SUPPORT RESISTANCE BY EAGLE EYES

SUPPORT RESISTANCE BY EAGLE EYES
The Support Resistance by Eagle Eyes indicator automatically detects key price levels where markets historically tend to reverse or consolidate.
It helps traders visually identify important supply zones (resistance) and demand zones (support) for better decision-making in entries, exits, and stop-loss placement.
Features
Automatic Detection: Plots support and resistance levels based on recent price action and swing points.
Dynamic Updating: Levels adjust as new market structure forms, ensuring real-time accuracy.
Multiple Timeframe Analysis: Option to detect levels from higher timeframes for stronger zones.
Customizable Sensitivity: Adjust lookback periods and strength filters to match your trading style.
Clear Visuals: Color-coded lines for support (green) and resistance (red) with optional labels and zone shading.
How It Works
The script scans historical highs and lows, identifying zones where price has reacted multiple times.
Stronger levels are based on:
Number of touches/rejections
Time duration since formation
Closeness to the current price
Best Used For
Identifying key reversal zones
Setting take-profit and stop-loss targets
Spotting breakout and fakeout opportunities
Multi-timeframe confluence trading
Tip: Combine with your existing strategy (trend filters, volume analysis, candlestick patterns) for higher probability trades.