In the fast-paced world of financial markets, identifying key price zones can make the difference between a well-timed trade and a missed opportunity. One of the most time-tested tools for this purpose is the Support & Resistance indicator, developed by bricevalentin. This powerful script leverages pivot points to help traders visualize potential turning points in price action, offering clarity in volatile or uncertain market conditions.
Whether you're trading stocks, forex, or cryptocurrencies, understanding where support and resistance levels lie allows you to plan entries, manage risk, and anticipate trend behavior with greater confidence.
What Is the Support & Resistance Script?
The Support & Resistance script is a technical analysis tool designed to calculate and plot pivot-based levels on any price chart. At its core, it uses the previous trading period’s high, low, and closing prices to determine up to four support levels (S1–S4) and four resistance levels (R1–R4). These levels act as dynamic zones where price may pause, reverse, or accelerate—making them invaluable for strategic decision-making.
Unlike static horizontal lines drawn manually, this script automatically updates with each new period, ensuring your analysis remains current without constant recalibration. The result? A clean, real-time visualization of critical price zones that reflect evolving market sentiment.
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Why Support and Resistance Levels Matter
Support and resistance are foundational concepts in technical trading. They represent areas where supply and demand have historically clashed—leaving behind "memory" in the market.
- Support is a price level where buying pressure tends to overcome selling pressure, preventing further declines.
- Resistance is where selling pressure typically exceeds buying pressure, halting upward momentum.
These zones often contain high liquidity due to prior price interactions—such as stop-loss clusters, institutional orders, or psychological price points—making them magnets for future price reactions.
Traders use these levels to:
- Identify potential reversals or breakouts
- Place precise stop-loss and take-profit orders
- Time entries during pullbacks or trend continuations
When combined with other tools like volume, moving averages, or candlestick patterns, support and resistance become even more powerful predictors of future price movement.
How to Use the Script Effectively
Using the Support & Resistance script is straightforward and adaptable across multiple timeframes and asset classes:
- Apply the script to your TradingView chart.
- Let it automatically compute pivot points based on the prior period (e.g., daily, hourly).
- Observe how price interacts with the plotted S1–S4 and R1–R4 levels.
For example:
- A bounce off S2 might signal strong buyer interest—ideal for long entries with a stop below S3.
- A break above R3 could indicate bullish momentum—suggesting a potential continuation trade.
- Repeated rejection at R1 may warn of an impending reversal, especially if confirmed by bearish candlesticks.
Because the levels reset each period, they're particularly effective for intraday and swing traders who rely on fresh data to guide decisions.
Pro Tip: Combine With Confluence
For higher-probability setups, look for confluence—where pivot-based levels align with:
- Previous swing highs/lows
- Fibonacci retracements
- Psychological round numbers (e.g., $50,000 in BTC)
This multi-layered approach increases the statistical edge of your trades.
Open-Source Transparency Builds Trust
True to the collaborative spirit of TradingView, this script is open-source. That means the full code is publicly accessible, allowing traders and developers to inspect, learn from, and verify its logic. Transparency like this fosters trust and encourages innovation within the trading community.
While the script is free to use, redistribution or republication must comply with TradingView’s House Rules—ensuring creators retain credit and control over their work.
This open model empowers users to adapt tools to their unique strategies while contributing to a culture of shared knowledge and continuous improvement.
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Frequently Asked Questions (FAQ)
Q: Can I use this script for cryptocurrency trading?
A: Absolutely. The script works across all asset classes—including crypto, forex, stocks, and commodities—as long as there’s a defined high, low, and close for the prior period.
Q: How often are the support and resistance levels updated?
A: Levels update at the start of each new period (e.g., every day for daily charts). This ensures they reflect the most recent market data.
Q: Are these static or dynamic levels?
A: The levels are static within a given period but recalculate when a new bar forms. They do not repaint—once drawn, they remain fixed until the next update.
Q: Do I need coding experience to use this indicator?
A: No. The script is plug-and-play. Simply add it to your chart via the TradingView platform—no customization required unless you want to tweak settings.
Q: How accurate are pivot point-based levels?
A: While no indicator guarantees accuracy, pivot points are widely watched by institutions and retail traders alike. Their self-fulfilling nature increases reliability when used alongside volume and price action confirmation.
Q: Can I combine this with other indicators?
A: Yes—and you should. Pairing this script with oscillators (like RSI) or trend-following tools (like MACD) enhances signal quality and reduces false breakouts.
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These terms reflect common search queries from active traders seeking reliable tools for identifying key price zones.
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Final Thoughts
The Support & Resistance script by bricevalentin is more than just a visual aid—it's a strategic framework for interpreting market structure. By automating the calculation of pivot-based levels, it removes guesswork and helps traders focus on what matters: execution.
Whether you're scanning for reversals, planning breakout entries, or managing risk, having clear reference points dramatically improves consistency. And with open-source transparency, you can trust the mechanics behind the numbers.
In a world saturated with complex algorithms and black-box systems, sometimes the most effective tools are those rooted in simplicity—and proven over time.
Remember: no single indicator guarantees success. But when used wisely within a robust trading plan, tools like this one can significantly tilt the odds in your favor.