OA S/R Power

Purpose of the Script
This script identifies the strength of support and resistance levels based on key factors like volume, bounce frequency, and retests. Each level is assigned a score (0-100) and visualized with color-coded labels on the chart.

Key Features
Dynamic Strength Calculation:

Volume Strength: Measures the strength based on the volume of candles touching the level.
Bounce Strength: Evaluates how often the price bounces back from the level.
Retest Strength: Scores the consistency of retests over time.

Color-Coded Visualization:

Yellow: Strong levels (Strength ≥ 70).
Orange: Medium levels (Strength between 50-70).
Red: Resistance levels (Price is below the level).
Green: Support levels (Price is above the level).

Fully Customizable Settings:
Adjust the weight for volume, bounce, and retest contributions.
Configure timeframes, percentage range, and number of levels to analyze.

How It Works
Identify Peaks and Valleys: The script calculates local highs and lows using a configurable width setting to determine potential support and resistance levels.

Filter Key Levels: Nearby levels are merged based on a user-defined percentage range, ensuring clean and relevant levels.

Strength Scoring: Levels are scored dynamically based on:

The number of touches.
The volume of touches.
The frequency of bounces and retests.
Visual Feedback: Each level is plotted on the chart with a color-coded label, indicating its importance and price relationship.

Best Use Cases
Quickly identify strong support/resistance zones for breakout or reversal trades.
Use the dynamic scoring system to prioritize key levels for your strategy.
Customize weights to align with your trading style, such as emphasizing volume or retests.