch for Reactions: Price typically reacts at these levels (bounces or breaks)
Set Alerts: Use built-in alerts for breakouts

Trading Tips
✅ Strong Levels: Higher strength number = more significant level
✅ HTF Priority: When HTF and current TF conflict, HTF usually wins
✅ Breakout Confirmation: Wait for clean break + retest before entering
✅ Risk Management: Place stops just beyond S/R levels
✅ Confluence: Best trades happen when S/R aligns with other indicators
Best Timeframe Combinations
Your ChartHTF SettingBest For1-min5-minScalping5-min15-min or 1HDay trading15-min1H or 4HIntraday swing1H4H or DSwing trading4HD or WPosition tradingDailyWeeklyLong-term investing
Alerts Available

Resistance Broken: Price breaks above a resistance level
Support Broken: Price breaks below a support level
S/R Breakout: Any support or resistance breakout