Question

TTR has some excellent TA indicators. Is there a package or function that calculates and charts different types of Support and resistance levels? Preferably a probability distribution
for the likely support and resistance levels

Answer 1

Here’s an example to follow up on my comment.

Calculate pivots using monthly data. Each month, use the Support and Resistance calculated from the previous month’s data. (Of course, it doesn’t have to be monthly pivots with daily data. You could use daily pivots, and an intraday price series)

library(quantmod)
getSymbols("SPY", from="2010-05-01", to="2012-06-15")
mSPY <- to.monthly(SPY, drop.time=TRUE)
# pivots() is excluded from the TTR build because it uses quantmod functions,
# but you can still get it from GitHub by running:
#source("https://raw.githubusercontent.com/joshuaulrich/TTR/master/R/pivots.R")
piv <- lag(pivots(mSPY, lagts=FALSE))
#merge, and fill forward pivot values so that there is a value for each day
dat <- cbind(SPY, piv)
dat[, 7:11] <- na.locf(dat[, 7:11])
chartSeries(OHLC(SPY), theme='white')
addTA(dat$S1, on=1, col='lightblue')
addTA(dat$S2, on=1, col='blue')
addTA(dat$R1, on=1, col='pink')
addTA(dat$R2, on=1, col='red')

That will produce:

Donchian Channels could also be seen as support and resistance

chartSeries(OHLC(SPY), theme='white')
dc <- lag(DonchianChannel(cbind(Hi(SPY), Lo(SPY))))
addTA(dc$low, on=1, col='blue')
addTA(dc$high, on=1, col='red')