Custom Support & Resistance with 3 Levels

This Pine Script indicator calculates and displays three levels of support and resistance based on the opening price of the first bar of the day.

Here's how it works:

Identifies the Day's Open: The indicator first determines the opening price of the trading day. It does this by checking if the current bar's day is different from the previous bar's day. If it is, it stores the current bar's opening price as the day's opening price.
Calculates Support and Resistance: The user provides six input values: three for calculating resistance levels and three for calculating support levels. These values are added to or subtracted from the day's opening price to determine the three support and resistance levels.
Plots the Levels: The indicator then plots these six levels on the chart as horizontal lines. Resistance levels are typically plotted in shades of red, orange, and yellow, while support levels are plotted in shades of green, blue, and purple.
Key Features:

Day-Based Calculation: The support and resistance levels are anchored to the opening price of the day, providing a consistent reference point regardless of intraday price fluctuations.
Multiple Levels: The indicator provides three levels each for support and resistance, giving traders a broader perspective on potential price turning points.
Customizable: Traders can adjust the values used to calculate the support and resistance levels, allowing for flexibility and adaptation to different trading styles and markets.
Potential Use Cases:

Identifying Entry and Exit Points: Traders can use the support and resistance levels to identify potential entry points for long trades (near support) and short trades (near resistance), as well as exit points for existing positions.
Setting Stop-Loss Orders: The support and resistance levels can be used to set stop-loss orders to limit potential losses.
Gauging Trend Strength: A strong break above a resistance level can indicate bullish momentum, while a break below a support level can suggest bearish pressure.
This indicator can be a valuable tool for traders seeking to incorporate support and resistance levels into their technical analysis. However, it's important to remember that these levels are not absolute guarantees of price reversals and should be used in conjunction with other technical indicators and risk management strategies.