When a stock is decending in value, I try to incorporate a Stoch. and RSI indicator plot to establish an oversold condition, as well as visually scan past chart history to try and establish a strong support level that coinsides close with the oversold condition my indicators tell me. My question would then be which takes more importance, the number of common highs in the history, or the number of common closes? 

Then for resistance, I'd look for the opposite, being the overbought in the indicators, and common lows or opens. Which is more important, the opens and closes, or the lows and highs?

Of course, this leads to my next question, depending on the outcome in the above question. Depending on where a stock is trading and direction of movement at the moment, is there an indicator or condition formula that looks back at history and defines the strongest and closest support or resistance level? Then just to make things more complicated, I suppose the days volumn plays on the strength of the level.  I currently try to plot a horizontal line over common history points to find a support / resistance level. It sure would be nice if there was a formula that would take into consideration all the points in the history and come up with the strongest level, second level, etc. My apology, if my question is too elementary, I'm still in that steep learning curve!

One possible "Indicator" is Volume at Price. It shows grren and red bars which indicate areas of Support and Resistance weighted by volume

From the Help File

Volume at Price

The horizontal bars represent the volume a stock traded at each price level for the time period displayed on the chart. In addition, the bars are colored to show you how much volume was positive (green) and how much was negative (red). You can edit the positive and negative volume colors as well as the opacity of the Volume at Price indicator.

Thank you bcochrane for the input. That is an interesting twist.