OPEN-SOURCE SCRIPT
Smart Non-Overlapping S/R
How to Interpret This Chart
The "Cluster" Effect: Look for areas where lines from different timeframes are close together (e.g., a Daily Support line is right next to a 4-Hour Support line). These "clusters" are very strong zones where price is highly likely to bounce.
Breakouts:
Bullish Breakout: If a candle closes above a Resistance line (e.g., "Daily Res"), that line often turns into new Support.
Bearish Breakout: If a candle closes below a Support line (e.g., "Daily Sup"), that line often turns into new Resistance.
Color Coding:
Orange (Daily): Major levels. Expect big reactions here.
Purple (4H): Medium trend levels. Good for swing trades.
Blue (1H): Minor levels. Good for day trading entries.
The "Cluster" Effect: Look for areas where lines from different timeframes are close together (e.g., a Daily Support line is right next to a 4-Hour Support line). These "clusters" are very strong zones where price is highly likely to bounce.
Breakouts:
Bullish Breakout: If a candle closes above a Resistance line (e.g., "Daily Res"), that line often turns into new Support.
Bearish Breakout: If a candle closes below a Support line (e.g., "Daily Sup"), that line often turns into new Resistance.
Color Coding:
Orange (Daily): Major levels. Expect big reactions here.
Purple (4H): Medium trend levels. Good for swing trades.
Blue (1H): Minor levels. Good for day trading entries.
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.