Support and Resistance Major/Minor Indicator on TradingView - Free - [TFlab]

The Support and Resistance Major/Minor Indicator is one of the most useful indicators on TradingView for identifying key support and resistance levels in technical analysis.

These levels are points where the price either halts or changes direction.

The Major Support area is displayed with a green line, while the Major Resistance area is shown in red.

Additionally, the Minor Support and Minor Resistance levels are identified with darker lines during trends.

Support and Resistance Major/Minor Indicator Table

The table below summarizes the features of this indicator:

Indicator in an Uptrend

In the daily timeframe, the green line for the AUD/USD currency pair is extended after identifying long-term major support.

As the price reaches the support zone again, it reacts positively and rises. Traders typically enter the uptrend with a confirmation candle at these points for more confidence.

Indicator in a Downtrend

In the image below, the indicator marks major support and resistance zones and identifies minor zones. This feature allows traders to spot key areas within trends.

For instance, when the price again reaches the major resistance zone, it fails to break through and subsequently faces a sharp decline.

Indicator Settings

The following image represents the indicator's settings:

Zig Zag Logic

• Long-Term S&R Pivot Period: The long-term support and resistance pivot period
• Short-Term S&R Pivot Period: The short-term support and resistance pivot period

Long Term Lines

• Long-Term Major Line: Displays the long-term major line
• Long-Term Minor Line: Displays the long-term minor line
• Long-Term Major Line Style: Style of the long-term major line
• Long-Term Minor Line Style: Style of the long-term minor line
• Long-Term Major Width: Width of the long-term major line
• Long-Term Minor Width: Width of the long-term minor line

Short Term Lines

• Short-Term Major Line: Displays the short-term major line
• Short-Term Minor Line: Displays the short-term minor line
• Short-Term Major Line Style: Style of the short-term major line
• Short-Term Minor Line Style: Style of the short-term minor line
• Short-Term Major Width: Width of the short-term major line
• Short-Term Minor Width: Width of the short-term minor line

Conclusion

Professional traders use the Support and Resistance Major/Minor Indicator to identify suitable entry and exit points and forecast market trends.

This indicator automatically marks these zones on the chart, enabling traders to identify reversal points or trend continuation areas.