Price Iterations with Pips

20 sept

*Script Name:* Price Iterations with Pips


*Description:* This script plots horizontal lines above and below a user-defined initial price, representing price iterations based on a specified number of pips.


*Functionality:*


1. Asks for user input:
- Initial Price
- Pips per Iteration
- Number of Iterations
2. Calculates the price change per pip.
3. Plots horizontal lines:
- Above the initial price (green)
- Below the initial price (red)
4. Extends lines dynamically to both sides.


*Use Cases:*


1. *Support and Resistance Levels:* Use the script to visualize potential support and resistance levels based on price iterations.
2. *Price Targets:* Set the initial price as a target and use the iterations to estimate potential profit/loss levels.
3. *Risk Management:* Utilize the script to visualize risk levels based on pip iterations.
4. *Technical Analysis:* Combine the script with other technical indicators to identify potential trading opportunities.


*Trading Platforms:* This script is designed for TradingView.


*How to Use:*


1. Add the script to your TradingView chart.
2. Set the initial price, pips per iteration, and number of iterations.
3. Adjust the colors and line styles as needed.
4. Zoom in/out and pan to see the lines adjust.


*Benefits:*


1. Visualize price iterations and potential support/resistance levels.
2. Simplify risk management and price target estimation.
3. Enhance technical analysis with customizable price levels.