Automatic Support & Resistance Indicator

The script finds swing pivot highs/lows (local turning points) on multiple timeframes (your execution TF + 1H + 4H). Each pivot price becomes a candidate level.

When a new pivot appears, it either:

Merges into an existing nearby level (within a tolerance), or

Creates a new level.
The merge tolerance is based on ATR × multiplier and a tick-based minimum.

Each level keeps simple stats:

Touches = how many pivot events have merged into that level (a proxy for “importance”)

Updated time = how recently it was reinforced

Source tags = which TFs contributed pivots (e.g., 15m/1H/4H)

It then selects which levels to display:

Always includes the nearest level below price (support candidate) and nearest level above price (resistance candidate).

Fills the rest (up to maxLevels) by a score dominated by touches + recency.

“Support vs Resistance” is dynamic:

If current price is above a level → it’s treated/labeled as Support.

If current price is below a level → it’s treated/labeled as Resistance.

Lines are drawn as true horizontal levels:

Using extend=extend.both, and the script only updates the Y price, so levels stay glued to price when you pan/zoom.

Labels show what you’re seeing:
S or R (current role)
touch count (strength proxy)
source TF tags (where the level came from)
optional * marking the nearest S/R.

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