OPEN-SOURCE SCRIPT
Updated Support/Resistance MTF Merge Zones
Indicator Introduction
Support/Resistance MTF Merge Zones is an advanced technical analysis tool that automatically identifies and merges key support/resistance zones by analyzing highs and lows from multiple timeframes (15M, 1H, 4H, Daily).
Key Features
Multi-Timeframe Analysis: Integrates data from 15M, 1H, 4H, and Daily charts
Smart Zone Merging: Automatically consolidates levels within a specified percentage range into unified zones
Dynamic Color System: Distinguishes support/resistance zones based on position relative to current price
Strength Indication: Highlights zones where multiple levels converge as strong zones
Usage Guide
Configuration Parameters
Lookback Period (10): Period for calculating highs/lows
Adjustable range: 5-30
Higher values detect more long-term levels
Zone Merge % (0.5): Percentage threshold for zone merging
Range: 0.1-2.0%
Higher values merge levels across wider price ranges
Min Levels for Zone (2): Minimum number of levels required to form a zone
Range: 2-5 levels
Higher values display only more confirmed zones
Box Opacity (7): Transparency level of zone boxes
Range: 0-100%
Color Scheme
Red: Resistance zones above current price
Blue: Support zones below current price
Orange: Strong zones (3+ merged levels)
Support/Resistance MTF Merge Zones is an advanced technical analysis tool that automatically identifies and merges key support/resistance zones by analyzing highs and lows from multiple timeframes (15M, 1H, 4H, Daily).
Key Features
Multi-Timeframe Analysis: Integrates data from 15M, 1H, 4H, and Daily charts
Smart Zone Merging: Automatically consolidates levels within a specified percentage range into unified zones
Dynamic Color System: Distinguishes support/resistance zones based on position relative to current price
Strength Indication: Highlights zones where multiple levels converge as strong zones
Usage Guide
Configuration Parameters
Lookback Period (10): Period for calculating highs/lows
Adjustable range: 5-30
Higher values detect more long-term levels
Zone Merge % (0.5): Percentage threshold for zone merging
Range: 0.1-2.0%
Higher values merge levels across wider price ranges
Min Levels for Zone (2): Minimum number of levels required to form a zone
Range: 2-5 levels
Higher values display only more confirmed zones
Box Opacity (7): Transparency level of zone boxes
Range: 0-100%
Color Scheme
Red: Resistance zones above current price
Blue: Support zones below current price
Orange: Strong zones (3+ merged levels)
Release Notes
e.gUse the numbers by changing them in different time zones
There is still a disadvantage in that accurate information is not available in altcoins due to lack of data.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.