Dynamic Support & Resistance V6

The Dynamic Support & Resistance V6 is a lightweight, high-performance indicator designed to automatically identify and plot key market levels based on pivot price action. Instead of static lines, this script uses a dynamic array-based system. It tracks the most recent significant levels where price is likely to react.
The script utilizes the ta.pivothigh and ta.pivotlow functions to detect structural turning points. Once a pivot is confirmed (based on your chosen lookback period).

1. Draws an Extended Level: A line is projected from the pivot point to the current bar.
   
2. Dynamic Management: It uses a FIFO (First-In-First-Out) logic to ensure only the most relevant maxLevels are displayed on your chart, keeping your workspace clean.
   
3. Real-time Updates: Lines and labels automatically shift with each new bar to maintain a constant "right-edge" perspective.
   

Key Features

• Customizable Pivot Lookback: Adjust the sensitivity to find minor intraday levels or major swing levels.
  
• Visual Price Labels: Optional price tags for quick reference on key zones.
  
• Support/Resistance Differentiation: Color-coded levels (defaulting to Green for Support and Red for Resistance).
  
• Optimized for Version 6: Built using the latest Pine Script™ v6 standards for better performance.
  

How to Use

• Look for candles closing beyond the Resistance (Red) or Support (Green) lines.
  
• Use these levels as potential zones for "fakeouts" or rejections in confluence with your other entry triggers.
  
• Excellent for identifying logical Take Profit (TP) or Stop Loss (SL) zones based on recent market structure.