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If you draw monthly highs and lows on your chart, this will probably work with stocks, but may not work with futures. The reason here are the rollover offsets that are just for backadjusting data. Some contrats such as CL are backadjusted every month, and a high / low from February has been already backadjusted 6 times now, and even worse there is no precise rule for determining the rollover offset.
However, if you ask for daily highs and lows, such as the highs and lows for the last 4 days, it would typically not be affected by backadjustment.
You could also have a look at naked highs and naked lows - only displaying highs and lows that have not been taken out by price action.
You could apply a swing indicator that uses swing strength or minimum deviation to identify highs or lows. Everything is possible, but you need to decide which potential support and resistance levels you wish to display.
Great suggestion - did not think of the rollovers for Futures but very often I can see old levels being hit - regardless of the backadjustment. Some levels are 2 years old and are hit to the tick!
Naked highs and lows - will have a look at this one.
Worst case scenario - always can do it manually - but idea of the indicator sounds simple, if I could code it.
I just loaded the mkSupDemZones indicator and see something unexpected.
To show the problem I used a Range 1 tick chart.
It would seem that swing indicators should show swings on PRICE levels not BAR counts.
Most of the ones I've have checked all do the same thing as this one so it is not unique to mkSupDemZones.
I have the indicator set to show swing spans of 8.
I would think the swing would not be made until 8 ticks of price change AND a new high or low is detected.
However, most of the swing indicators show a swing when more than 8 bars are detected and a new high or low.
This seems like a bug? Or is it just not programmed to detect tick levels?
I guess I have just missed this before now.
Attached is an image.
The numbers above/below the swings are price levels from one swing to the next
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