PROTECTED SOURCE SCRIPT
S/R with Multi-Indicator Consensus
This script identifies key support and resistance levels by analyzing consensus across multiple technical indicators. Here's how it works:
Core Concept
The script monitors 14 different technical indicators simultaneously, looking for areas where most indicators agree on potential reversal points. When a strong consensus emerges (over 60% agreement by default), it marks these price levels as significant support or resistance zones.
Indicator Analysis
The script uses an advanced "harmonic convergence" technique that examines:
Momentum indicators (RSI, Stochastic, Williams %R)
Volume-based indicators (OBV, MFI)
Trend indicators (MACD, WaveTrend)
Volatility measures (ATR, Bollinger Bands)
Special proprietary oscillators (RVI, Ultimate Oscillator)
Each indicator is normalized to a 0-100 scale for consistent comparison. The script then applies a "quantum weighting" algorithm that gives more importance to indicators showing extreme readings.
Support/Resistance Identification
When multiple indicators simultaneously reach overbought or oversold conditions near the same price level, the script:
Records these "harmonic convergence points"
Applies volume-based weighting (heavier volume = stronger level)
Uses time decay to fade older, less relevant levels
Groups nearby levels using a proprietary "price magnetism" algorithm
Visual Features
Colored Lines: Red for resistance, green for support
Line Styles: Solid (strong), dashed (medium), dotted (weak)
Dynamic Width: Thicker lines indicate stronger consensus
Info Labels: Show price, strength percentage, and touch count
Info Table: Displays key statistics in the corner
In this script, "Consensus Type" refers to whether the majority of indicators are signaling a potential support (oversold) or resistance (overbought) level.
How It Works:
The script checks multiple normalized indicators (RSI, Stochastic, MACD, OBV, etc.) to see if they are in overbought (OB) or oversold (OS) zones.
It calculates a consensus score (0% to 100%) based on how many indicators agree:
Type = 1 → Most indicators are in overbought (resistance likely).
Type = -1 → Most indicators are in oversold (support likely).
Type = 0 → No clear consensus (neutral).
The strength of the signal depends on the consensus score (higher = stronger level).
Example:
If RSI, Stochastic, and MACD are all in overbought territory (above ob_threshold), the script detects a Type 1 (Resistance).
If Williams %R, CCI, and OBV are oversold (below os_threshold), it detects a Type -1 (Support).
Why It Matters:
Helps traders identify high-probability reversal zones.
Filters out weak levels where indicators don’t agree.
Works alongside volume weighting & time decay to prioritize the strongest S/R levels.
The Info Table in the top-right corner shows the current Consensus Type (1, -1, or 0) and its strength (e.g., 75% means 75% of indicators agree on resistance/support).
Core Concept
The script monitors 14 different technical indicators simultaneously, looking for areas where most indicators agree on potential reversal points. When a strong consensus emerges (over 60% agreement by default), it marks these price levels as significant support or resistance zones.
Indicator Analysis
The script uses an advanced "harmonic convergence" technique that examines:
Momentum indicators (RSI, Stochastic, Williams %R)
Volume-based indicators (OBV, MFI)
Trend indicators (MACD, WaveTrend)
Volatility measures (ATR, Bollinger Bands)
Special proprietary oscillators (RVI, Ultimate Oscillator)
Each indicator is normalized to a 0-100 scale for consistent comparison. The script then applies a "quantum weighting" algorithm that gives more importance to indicators showing extreme readings.
Support/Resistance Identification
When multiple indicators simultaneously reach overbought or oversold conditions near the same price level, the script:
Records these "harmonic convergence points"
Applies volume-based weighting (heavier volume = stronger level)
Uses time decay to fade older, less relevant levels
Groups nearby levels using a proprietary "price magnetism" algorithm
Visual Features
Colored Lines: Red for resistance, green for support
Line Styles: Solid (strong), dashed (medium), dotted (weak)
Dynamic Width: Thicker lines indicate stronger consensus
Info Labels: Show price, strength percentage, and touch count
Info Table: Displays key statistics in the corner
In this script, "Consensus Type" refers to whether the majority of indicators are signaling a potential support (oversold) or resistance (overbought) level.
How It Works:
The script checks multiple normalized indicators (RSI, Stochastic, MACD, OBV, etc.) to see if they are in overbought (OB) or oversold (OS) zones.
It calculates a consensus score (0% to 100%) based on how many indicators agree:
Type = 1 → Most indicators are in overbought (resistance likely).
Type = -1 → Most indicators are in oversold (support likely).
Type = 0 → No clear consensus (neutral).
The strength of the signal depends on the consensus score (higher = stronger level).
Example:
If RSI, Stochastic, and MACD are all in overbought territory (above ob_threshold), the script detects a Type 1 (Resistance).
If Williams %R, CCI, and OBV are oversold (below os_threshold), it detects a Type -1 (Support).
Why It Matters:
Helps traders identify high-probability reversal zones.
Filters out weak levels where indicators don’t agree.
Works alongside volume weighting & time decay to prioritize the strongest S/R levels.
The Info Table in the top-right corner shows the current Consensus Type (1, -1, or 0) and its strength (e.g., 75% means 75% of indicators agree on resistance/support).
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.