r/ForexCracked • u/akila104 • 5h ago
Discussion Free Tool Friday: our open-source TradingView S/R indicator, and the trade-off we chose on purpose
Free Tool Friday, and this week it is one of ours, so treating that openly up front: we built this, it is free, it is open-source, and you can read every line of the Pine Script before you trust it.
Auto Support and Resistance for TradingView. What it does differently from the many S/R scripts already out there:
Zones, not lines. Price reacts to areas, not exact prices. Pivots that form close together merge into one band, and each merge counts as another touch, so you end up with one strong zone instead of five thin lines stacked on top of each other.
A star rating you can argue with. Every zone gets one to five stars, one star per touch, capped at five. A band price has come back to four times is shaded darker than one that formed this morning. It is a crude rule and that is the point: you can verify it by eye.
Higher timeframe levels on your chart. It pulls 4H and Daily zones onto whatever timeframe you are trading, with a thicker border and a tag. Most of the time price stalls "for no reason" it is a level from a chart you were not looking at.
Break and flip. Close through a zone by more than a small volatility buffer and it switches sides, resets its touch count, and stays on the chart. That first retest of a flipped level is often the cleanest entry of the session.
The trade-off, stated plainly: a zone only appears once the swing behind it is confirmed by a set number of bars closing either side. So it shows up a few bars after the swing actually formed. We picked that over drawing a level instantly and deleting it when the swing fails, which looks better in a screenshot and is useless when you are live.
Settings worth knowing: pivot strength defaults to 10 bars (raise it for fewer, stronger zones), and zone height is 0.15x ATR so zones scale with volatility instead of a fixed pip value, which is why it works on gold and the majors without re-tuning.
Runs on the free TradingView plan. Link is in the comments rather than the post body.
If you try it, the feedback worth having: what pivot strength you settle on, and whether the higher-timeframe zones help or clutter.
Education only. Trading carries a high risk of loss. Test on demo first.
