SRLevelsOnline
Nearest strongest support and resistance, from where recent swing lows and highs clustered.
A bar counts as a bounce when its low is the lowest of the 2 x lookback + 1 bars centered on it, and as a rejection when its high is the highest. The last window of each kind is grouped into price bins bin_size wide. The support price is the center of the best-supported bin below the close, and the resistance price the best-supported bin above it, each searched within scan_bins bins; strength is that bin's event count, weighted by bar volume when volume is supplied.
How to read it
- The two price lines sit on the candles: support below the close, resistance above it.
- The strength lines sit in a pane below. Higher means more swing lows (support) or swing highs (resistance) have clustered in that bin.
- A strength of zero means no level exists within scan_bins bins, and its price line has fallen back onto the close.
- Each swing is counted only lookback bars after it forms, so new levels appear late.
What it outputs
- Support price
- Center of the bin with the most swing lows below the close, or the close when no support bin is in range.
- Support strength
- Number of recent swing lows in the support bin, weighted by bar volume when volume is supplied. Zero means no support in range.
- Resistance price
- Center of the bin with the most swing highs above the close, or the close when no resistance bin is in range.
- Resistance strength
- Number of recent swing highs in the resistance bin, weighted by bar volume when volume is supplied. Zero means no resistance in range.
Settings
- bin_size
- Width of each price bin. Raising it merges nearby swings into fewer, larger levels with higher strength counts. Lowering it gives finer levels that sit closer to the exact swing prices.
- lookback
- Bars on each side a swing must beat to count. Raising it keeps only major turns, so fewer and stronger levels, but each swing appears that many bars later. Lowering it counts small local turns too, so levels pile up fast and the lines move more.
- window
- How many recent bounce events and rejection events are kept per side. Lowering it forgets older swings, so levels reflect only recent trading. Raising it lets old swings keep counting, so long-standing levels stay strong.
- scan_bins
- How many bins above and below the close are searched for a level. Raising it reaches farther levels, which may be weak and far from price. Lowering it keeps levels near the close and falls back to the close price more often.
Pitfalls
- A price line sitting on the close, or a strength of zero, means no level was found. It does not mark a real level there.
- The price is a bin center, up to half a bin_size away from the actual swing low or high. Strength is a raw total, so compare it only within one chart.
- The slider range for bin_size includes zero and negatives. Zero divides by zero in the bin formula, and a negative value swaps the support and resistance sides.