Swing High/Low Wick Zones - Support & Resistance IndicatorOverview
The Swing High/Low Wick Zones indicator is a powerful visual tool designed to help traders identify true support and resistance levels based on price action. By highlighting key swing points and their rejection zones (wicks), this indicator provides clear, actionable insights into where the market has historically reversed.
How It Works
This indicator automatically detects swing highs and swing lows on your chart using a customizable pivot detection algorithm. When a swing point is identified, the script:
1. Marks the swing point with a colored dot for easy identification
2. Draws a box from the wick extreme to the candle body, highlighting the true rejection zone
3. Extends a horizontal line to visualize the key price level going forward
Key Features
✅ True Support & Resistance Zones - Focuses on wicks (not just candle bodies) to identify real rejection points where price action reversed
✅ Visual Clarity - Boxes highlight the exact price zones where buyers or sellers stepped in, making it easy to spot critical levels at a glance
✅ Fully Customizable
- Adjustable swing detection sensitivity (swing length)
- Customizable box and line extension lengths
- Independent color controls for swing highs and swing lows
- Adjustable opacity for boxes and lines
- Customizable marker colors and sizes
✅ Clean, Professional Display - Organized visual elements that don't clutter your chart while providing essential market structure information
Use Cases
📊 Day Trading - Identify intraday support and resistance levels for precise entries and exits
📈 Swing Trading - Spot key reversal zones and market structure for multi-day position trades
📉 Trend Analysis - Understand market structure and where institutional players are defending levels
🎯 Entry/Exit Planning - Use the highlighted zones to set stop losses and take profit targets
Settings
Swing Detection
- Swing Length: Controls sensitivity (lower = more swings, higher = only major swings)
Boxes
- Extension length in bars
- Separate colors for highs and lows
- Adjustable opacity (0-100)
- Border color customization
Lines
- Toggle on/off
- Extension length in bars
- Separate colors for swing high and swing low lines
- Adjustable opacity (0-100)
- Line width (1-5)
Markers
- Color customization
- Size options (Tiny, Small, Normal)
Why This Indicator is Different
Unlike traditional support/resistance indicators that only mark horizontal lines at swing points, this indicator emphasizes the **actual rejection zone** (the wick area) where price was tested and reversed. This provides traders with a more accurate representation of where supply and demand dynamics actually shifted.
Best Practices
- Use higher swing lengths (7-10) for major structural levels
- Use lower swing lengths (3-5) for short-term trading opportunities
- Combine with volume analysis for confirmation
- Watch for price reactions when it returns to these zones
- Use the boxes to identify potential support-turned-resistance (and vice versa)
Perfect For:
- Identifying key price levels
- Planning trade entries and exits
- Understanding market structure
- Setting stop losses and take profits
- Spotting potential breakout/breakdown zones
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Note: This indicator works on all timeframes and all markets (stocks, forex, crypto, futures, etc.). Experiment with the settings to find what works best for your trading style!
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مؤشر Pine Script®
