Untapped daily, weekly and monthly levels provide amazing support and resistance levels due to liquidity from trapped traders. For the purposes of this indicator an "untapped" level is defined as a level that price does not close over on the same timeframe. For example and untapped monthly level of support would remain valid (and visible on the chart) until price closed below it on a monthly basis. The longer the timeframe of a level the more weight it carries ie. a monthly level would carry more weight that a weekly and by extension a daily.
While these levels may indicate possible macro reversal points I tend to use them myself more for short term setups and scalp trades. These levels have become a stable addition to my own trading strategy and I believe all traders can benefit by being aware of them on their own charts. Happy trading!
nice job man, if there was an option to hide mitigated points would be awesome...and the marking mentioned below
MartinWeb
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labels would be great. i can not get them to work
Coprider2
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Hello sir. It's amazing code. I have been searching for it. As Malaysian S&R method.. could you please add TF changing option to it please. Like selection of TF thanks in advance.
Gudduji
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Is it possible to add level also at the beginning or end of the line
southsiderealtrade
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Thank you.
PRANESHSCYRPTO
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Hi, Loved the scripts and i use it everyday than any other indicators. Could you just add a text to the end of the horizontal line marking it as a "daily level" , "weekly level" and "monthly level" ? It would be great to increase the size of the lines and intensity. Please do help us..thanks in advance..
eshwoor
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Thanks for your effort. Loving the S/R. Any way to add enable/disable (Check box) on the indicator?
akmaha
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Thanks a lot for the great levels. Can I construe that the purple line(weekly) below and above will act as support or resistance respectively. I mean in the above example its 3 supports and 1 resistance.