CARNAC Trading Support and Resistance Levels

Overview
The "Carnac Trading Support and Resistance Levels" indicator is a powerful tool designed to help traders identify key support and resistance levels across multiple timeframes. This tool enhances trading strategies by visually marking significant price levels and providing configurable stop-loss and alert features.

Features
Support and Resistance Levels: Automatically calculates and plots support and resistance levels for the following timeframes:

• 5 minutes (5M)
  
• 10 minutes (10M)
  
• 15 minutes (15M)
  
• 30 minutes (30M)
  
• 1 hour (1H)
  
• 2 hours (2H)
  
• 4 hours (4H)
  
• 6 hours (6H)
  
• 12 hours (12H)
  
• 1 day (1D)
  
• 1 week (1W)
  
• 1 month (1M)
  

Configurable Stop-Loss (SL) Levels: Adds a stop-loss line below each support level and above each resistance level with customizable padding (as a percentage).

Visual Labels: Clearly labels support, resistance, and stop-loss levels with the corresponding prices and timeframes for easy identification.

Line Customization:

• Support Levels: Green lines with varying thickness based on the timeframe.
  
• Resistance Levels: Red lines with varying thickness based on the timeframe.
  
• Stop-Loss Levels: Gray dotted lines for clear distinction.
  

Alerts: Alerts trigger when the price gets to a configurable percentage from the support or resistance levels, helping you stay informed about potential buying and selling opportunities.

Visibility Toggling: Easily toggle the visibility of support and resistance levels for each timeframe (default enabled for 2H, 4H, and 1D).

How to Use

Add the Indicator:

• Navigate to the TradingView Pine Editor.
  
• Paste the provided Pine Script code and click "Add to Chart."
  

Configure Inputs:

• Lookback Periods: Adjust the lookback periods for each timeframe to suit your analysis needs.
  
• Padding Percentage: Set the padding percentage for the stop-loss levels to define the distance below the support levels and above the resistance levels.
  
• Visibility: Toggle the visibility of the support and resistance levels for each timeframe as needed (default enabled for 2H, 4H, and 1D).
  
• Alert Trigger Distance: Set the alert trigger distance as a percentage to determine when the alerts should be triggered.
  

Interpret the Plotted Levels:

• Green Lines: Indicate support levels for the respective timeframes.
  
• Red Lines: Indicate resistance levels for the respective timeframes.
  
• Gray Dotted Lines: Represent the stop-loss levels below each support level and above each resistance level, with the specified padding.
  
• Labels: Provide clear indications of the price levels and their respective timeframes in white text for visibility.
  

Identifying Buying and Selling Opportunities:

Buying Opportunities:

• Look for the price to approach or bounce off a support level (green line).
  
• Confirm the potential for a reversal by checking if the price is nearing a key support level from multiple timeframes.
  
• Use the stop-loss level (gray dotted line) to set your stop-loss order below the support level to minimize risk.
  

Selling Opportunities:

• Look for the price to approach or get rejected at a resistance level (red line).
  
• Confirm the potential for a reversal by checking if the price is nearing a key resistance level from multiple timeframes.
  
• Use the stop-loss level (gray dotted line) to set your stop-loss order above the resistance level to minimize risk.
  

Alerts:

• Alerts will notify you when the price gets within the specified percentage distance from each support or resistance level.
  
• Use these alerts to stay informed about potential buying and selling opportunities.
  

Phát hành các Ghi chú:

Added a setting to enable/disable the current bar from being used in the calculation of the support and resistance levels. This prevents some live re-painting issues when a candle is breaking support or resistance.

Phát hành các Ghi chú:

Made adjustments to help reduce re-painting.