Best Free Indicator to Identify Key Support & Resistance Levels on TradingView

This indicator on TradingView will help you accurately identify key Support & Resistance levels.

It is completely free, and it is appropriate for day trading, scalping, or swing trading any market.

In this article, I will show you how to use this indicator, the best settings, and how to adjust it properly for your trading strategy.

Key Levels Indicator

This TradingView indicator is called Pivot Point Highs and Lows.

Simply open the indicators window on TradingView and search for that.

What does this indicator do? It pinpoints the most significant highs and lows on a price chart.

These highs and lows are key levels - the ultimate base for supports and resistances.

We will draw support and resistance levels based on these points.

The problem is that, as you can see, it ignores some important price extremes.

It is because of the settings.

The indicator has 4 inputs.

The first 2 are Pivot High Left and Right.

It stands for a minimal number of candles between swing highs.

The last 2 are Pivot Low Left and Right.

It defines a minimal number of candles between swing lows.

The default number is 10.

For that reason, the indicator ignores some lows and highs.

Because the distance from them to the last swing point is less than 10 candles.

For executing a support and resistance analysis, I recommend changing the inputs to 3.

It will make the indicator more precise, not missing some significant price extremes.

Above, you can see how changes in settings affect the identification of significant price extremes by this indicator.

If you are a day trader or scalper and if you are focused on lower time frame analysis, this indicator will help you too.

Just remember to adjust the inputs, making them less or more precise.

Use this TradingView indicator to find significant price extremes.

That is the main thing that you need to identify important key support and resistance in trading.