There are many kinds of support and resistance indicators: horizontal price points that have been touched multiple times; sloping lines, called "trend lines" by most, that also seem to have been touched by price in the past; dynamic trend lines, called "moving averages, etc. When we here talk about "Support and Resistance", we are almost always talking about horizontal Support and Resistance. We have some novel ways of determining such.
As a general rule, most of our indicators work best on Range Bar type of charts. This is because, a lot of our indicators are calculated off measured moves in the market. Money is made when the market moves through a range, no matter how long it takes. No money is made, no matter how long you wait, if the market does not move. For this reason alone, it makes the most sense to measure the market by how it moves, not how long it has been trading. Hence, almost all our trading is done on Range Bar charts. The indicators will work on other types of charts: their story is just not quite as clear-cut.
The Osi_PASRZ, (Osi Price Action Support-Resistance) Indicator for example uses a measure of the perceived market psychology, based on the action of volume and the speed at which the market is moving. This indicator divides the market day into 3 user-defined time slots, and tries to find the Support/Resistance areas in each time slot. In each time slot, this Support/Resistance zone will be determined dynamically in real time, and so can shift. Once the time slot is exceeded, its Support/Resistance zone is established for the day. For ultimate flexibility in use, if the user wishes, the time slots may even overlap, though we hardly see how useful that might be. You can read more about the details in the table below.
The Osi_MktFatigue Indicator takes a similar approach but does not even draw any support/resistance lines. Instead it tries to determine when that market may have made an move which has exhausted the buyers or sellers, then draws a dot on the candle/bar at which exhaustion seems to have occurred.
In all cases, it must be understood that even though our indicators are trying to identify support and resistance, the only measure of whether the market has reached a turning point or not, is the subsequent market action. At best, what these indicators show is when a pause may have just occurred in the markets movement. Whether that pause is a reversal, or just a reload should be determined from other factors, such as how the Market Internals are behaving.
On a day when the Market Internals are indicating a strong trend, such exhausion zones are very unlikely to be turning points, and much more likely to be consolidation zones that will act as a barrier to subsequent reversals. Here is an example of such a chart, that actually shows 2 opposite trend days, back to back, and also illustrates why we never hold overnight.
On the other hand, if the Market Internals are indicating a ranging day, the zones drawn by the Osi_PASRZones indicator are more likely to be turning points. Here is an example of such a chart, that shows a ranging day.
Just for completeness, here is a picture that shows a day when the morning was a ranging day, that transitioned into a trend day in the afternoon.
There are, of course, other indicators to detemine support and resisitance, and we list them too below.