Swing Support/Resistance with Volume [ClarifyChart]The "Swing Support/Resistance with Volume" indicator is a powerful tool designed for traders seeking to identify key levels of market structure along with the associated trading volume. By analyzing historical price action, it highlights swing highs and lows, marking potential support and resistance zones that are critical for technical analysis. The inclusion of volume data provides additional context, helping traders gauge the strength and significance of these zones.
Use Case
Support and Resistance Identification:
Highlights swing highs and lows, which are natural areas of support and resistance. These levels often act as key zones for price reversal, consolidation, or breakout.
Volume-Weighted Analysis:
The script incorporates the trading volume of swing points, giving traders insight into the participation and conviction behind these moves. Higher volume at a swing point indicates stronger support or resistance.
Decision-Making Tool:
Traders can use this indicator to plan entries and exits, set stop-loss levels, or identify high-probability areas for reversals.
Key Features
Swing Highs and Lows:
The script uses a customizable Swing Lookback input to identify pivot points. A higher lookback period focuses on significant swings, while a lower value captures smaller price fluctuations.
Visual Zones:
Support and resistance zones are plotted as shaded boxes, color-coded for easy differentiation.
Bullish Zones (swing highs) are teal.
Bearish Zones (swing lows) are red.
Volume Information:
Each zone displays the volume at its corresponding swing point, providing valuable context about market participation.
How It Works
High/Low Detection:
The script detects swing highs and lows using the ta.pivothigh and ta.pivotlow functions, based on the user-defined Swing Lookback period.
Volume Capture:
The volume at the candle corresponding to each swing high or low is recorded and displayed as text within the plotted zone.
Zone Creation:
For each identified swing, a shaded zone is drawn using the box and line functions. The height of the box is dynamically adjusted using the ATR (Average True Range) to account for market volatility.
Benefits
Enhanced Market Clarity:
Simplifies the identification of critical support and resistance levels.
Actionable Insights:
Helps traders assess the strength of these levels through volume.
Customizability:
Adjustable lookback period to fit different trading strategies and timeframes.
Flaws/Limitations
Static Zones:
The zones are based on past data and do not dynamically update with new price action.
Volume Interpretation:
High or low volume doesn’t inherently indicate direction; it requires additional confirmation.
Lookback Sensitivity:
The swing detection is reliant on the Swing Lookback parameter, which may need frequent adjustment depending on market conditions.
This indicator is a versatile tool for traders who value clean charts, robust support/resistance analysis, and the inclusion of volume as a decision-making factor. While it works well on its own, combining it with other indicators (e.g., trend indicators or oscillators) can further enhance its effectiveness.
Puntos pivote y niveles
Super ScriptIdentifies opening 10 minute opening range via white box
Identifies middle bollinger band via blue trend line
plots ATR pivot points via Buy/SELL signals.
Identifies strong/weak ADX signals via white triangles.
I use on 5 minute chart and enter once BLUE trend line crosses Above or Below white opening range horizontal lines.
Venmo @Matt-Hierseman for donations. Happy trading and lets make some money!
SpacemanBTC Key Levels + mr_coffeefe MC LevelsCombined the two common scripts that draw levels for the MC Community.
spacemanbtc Key Levels
mr_coffeefe MC Levels + my tweaks
Does not work on delayed charts.
MC Levels with ES NQ YM GCThis is a tweak to the script developed by mr_coffeefe
"This is a very simple indicator to draw multiple price levels or any kind of horizontal levels on your chart.
The input format is by default: 4550.00, 4575.25, 4580.25
The seperator can be changed in the settings.
Greetings to the MC family." - mr_coffeefe
updates by virtualquant: added dedicated fields for ES NQ YM GC for switching between symbols on same chart (lines 10-13 & 20) all other code is credit to mr_coffeefe
Does not work on delayed charts.
30% Rule ReversedThis exactly opposite of my 70% rule script . this tells you days when the price is at its weakest.
How ? it colors the bar red whenever the price closes below 30% of its bar/candle height.
Pivot Points & Golden Crossover Strategy by Rohan MhetrePivot Point Handling:
ta.valuewhen is used to fetch the most recent pivot highs/lows, ensuring no errors when referencing them.
Arrays are removed to simplify tracking pivot points.
Dynamic Plots:
Pivot points are plotted directly using plot with a style_circles visualization for clarity.
Entry and Exit Conditions:
Conditions now directly reference the pivot_high and pivot_low variables, ensuring compatibility.
Error-Free Execution:
Simplified the script to ensure no runtime errors related to unsupported functions or incorrect indexing.
Previous Day and Week Levels DDT//@version=5
indicator("Previous Day and Week Levels", overlay=true)
// Get the previous day's high, low, and close
previousDayHigh = request.security(syminfo.tickerid, "D", high )
previousDayLow = request.security(syminfo.tickerid, "D", low )
previousDayClose = request.security(syminfo.tickerid, "D", close )
// Get the previous week's high and low
previousWeekHigh = request.security(syminfo.tickerid, "W", high )
previousWeekLow = request.security(syminfo.tickerid, "W", low )
// Plotting the previous day's high, low, and close
plot(previousDayHigh, color=color.red, linewidth=2, title="Previous Day High", style=plot.style_line)
plot(previousDayLow, color=color.green, linewidth=2, title="Previous Day Low", style=plot.style_line)
plot(previousDayClose, color=color.blue, linewidth=2, title="Previous Day Close", style=plot.style_line)
// Plotting the previous week's high and low
plot(previousWeekHigh, color=color.purple, linewidth=2, title="Previous Week High", style=plot.style_line)
plot(previousWeekLow, color=color.orange, linewidth=2, title="Previous Week Low", style=plot.style_line)
// Optionally, add labels for visual clarity
label.new(bar_index, previousDayHigh, text="Prev Day High", color=color.red, style=label.style_label_up, yloc=yloc.abovebar)
label.new(bar_index, previousDayLow, text="Prev Day Low", color=color.green, style=label.style_label_down, yloc=yloc.belowbar)
label.new(bar_index, previousDayClose, text="Prev Day Close", color=color.blue, style=label.style_label_left, yloc=yloc.abovebar)
label.new(bar_index, previousWeekHigh, text="Prev Week High", color=color.purple, style=label.style_label_up, yloc=yloc.abovebar)
label.new(bar_index, previousWeekLow, text="Prev Week Low", color=color.orange, style=label.style_label_down, yloc=yloc.belowbar)
Fibonacci Snap Tool [TradersPro]
OVERVIEW
The Fibonacci Snap tool automatically snaps to the swing high and swing low of the price data shown on the chart display. Fibonacci retracement levels can be used for entry, exit, or as a confirmation of trend continuation.
If the swing high on the chart comes before the swing low, the price is in a downtrend.If the swing high comes after the swing low, the price is in an uptrend.
We call the 23.60% Fibonacci level the momentum zone of the trend. Price in a solid trend, either up or down, will typically hold the 23.60% Fibonacci level as support (demand) in an uptrend or resistance (supply) in a downtrend.
Deeper Fibonacci levels of 38.20%, 50.00%, and 61.80% are corrective supply/demand zones. As price moves against the found trend, it can move into this range block we call the corrective zone.
Fibonacci retracement levels are used to identify potential supply/demand areas where price could reverse or consolidate. These levels are based on key ratios derived from the Fibonacci sequence, and we only use the core 23.60%, 38.20%, 50.00%, and 61.80% ratios.
CONCEPTS
Price action moves in trend cycles, these retracement levels help traders measure proportional relationships between the high/low swings in the price trend.
When a price trend is moving against the trend, traders can find opportunities to trade with the current trend at key Fibonacci levels. Fibonacci levels can be used to anticipate where price might find supply/demand imbalance and continue moving in the trend direction.
Traders apply the indicator by selecting a window of price they want to analyze in the chart display, and the Fibonacci Snap tool will snap to the high and low of the visible price display.
The Intent and Use of This Tool
The 23.60% level acts as a momentum or continuation of trend. The 38.20% to 61.80% range are corrective zones of the trend.
The 61.80% level, also known as the golden ratio (Google the term “Golden Ratio”; it's fun), can often represent the location of supply/demand imbalance.
In an uptrend, it can represent the area of no more selling supply, and the balance can shift to buying demand. In a downtrend, it can represent the area of no more buying demand and the balance can shift to selling supply.
When used with the Momentum Zones indicator, these two tools create a powerful combination for traders to find, implement, and manage trades.
Teyfik In 7**Pine Script Kodunun Açıklaması**
Bu Pine Script, üç temel indikatör olan **Ichimoku Cloud**, **RSI**, ve **Supertrend** indikatörlerini bir araya getirerek basit ama etkili bir alım-satım stratejisi oluşturur. Kod, fiyat trendlerini, momentumu ve volatiliteyi bir arada analiz eder.
---
### **Kodun Detayları**
#### 1. **Ichimoku Bileşenleri**
- **Tenkan-sen (TK)**: Kısa vadeli fiyat trendini belirler.
```pinescript
TK = ta.sma(ta.lowest(TKlength) + ta.highest(TKlength), 2)
```
Bu, seçilen `TKlength` periyodundaki en düşük ve en yüksek değerlerin ortalamasıdır.
- **Kijun-sen (KJ)**: Orta vadeli fiyat trendini belirler.
```pinescript
KJ = ta.sma(ta.lowest(KJlength) + ta.highest(KJlength), 2)
```
Kijun-sen de aynı şekilde hesaplanır ancak daha uzun bir periyodu kapsar.
- **Senkou Span A (SA)**: Tenkan-sen ve Kijun-sen’in ortalaması.
```pinescript
SA = (TK + KJ) / 2
```
- **Senkou Span B (SB)**: Daha uzun bir dönemi kapsayan destek/direnç hattıdır.
```pinescript
SB = ta.sma(ta.lowest(SBlength) + ta.highest(SBlength), 2)
```
- **Chikou Span (CS)**: Fiyatın geçmiş performansını analiz eder.
```pinescript
CS = close
```
---
#### 2. **RSI (Relative Strength Index)**
- **RSI'nin Hesaplanması**:
```pinescript
rsi = ta.rsi(close, rsiLength)
```
RSI, fiyatın aşırı alım (70 üstü) ya da aşırı satım (30 altı) bölgelerinde olup olmadığını belirlemek için kullanılır.
- **Hangi Durumlarda Önemli?**
- **RSI < 30**: Piyasa aşırı satım bölgesinde, alım fırsatı olabilir.
- **RSI > 70**: Piyasa aşırı alım bölgesinde, satış fırsatı olabilir.
---
#### 3. **Supertrend**
- **Volatilite Hesaplaması (ATR)**:
```pinescript
atr = ta.atr(atrLength)
```
ATR, fiyatın ne kadar hareket ettiğini (volatilite) ölçer.
- **Supertrend Yön Belirleme**:
```pinescript
upTrend = close - (atr * atrMultiplier)
downTrend = close + (atr * atrMultiplier)
trend = close > ta.valuewhen(close < downTrend, upTrend, 0) ? 1 : close < ta.valuewhen(close > upTrend, downTrend, 0) ? -1 : na
```
- Eğer fiyat, düşüş seviyesinin üstündeyse trend pozitif (+1).
- Fiyat, yükseliş seviyesinin altındaysa trend negatif (-1).
---
#### 4. **Sinyaller**
- **Alım Sinyali**:
```pinescript
buySignal = trend == 1 and rsi < rsiOversold
```
- Trend pozitif (+1).
- RSI aşırı satım bölgesinde (< 30).
- **Satış Sinyali**:
```pinescript
sellSignal = trend == -1 and rsi > rsiOverbought
```
- Trend negatif (-1).
- RSI aşırı alım bölgesinde (> 70).
---
#### 5. **Grafik ve Görsel İşaretleme**
- **Ichimoku Çizgileri**:
```pinescript
plot(TK, color=color.blue, title="Tenkan-sen")
plot(KJ, color=color.red, title="Kijun-sen")
```
- **RSI Seviyeleri**:
```pinescript
hline(rsiOverbought, "RSI Overbought", color=color.red)
hline(rsiOversold, "RSI Oversold", color=color.green)
```
- **Alım ve Satış İşaretleri**:
```pinescript
plotshape(buySignal, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.labelup, text="Buy")
plotshape(sellSignal, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.labeldown, text="Sell")
```
---
### **Stratejinin Kullanımı**
Bu indikatör, aşağıdaki durumlarda kullanılabilir:
1. **Trend Teyidi**: Ichimoku ve Supertrend ile piyasanın yönünü belirler.
2. **Alım/Satım Sinyalleri**: RSI ve trend indikatörlerinden gelen sinyalleri birleştirerek giriş ve çıkış noktalarını tespit eder.
3. **Risk Azaltma**: Farklı indikatörlerin kombinasyonu, yanlış sinyalleri filtreleyerek daha güvenilir sonuçlar elde etmenize olanak sağlar.
Bu indikatörü TradingView üzerinde test ederek, stratejiyi optimize edebilir ve botunuzda kullanabilirsiniz. İhtiyacınız olursa daha fazla detaylı açıklama yapabilir veya stratejiyi geliştirebiliriz!
### Explanation of the Pine Script (English Version)
This Pine Script combines **Ichimoku Cloud**, **RSI (Relative Strength Index)**, and **Supertrend** indicators into a single, actionable strategy. It provides insights into market trends, momentum, and volatility, making it suitable for trading decisions.
---
### **Details of the Script**
#### 1. **Ichimoku Cloud Components**
- **Tenkan-sen (TK)**: Short-term trend indicator.
```pinescript
TK = ta.sma(ta.lowest(TKlength) + ta.highest(TKlength), 2)
```
- Represents the average of the highest high and lowest low over the `TKlength` period.
- **Kijun-sen (KJ)**: Medium-term trend indicator.
```pinescript
KJ = ta.sma(ta.lowest(KJlength) + ta.highest(KJlength), 2)
```
- Similar to Tenkan-sen but calculated over a longer period.
- **Senkou Span A (SA)**: Leading line calculated as the midpoint between Tenkan-sen and Kijun-sen.
```pinescript
SA = (TK + KJ) / 2
```
- **Senkou Span B (SB)**: The second leading line, representing longer-term support/resistance.
```pinescript
SB = ta.sma(ta.lowest(SBlength) + ta.highest(SBlength), 2)
```
- **Chikou Span (CS)**: Lagging line representing historical price movements.
```pinescript
CS = close
```
---
#### 2. **RSI (Relative Strength Index)**
- **Calculation of RSI**:
```pinescript
rsi = ta.rsi(close, rsiLength)
```
- RSI identifies overbought (above 70) and oversold (below 30) conditions.
- **Key Levels**:
- **RSI < 30**: Indicates oversold conditions and potential buying opportunities.
- **RSI > 70**: Indicates overbought conditions and potential selling opportunities.
---
#### 3. **Supertrend**
- **Volatility Calculation (ATR)**:
```pinescript
atr = ta.atr(atrLength)
```
- ATR measures the level of volatility in the market.
- **Supertrend Trend Detection**:
```pinescript
upTrend = close - (atr * atrMultiplier)
downTrend = close + (atr * atrMultiplier)
trend = close > ta.valuewhen(close < downTrend, upTrend, 0) ? 1 : close < ta.valuewhen(close > upTrend, downTrend, 0) ? -1 : na
```
- If the price is above the calculated "down trend" level, the trend is positive (+1).
- If the price is below the "up trend" level, the trend is negative (-1).
---
#### 4. **Buy and Sell Signals**
- **Buy Signal**:
```pinescript
buySignal = trend == 1 and rsi < rsiOversold
```
- Triggered when the trend is positive, and RSI is below the oversold level (30).
- **Sell Signal**:
```pinescript
sellSignal = trend == -1 and rsi > rsiOverbought
```
- Triggered when the trend is negative, and RSI is above the overbought level (70).
---
#### 5. **Visualization and Plotting**
- **Ichimoku Lines**:
```pinescript
plot(TK, color=color.blue, title="Tenkan-sen")
plot(KJ, color=color.red, title="Kijun-sen")
```
- **RSI Levels**:
```pinescript
hline(rsiOverbought, "RSI Overbought", color=color.red)
hline(rsiOversold, "RSI Oversold", color=color.green)
```
- **Buy and Sell Markers**:
```pinescript
plotshape(buySignal, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.labelup, text="Buy")
plotshape(sellSignal, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.labeldown, text="Sell")
```
---
### **Use Cases**
This indicator can be used for:
1. **Trend Confirmation**: Use Ichimoku Cloud and Supertrend to identify market direction.
2. **Buy/Sell Signals**: Combine RSI with trend indicators to determine entry and exit points.
3. **Risk Reduction**: By using multiple indicators, the script reduces false signals and provides more reliable trading insights.
---
### **Practical Example**
- When the RSI is below 30 (oversold) and the trend is positive, the script triggers a **Buy Signal**.
- When the RSI is above 70 (overbought) and the trend is negative, the script triggers a **Sell Signal**.
- The background color changes to green for positive trends and red for negative trends for better visualization.
This script is ready to be used in **TradingView**, and it is well-suited for crypto and stock trading. You can further customize or optimize it according to your trading preferences. Let me know if you need additional details or modifications!
Pairs trading[Maxxxz7]Pairs Trading
This script is designed to analyze and visualize the divergence or convergence of two selected financial instruments, making it an excellent tool for implementing a pairs trading strategy. Developed for the TradingView platform, it offers extensive customization options for analysis.
Key Features:
Asset Selection:
The first asset can be taken directly from the chart or specified manually.
The second asset is always selected manually.
Data Normalization:
Calculates the percentage change of both assets relative to their initial prices.
Includes an offset for better visual interpretation.
Visualization:
Plots normalized price charts for both assets.
Highlights crossovers between the assets.
Displays the spread (difference between normalized prices) graphically.
Alerts (Works only on the 30-minute timeframe):
Configurable thresholds to trigger alerts (e.g., when the difference is smaller or larger than a set value).
Alerts for crossovers of prices and exponential moving averages (EMA).
Dynamic Labels:
Automatically adds labels to mark key events: crossovers, critical spread values, and current price information.
EMA and Deviation Analysis:
Calculates EMA for each asset.
Alerts for EMA crossovers.
100s Level LinesPurpose of the Script
- Visualize Key Levels: The script highlights round-number levels (e.g., 100, 200, 300) automatically, making it easy to identify areas where price action might react.
- Improve Decision-Making: These levels can serve as benchmarks for entry, exit, stop-loss, or take-profit placement.
- Simplicity: Instead of manually drawing levels, the script dynamically updates to match the chart's price range.
Features of the Script
- Dynamic Level Calculation: The script calculates 100s levels based on the asset's current price range and plots lines above and below the visible chart area.
- Customizable Settings: Adjust line color, style (solid, dashed, or dotted), and width to suit your charting preferences.
- Auto-Scaling: Automatically adjusts to the chart's visible price range, ensuring plotted levels are always relevant.
- Labeling: Each line can optionally display its exact value (e.g., "1400," "1500") for easy reference.
- Performance Optimization: Efficient calculations ensure the script doesn’t slow down TradingView, even on volatile instruments like the US100.
How the Script Works
- The script detects the highest and lowest visible prices on the chart to define the range.
- Starting from the lowest 100-point increment within the visible range, the script calculates all 100-point levels up to the highest visible price.
- It plots horizontal lines across the chart for each calculated level.
- Optionally, labels can be added to display the value of each level.
How to Use the Script
- Copy the script code into the Pine Script editor in TradingView and apply it to your chart.
- Open the script settings to adjust line color, style, width, and label visibility.
- Use the plotted 100s levels as psychological support and resistance zones for trade entries, exits, and stop-loss or take-profit placement.
Example Use Cases
- Identify potential reversal points as the price approaches a 100s level in intraday trading.
- Confirm support or resistance zones on higher timeframes for swing trading setups.
- Use the levels to trail stop-losses during trending markets and lock in profits incrementally.
Customizable Options
- Line Color: Change the color of the horizontal lines.
- Line Style: Choose solid, dashed, or dotted lines.
- Line Width: Adjust the thickness of the lines for better visibility.
- Show Labels: Toggle price values on or off for each level.
Advantages
- Saves Time: Automatically plots levels, eliminating manual effort.
- Adaptable: Works on all timeframes and assets.
- Psychological Relevance: Highlights levels that align with trader psychology and market behavior.
Fractal Trail [UAlgo]The Fractal Trail is designed to identify and utilize Williams fractals as dynamic trailing stops. This tool serves traders by marking key fractal points on the chart and leveraging them to create adaptive stop-loss trails, enhancing risk management and trade decision-making.
Williams fractals are pivotal in identifying potential reversals and critical support/resistance levels. By plotting fractals dynamically and providing configurable options, this indicator allows for personalized adjustments based on the trader's strategy.
This script integrates both visual fractal markers and adjustable trailing stops, offering insights into market trends while catering to a wide variety of trading styles and timeframes.
🔶 Key Features
Williams Fractals Identification: The indicator marks Williams Fractals on the chart, which are significant highs and lows within a specified range. These fractals are crucial for identifying potential reversal points in the market.
Dynamic Trailing Stops: The indicator generates dynamic trailing stops based on the identified fractals. These stops adjust automatically as new fractals are formed, providing a responsive and adaptive approach to risk management.
Fractal Range: Users can specify the number of bars to the left and right for analyzing fractals, allowing for flexibility in identifying significant price points.
Trail Buffer Percentage: A percentage-based safety margin can be added between the fractal price and the trailing stop, providing additional control over risk management.
Trail Invalidation Source: Users can choose whether the trailing stop flips based on candle closing prices or the extreme points (high/low) of the candles.
Alerts and Notifications: The indicator provides alerts for when the price crosses the trailing stops, as well as when new Williams Fractals are confirmed. These alerts can be customized to fit the trader's notification preferences.
🔶 Interpreting the Indicator
Fractal Markers: The triangles above and below the bars indicate Williams Fractals. These markers help traders identify potential reversal points in the market.
Trailing Stops: The dynamic trailing stops are plotted as lines on the chart. These lines adjust based on the latest identified fractals, providing a visual representation of potential support and resistance levels.
Fill Colors: The optional fill colors between the trailing stops and the price action help traders quickly identify the current trend and potential pullback zones.
🔶 Disclaimer
Use with Caution: This indicator is provided for educational and informational purposes only and should not be considered as financial advice. Users should exercise caution and perform their own analysis before making trading decisions based on the indicator's signals.
Not Financial Advice: The information provided by this indicator does not constitute financial advice, and the creator (UAlgo) shall not be held responsible for any trading losses incurred as a result of using this indicator.
Backtesting Recommended: Traders are encouraged to backtest the indicator thoroughly on historical data before using it in live trading to assess its performance and suitability for their trading strategies.
Risk Management: Trading involves inherent risks, and users should implement proper risk management strategies, including but not limited to stop-loss orders and position sizing, to mitigate potential losses.
No Guarantees: The accuracy and reliability of the indicator's signals cannot be guaranteed, as they are based on historical price data and past performance may not be indicative of future results.
Detrended Price Oscillator [NexusSignals]Detrended Price Oscillator (DPO) is a detrended price oscillator, used in technical analysis, strips out price trends in an effort to estimate the length of price cycles from peak to peak or trough to trough.
DPO is not a momentum indicator, instead highlights peaks and troughs in price, which are used to estimate buy and sell points in line with the historical cycle. (cf. to investopedia)
DPO indicator made by NexusSignals components :
a filled area that allow users to see easy the trend of an asset;
a sma moving average on chart (default length is 20)
a 20 sma on oscillator, both ma's are color coded to show uptrend / downtrend
a donchian channel applied to the dpo to show breakouts, breakdowns and resistances/support, reversals
few alerts for price crossing above ma, cross above the 0 dpo line, and for cross above and below the donchian channels top and bottom
How you can use DPO indicator ?
The detrended price oscillator (DPO) can be used for measuring the distance between peaks and troughs in the indicator that may help traders to make future decisions as they can locate the most recent trough and determine when the next one may occur in the meassured distance on oscillator between peaks and troughs.
You can use the indicator to find the potential price reversals, for example when the price of an asset is in a bearish trend and the dpo is bouncing from the donchian channel bottom, that may be a potential swing low for that asset, same thing in a bullish trend when the dpo rejecting at top of donchian channel may be a trend reversal, a pullback or swing high.
When DPO is above the 0 trend is in an uptrend and when dpo is below the zero the asset is possible to move into a downtrend.
Also crosses of DPO above and below the DPO moving average may signalising a trend change.
Automatic Fibonacci Levels with EMAAutomatic Fibonacci Levels with EMA
Description:
This script automatically calculates and displays Fibonacci retracement levels based on the highest and lowest prices over a dynamic lookback period. The Fibonacci levels are recalculated on every bar to adapt to price changes, providing an ongoing analysis of key support and resistance areas.
The Fibonacci levels are dynamically colored to reflect the trend direction, determined by the position of the price relative to the Exponential Moving Average (EMA). When the market is in an uptrend (price above EMA), Fibonacci levels are displayed in green, and in a downtrend (price below EMA), they are shown in red. This color coding helps traders quickly identify the current market direction.
Key Features:
Dynamic Fibonacci Levels: Automatically adjusts Fibonacci retracement levels based on recent price action, recalculated with each new bar.
EMA Trend Confirmation: The trend is confirmed by the position of the price relative to the 20-period EMA. Fibonacci levels are color-coded to reflect this trend.
Customizable Lookback Period: Adjust the base lookback period (default 50) and scale it according to your preferred timeframe for more or less sensitivity to recent price action.
Flexible Fibonacci Duration: The Fibonacci levels remain on the chart for a customizable duration (default 2 bars), allowing for visual clarity while adapting to new price action.
Timeframe Scaling: The script automatically adjusts the lookback period based on a scaling factor, making it suitable for different timeframes.
How to Use:
Use the Fibonacci levels to identify potential support and resistance zones based on the market's current price range.
Combine the trend color coding with your own strategy to enhance decision-making, whether for long or short entries.
Adjust the Lookback Period and Fibonacci Duration based on your trading style and timeframe preferences.
This script provides an automatic and customizable way to visualize Fibonacci retracements in a dynamic manner, helping traders make informed decisions based on trend direction and key price levels.
Note: As with any trading tool, always use proper risk management and test the script before using it in live trading.
Tomorrow CPR & Next Week CPRThe "Tomorrow CPR & Next Week CPR" indicator is designed for traders who use CPR (Central Pivot Range) and Pivot Points to plan their intraday and swing trading strategies. It provides a comprehensive view of critical support and resistance levels, enabling better market predictions for tomorrow and the upcoming week.
Key Features:
Tomorrow’s CPR: Visualize the central pivot range (CPR) for the next trading day.
Next Weekly CPR: Plan your trades with CPR for the upcoming week.
Historical Data: Access historical daily and weekly CPR levels for back testing and analysis.
Additional Levels:
Previous day's high, low, and close for context.
Weekly high and low for broader market trends.
R3, S3, and other pivot levels for precise decision-making.
Customizable Settings: Toggle visibility for each feature to tailor the indicator to your trading style.
Who Should Use This Indicator?
This tool is ideal for intraday and swing traders who want to enhance their market analysis by incorporating CPR and pivot level insights.
Benefits:
Anticipate market movements with future CPR projections.
Identify key levels for potential reversals or breakouts.
Improve accuracy in trend prediction and risk management.
Disclaimer: This script is provided as is, and the user is responsible for their trading decisions. Always combine technical tools with other analyses for the best results.
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
License: This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org
Trading Rules for Effective Use
Identify the Trend
Use the plotted EMA (20, 200) to identify the broader market trend.
Bullish Trend: Price above the 200 EMA and CPR levels.
Bearish Trend: Price below the 200 EMA and CPR levels.
Entry Rules
Buy: Enter long positions when the price bounces off the support levels (S1/S2) or rises above the CPR levels with strong volume.
Sell: Enter short positions when the price rejects resistance levels (R1/R2) or falls below CPR levels with confirmation.
Stop Loss
For long trades, place the stop loss slightly below the nearest support (S1/S2).
For short trades, place the stop loss slightly above the nearest resistance (R1/R2).
Take Profit
Set target levels at the next resistance or support levels (R1, R2, or S1, S2).
Use R3 and S3 for extended targets on highly volatile days.
Avoid Trading in No-Trend Zones
Avoid initiating trades when price moves narrowly within the CPR range or lacks clear direction.
Use Weekly CPR for Swing Trades
Weekly CPR levels provide insight into broader market dynamics, ideal for swing trades.
Combine with Price Action
Look for confirmation signals such as candlestick patterns (e.g., pin bars, engulfing candles) or breakout retests near CPR, resistance, or support levels.
Time of Day
Focus on high-volume trading hours for better reliability (e.g., opening hours and post-lunch sessions in your market).
Thanks.
© TradingDirection
Four Supertrend By Baljit AujlaThis Pine Script is an implementation of a "Four Supertrend" indicator by Baljit Aujla. It calculates and plots four Supertrend indicators based on the Average True Range (ATR) method, allowing for different ATR periods and multipliers for each line.
Here is an explanation of the key components:
Inputs
1:- ATR Periods: Four different periods for ATR, adjustable by the user (defaults: 10, 11, 12, 13).
2:- ATR Multipliers: Four different multipliers for the ATR, adjustable by the user (defaults: 1.0, 2.0, 3.0, 4.0).
3:- Source: The data source used for calculation, default is the average of high and low prices (hl2).
4:- Change ATR Calculation Method: Option to switch between the traditional ATR and a simple moving average of true range (SMA of TR).
5:- Signal Display- Options to show buy/sell signals and highlight trends.
Logic:
The script computes four separate Supertrend lines using the ATR method for each line. For each of the four lines, it calculates an uptrend and downtrend threshold, and the trend direction changes when the close price crosses these thresholds.
For each trend line:
1. Uptrend and Downtrend Calculation: The script uses ATR-based bands above and below the price. The uptrend line is calculated by subtracting the ATR multiplied by a given multiplier from the source price, and the downtrend line is calculated by adding the ATR multiplied by a multiplier to the source price.
2. Trend Reversal Logic: The trend switches based on the price action relative to the uptrend and downtrend lines. If the price moves above the downtrend, it signals a switch to an uptrend, and vice versa for a downtrend.
3. Signal Generation: Buy signals occur when the trend changes from negative to positive (down to up), and sell signals occur when the trend changes from positive to negative (up to down).
Plots:
The script plots:
Uptrend and Downtrend Lines: These are visualized as green and red lines for each trend.
Buy/Sell Signals: Small circles are drawn on the chart when a trend change occurs (buy and sell signals).
Trend Highlighting: Background highlighting is applied to show when the market is in an uptrend (green) or downtrend (red).
Alerts:
The script has commented-out alert conditions (alertcondition), which can be enabled to send notifications when a buy or sell signal occurs, or when a trend change happens.
Enhancements:
1. Background Highlighting: This is an option to visually emphasize uptrends and downtrends by filling the background with respective colors.
2. Signal Visibility: You can toggle whether to show the buy/sell signals on the chart.
3. ATR Calculation Method: Option to change the ATR calculation method (using SMA of TR vs the default ATR).
The script is useful for identifying multi-timeframe trends with adjustable parameters and provides both signals and visual markers on the chart to aid in trading decisions.
Issues and Improvements:
The code seems to be truncated, specifically for the last Supertrend line (Line 4). To fully complete the functionality for the fourth line, the logic for up4, down4 and tread4 needs to be finished, similar to the other three lines.
Would you like help finishing the script for the fourth line or improving specific parts of it?
Double Top/Bottom [AlgoAlpha]Introducing the Double Top/Bottom Indicator by AlgoAlpha, a powerful tool designed to identify key reversal patterns in the market with precision. This indicator meticulously detects double tops and double bottoms, helping traders recognize potential trend reversals and make informed trading decisions.
Key Features:
🔍 Pattern Detection : Accurately identifies double top and double bottom formations based on customizable time horizons.
🎨 Customizable Appearance : Choose your preferred colors for bullish and bearish trends to match your trading style.
📊 Signal Labels : Option to display only the second pivot of the double top/bottom for a cleaner chart view.
🔧 Flexible Settings : Adjust the time horizon to control the look-back period, allowing for detection of both short-term and long-term patterns.
📈 Visual Enhancements : Draws trend lines and fills between pivotal points to visually highlight potential reversal zones.
🔔 Alerts : Set up alerts for potential double top and double bottom formations to stay informed of key market movements.
How to Use the Double Top/Bottom Indicator :
🛠 Add the Indicator : Simply add the Double Top/Bottom Indicator to your TradingView chart from your favorites. Customize the time horizon and appearance settings to fit your trading preferences.
📊 Analyze Patterns : Watch for the identified double top and double bottom patterns along with the corresponding trend lines and filled areas to anticipate potential market reversals.
🔔 Set Alerts : Enable alerts to receive notifications when double top or double bottom patterns are detected, ensuring you never miss a critical trading opportunity.
How It Works : The indicator scans the price action for pivot highs and lows within a specified time horizon, identifying potential double top and double bottom patterns. It maintains a sequence of these pivots and verifies the formation of these patterns based on the relationship between consecutive pivots and the proximity to a defined limit. When a double top or double bottom is confirmed, the indicator marks the second pivot point with a label and draws trend lines to visualize the reversal pattern. Additionally, it provides alert conditions to notify traders of potential confirmations, enhancing decision-making without cluttering the chart.
⚠️ Important Reminder : The labels indicating double tops and bottoms appear with a delay and are intended to mark the formations after they have already formed. They are not meant to be used as real-time trading signals. While they align perfectly with pivot points in hindsight, please use them as markers for analysis rather than immediate trading triggers.
Yakloft Support and Resistance LevelsYakloft Support and Resistance Levels Indicator
The Yakloft Support and Resistance Levels indicator is a powerful tool designed to help traders identify key support and resistance levels on a price chart. By leveraging advanced pivot point calculations and customizable settings, this indicator provides clear visual cues for potential price reversals and market trends.
Key Features
Automatic Support and Resistance Levels:
Dynamic Calculation: The indicator automatically identifies and plots significant support and resistance levels based on pivot highs and lows.
Customizable Strength: Adjust the S/R Strength parameter to filter levels according to their significance. Higher values display fewer but more robust levels.
Zones Around Levels:
Support and Resistance Zones: Create zones around each support and resistance level to highlight areas of interest rather than exact price points.
High/Low Zones: Plot zones around the highest and lowest price levels within a specified period, providing additional context for potential breakouts or reversals.
Zone Width Adjustment: Customize the width of the zones using the Zone Width % parameter, calculated as a percentage of the price range over the last 300 bars.
Line Styles and Fills:
Customizable Appearance: Modify line colors, styles (Solid, Dotted, Dashed), and widths to match your chart preferences.
Line Fills: Enhance visual clarity by filling zones with semi-transparent colors, making it easier to distinguish between support and resistance areas.
Dynamic Line Management:
Automatic Line Removal: To keep your chart uncluttered, the indicator removes a support or resistance line after the price crosses it twice. This feature helps you focus on the most relevant and current levels.
Expandable Lines:
Line Extension: Choose to extend lines both forward and backward in time with the Expand S/R Lines option, providing a comprehensive view of historical support and resistance.
How It Works
The indicator analyzes price data to identify pivot highs and lows over a specified lookback period. These pivot points are potential areas where the price may reverse or experience significant support or resistance. By filtering these points based on the S/R Strength parameter, the indicator ensures that only the most significant levels are displayed.
Once the levels are identified:
Support Levels: Plotted when the price shows potential to stop falling and possibly start rising.
Resistance Levels: Plotted when the price may stop rising and potentially start falling.
The indicator enhances these levels by:
Adding Zones: By creating a buffer around each level, traders can see areas where the price might interact with support or resistance, rather than focusing on a single price point.
Line Fills: The zones are filled with a semi-transparent color corresponding to support or resistance, improving visual distinction.
Input Parameters
Enable Support & Resistance: Toggle the entire indicator on or off.
Support Color: Choose the color for support lines and fills.
Resistance Color: Choose the color for resistance lines and fills.
S/R Strength: Set the sensitivity of level detection. Higher values result in fewer, more significant levels.
Line Style: Select the style of the support and resistance lines (Solid, Dotted, Dashed).
S/R Line Width: Adjust the thickness of the support and resistance lines.
Enable Zones: Toggle the display of zones around each level.
Enable High/Low Zones: Toggle the display of zones around the highest and lowest price levels.
Zone Width %: Define the width of the zones as a percentage of the price range over the last 300 bars.
Expand S/R Lines: Choose whether to extend the lines across the entire chart or limit them to recent data.
Using the Indicator
Identifying Key Levels:
Use the plotted support and resistance levels to identify potential entry and exit points.
Pay attention to the zones, as they represent areas where the price is more likely to react.
Monitoring Price Interaction:
Observe how the price behaves around the support and resistance levels.
The automatic removal of lines after two crossings helps focus on active levels.
Customizing for Clarity:
Adjust the visual settings to match your trading style and improve chart readability.
Experiment with the S/R Strength and Zone Width % to fine-tune the indicator to different market conditions.
Best Practices
Combine with Other Analysis Tools:
Use the indicator alongside other technical analysis tools like trend lines, moving averages, and oscillators for a more comprehensive market view.
Adjust for Different Timeframes:
The indicator works on various timeframes. Adjust the parameters when switching between short-term and long-term charts to maintain effectiveness.
Stay Updated with Market Conditions:
Market volatility can affect the significance of support and resistance levels. Regularly adjust the S/R Strength parameter to align with current market dynamics.
Limitations
Not a Standalone Solution:
While the indicator provides valuable insights, it should not be used in isolation. Always consider broader market analysis and risk management practices.
Historical Data Dependency:
The accuracy of the levels depends on the availability of sufficient historical data. Ensure your chart includes enough data for the indicator to perform effectively.
Zigzag3 -Invincible3Description:
Zigzag3 - Invincible3 is a powerful and flexible support and resistance indicator for TradingView. Utilizing an enhanced ZigZag algorithm and Dow Theory principles, it detects price pivots, higher highs (HH), lower highs (LH), higher lows (HL), and lower lows (LL). The indicator draws lines and labels to visualize these pivots, making it easier to identify market structure, trends, and potential reversal points.
The Length input allows traders to control the sensitivity of pivot detection.
Support and Resistance Lines:
Displays dotted and solid SR lines based on significant pivots to highlight key market zones.
Option to extend support/resistance lines dynamically with real-time progression for the latest pivot.
Labels for Dow Theory Points:
Mark higher highs, lower highs, higher lows, and lower lows with customizable colors.
Identifies market direction and potential breakout levels with visual clarity.
ZigZag Line Visualization:
Toggle the ZigZag lines to connect pivots for a better understanding of price movement.
Dynamic Dotted Line Progression:
A dotted line extends in real-time from the most recent significant pivot point, aiding in quick analysis.
This indicator is ideal for traders looking to analyze market structure, identify trends, and spot potential reversals. It can be used as a standalone tool or in combination with other strategies for enhanced precision.
Non-Psychological Levels🟩 Non-Psychological Levels is a structural analysis tool that segments price action into objective ranges, identifying Broken and Unbroken levels without relying on psychological or time-based assumptions. By emphasizing mechanically derived price behavior, it provides traders with a clear framework for analyzing support and resistance in a consistent and unbiased manner across various market conditions.
This indicator introduces a new approach to understanding market structure by focusing on price movement within defined segments, free from behavioral patterns, round numbers, or specific time intervals. While the indicator is time-agnostic in design, it works within the natural time progression of the chart, ensuring that segmentation aligns with the inherent structure of price movement. Broken levels, where price has breached a structural boundary, and Unbroken levels, which remain intact, are visualized with horizontal lines. These structural zones are complemented by dynamically boxed segments that contextualize both historical and ongoing price behavior.
By offering an objective perspective, the Non-Psychological Levels indicator complements psychology-based tools, helping traders explore market dynamics from multiple angles. When structural levels align with psychological zones, they reinforce critical price areas; when they differ, they provide opportunities to analyze price behavior from an alternative lens. This indicator is designed as both an educational framework and a practical tool, encouraging a deeper understanding of structural price behavior in technical analysis.
⭕ THEORY AND CONCEPT ⭕
The Non-Psychological Levels indicator is grounded in the principle of analyzing price behavior without reliance on psychological assumptions or time-based factors. Its primary purpose is to provide a structural framework for identifying support and resistance levels by focusing solely on price movement within mechanically defined segments. By removing external influences such as sentiment, time intervals, or market sessions, the indicator offers an unbiased lens through which traders can observe price dynamics.
Non-psychology, as defined here, refers to an approach that excludes behavioral and emotional patterns—like fear, greed, or herd mentality—from price analysis. Traditional tools often depend on these patterns to identify zones such as pivots or Fibonacci retracements, but these methods can be inconsistent in volatile markets. In contrast, the Non-Psychological Levels indicator focuses entirely on what price is doing, free from assumptions about trader behavior or external time constraints.
The indicator’s time-agnostic and mechanically driven design segments price action into consistent ranges, highlighting "Broken" levels (where price breaches structural boundaries) and "Unbroken" levels (where price holds). These structural zones remain unaffected by subjective or external influences, ensuring clarity and consistency across different markets and timeframes. By doing so, the indicator reveals a pure view of price structure, independent of psychological biases.
Importantly, the Non-Psychological Levels indicator is not intended to replace psychology-based tools but to complement them. When its structural levels align with psychological zones like round numbers or session highs/lows, the significance of these areas is reinforced. Conversely, when the levels differ, the contrast provides traders with alternative insights into market dynamics. This dual perspective—blending mechanical objectivity with behavioral analysis—enhances the depth and flexibility of market evaluation.
The following principles outline the theoretical foundation of the indicator and its unique contribution to structural price analysis:
Time-Agnostic Design : The indicator avoids reliance on time-based factors like daily opens, session intervals, or specific events. Instead, it segments price action using bar indexes, ensuring that structural levels are identified independently of external time variables. While the x-axis of a chart inherently represents time, this indicator abstracts away its influence, allowing traders to focus purely on price movement without the bias of temporal context.
Mechanical and Neutral Framework : Every calculation within the indicator is predetermined by a set of mechanical rules, ensuring no subjective input or interpretation affects the results. This objectivity guarantees that levels are derived solely from observed price behavior, providing a reliable framework that traders can trust to remain consistent across different assets, timeframes, and market conditions.
Broken and Unbroken Levels : Broken levels represent zones where price has breached a structural boundary, while Unbroken levels highlight areas where price has consistently respected its range. This distinction provides a clear and systematic method for identifying key support and resistance levels, offering insights into where future price interactions are most likely to occur.
Neutral Price Behavior : By dividing price action into equal segments, the indicator removes the influence of external factors like trader sentiment or psychological expectations. Each segment independently determines significant levels based purely on price action, enabling a structural view of the market that abstracts away behavioral or emotional biases.
Complement to Psychological Tools : While the indicator itself avoids behavioral assumptions, its levels can align with psychological zones like round numbers, pivots, or Fibonacci levels. When these structural and psychological levels overlap, it reinforces the importance of key areas, while divergences offer opportunities to examine price behavior from a new perspective.
Educational Value : The indicator encourages traders to explore the contrast between structural and psychological analysis. By introducing a framework that isolates price behavior from external influences, it challenges traditional methods of technical analysis, fostering deeper insights into market structure and behavior.
🔍 UNDERSTANDING STRUCTURAL LEVELS 🔍
The Non-Psychological Levels indicator offers a straightforward yet powerful way to understand market structure by segmenting price action into mechanically defined ranges. This segmentation highlights two key elements: "Broken" levels, where price has breached structural boundaries, and "Unbroken" levels, which remain intact and respected by price action. Together, these components create a framework for identifying potential areas of support and resistance.
Broken Levels : These are structural boundaries that price has surpassed, indicating areas where previous support or resistance failed. Broken levels often signal transitions in price behavior, such as shifts in momentum or the start of trending movements. They provide insight into zones where price has already tested and moved beyond.
Unbroken Levels : These levels remain intact within a given price segment, marking areas where price has consistently respected boundaries. Unbroken levels are particularly useful for identifying potential reversal points or zones of continued support or resistance. Their persistence across price action often makes them reliable indicators of market structure.
The visual segmentation of price action into distinct ranges allows traders to observe how price transitions between structural zones. For example:
- Clusters of Unbroken levels near the current price may suggest strong support or resistance, offering areas of interest for reversals or breakouts.
- Gaps between Unbroken levels highlight areas of price inefficiency or low interaction, which may become significant if revisited.
By focusing solely on structural price behavior, the Non-Psychological Levels indicator enables traders to analyze price independently of time or psychological factors. This makes it a valuable tool for understanding price dynamics objectively, whether used on its own or alongside other indicators.
🛠️ SETTINGS 🛠️
The Non-Psychological Levels indicator offers various customizable settings to help users tailor its visualization to their specific trading style and market conditions. These settings allow adjustments to sensitivity, level projection, and the source of price calculations (e.g., wicks or closing prices). Below, we outline each setting and its impact on the chart, along with examples to illustrate their functionality.
Custom Settings
Sensitivity : This setting adjusts the balance between detailed and broader structural levels by controlling the number of segments. Higher values result in more segments, revealing finer price levels, while lower values consolidate segments to highlight major price movements.
Source : Allows the user to choose between 'Wick' or 'Close' for detecting levels. Selecting 'Wick' emphasizes the absolute highs and lows of price action, while 'Close' focuses on closing prices within each segment.
Level Labels : Configures the visual representation of price levels, allowing users to toggle between price values, symbols (▲ ▼), or disabling labels altogether. This setting ensures clarity in how Broken and Unbroken levels are displayed on the chart.
Unbroken Levels : - - - Users can customize the colors and label styles for Unbroken levels, which highlight areas where price has respected structural boundaries.
Broken Levels : -|- Similar to Unbroken levels, users can specify the visual appearance of Broken levels, including color customization for Broken highs and lows. These settings help distinguish areas where price has breached a structural boundary.
Projection Options : This setting allows users to control how broken and unbroken levels are visually extended on the chart. The Future option projects lines forward to the right of the current price, showing potential future relevance of levels. The All option extends lines both forward and backward, providing a comprehensive view of how levels align with historical and potential future price action. The None option disables projections, keeping the chart focused solely on current segment levels without any extensions.
Segments : Includes options for customizing the segment visualization:
- Live Segment : Toggles the display of a highlighted box representing the current developing segment, helping users focus on ongoing price action.
- Boxes : Allows users to display filled boxes around each segment for additional visual emphasis.
- Segment Colors : Users can define separate colors for support (lower) and resistance (upper) segments, making it easier to interpret directional trends.
- Boundaries : Enables or disables vertical lines to mark segment boundaries, providing a clearer view of structural divisions.
Repaint : This setting allows users to enable or disable triangle labels within the live segment. When enabled, the triangles dynamically update to reflect real-time price behavior during the live bar but will repaint until the bar is fully confirmed. Disabling this option prevents the triangles from appearing during the live bar, reducing potential confusion as they may otherwise flash on and off during price updates. This setting ensures users can choose their preferred visualization while maintaining clarity in real-time analysis.
Color Settings : Offers extensive customization for all visual elements, including Broken and Unbroken levels, segment boundaries, and live segments. These settings ensure the indicator can adapt to individual preferences for chart readability.
🖼️ CHART EXAMPLES 🖼️
The following chart examples illustrate different configurations and features of the Non-Psychological Levels indicator. These examples highlight how the indicator’s settings influence the visualization of structural price behavior, helping traders understand its functionality in various scenarios.
Broken and Unbroken Levels : Orange prices are Broken HIghs. Blue prices are Broken Lows. Green and Red are Unbroken.
Boundaries : Enable Boundaries to visualize segments.
High Sensitivity Setting : A high sensitivity setting produces fewer segments and levels, emphasizing broader price ranges and major structural zones. This configuration is better suited for higher timeframes or identifying overarching trends.
Low Sensitivity Setting : A low sensitivity setting results in a greater number of segments and levels, offering a granular view of price structure. This configuration is ideal for analyzing detailed price movements on lower timeframes.
Live Segment with Triangles Enabled : This example shows the live segment box with triangle labels enabled. These triangles update dynamically during the live bar but may repaint until the bar is confirmed, helping traders observe real-time price behavior.
Broken and Unbroken Levels : This example highlights Broken levels (where price has breached structural boundaries and are drawn through subsequent price action) and Unbroken levels (where price has respected structural boundaries). These distinctions visually identify areas of potential support and resistance.
Broken and Unbroken Levels with Projection: All : This example demonstrates the "Project All" feature, where broken and unbroken levels are extended both forward and backward on the chart. This visualization highlights historical and potential future support and resistance zones, helping traders better understand how price interacts with these structural levels over time.
Segment Boxes with Boundaries : Filled boxes around individual segments visually distinguish each price interval, offering clarity in observing structural price transitions.
📊 SUMMARY 📊
The Non-Psychological Levels indicator provides a unique framework for analyzing structural price behavior through the identification of Broken and Unbroken levels. These levels act as a mechanical representation of support and resistance, independent of psychological biases or time-based factors. By focusing purely on price movement within defined segments, the indicator offers a neutral and consistent approach to understanding market dynamics.
This method complements traditional tools by providing an unbiased perspective. When structural levels align with psychological zones—such as round numbers or session-based highs and lows—they reinforce the significance of these areas as key price zones. When they diverge, the indicator introduces an alternative view, prompting further exploration of price behavior. This dual perspective enhances the depth of analysis by combining the mechanical and behavioral aspects of price action.
The Non-Psychological Levels indicator is not designed to generate trading signals or predict future price movements but serves as a visual and educational tool. Its adaptability across all markets and timeframes allows traders to integrate it into their broader strategies. By highlighting structural price dynamics, the indicator offers a fresh perspective on market analysis while remaining compatible with other technical tools.
⚙️ COMPATIBILITY AND LIMITATIONS ⚙️
Asset Compatibility :
The Non-Psychological Levels indicator is compatible with all asset classes, including cryptocurrencies, forex, stocks, and commodities. It can be applied to any chart or timeframe, making it a flexible tool for structural price analysis. Users should adjust the Sensitivity setting to ensure the segmentation aligns with the price behavior of the specific asset being analyzed. For instance, higher sensitivity values are more suitable for assets with large price ranges, while lower values work well for assets with tighter ranges.
Visual Range Dependency :
The indicator is optimized to perform calculations only within the visible range of the chart. This is a significant advantage, as it prevents unnecessary calculations and maintains efficient performance. However, because of this dependency, levels may appear to "recalculate" when the chart is zoomed in or out quickly or shifted abruptly. While this does not affect the integrity of the levels, it may cause a temporary lag as the indicator adjusts to the new visual range.
Persistence of Levels Beyond Visibility :
Even if levels are not visible on the chart due to zoom or scroll settings, they still exist in the background and are recalculated when revisited. This ensures that the structural price analysis remains consistent, regardless of the chart view.
Box Limitations in Pine Script :
The indicator is subject to Pine Script's inherent limitation of 500 boxes. This means that no more than 500 segments or level boxes can be drawn on the chart simultaneously. For most configurations, this limitation is mitigated by focusing on the visual range, but users employing very low sensitivity settings may exceed the limit. In such cases, only the most recent 500 boxes will be displayed, potentially omitting earlier segments.
Lag with Low Sensitivity Settings :
When sensitivity is set to a low value, the indicator creates many more segments, resulting in finer granularity and a higher number of boxes. While this provides detailed structural levels, it may increase the likelihood of exceeding Pine Script’s 500-box limit or cause a temporary lag when rendering a dense set of boxes over a wide visual range. Users should adjust sensitivity to balance detail with performance, especially on assets with high volatility or broad price ranges.
Live Segment Caution :
The live segment box updates in real time to reflect price movements as the segment is still developing. Since the segment high and segment low are not yet finalized, users should interpret this feature as a dynamic visualization of current price behavior rather than a definitive structural analysis. This ensures clarity during ongoing price action while maintaining the integrity of the indicator's framework.
Cross-Market Versatility :
The indicator’s time-agnostic and mechanical design ensures that it functions identically across all markets and timeframes. However, users should consider the unique characteristics of different markets when interpreting the results, as certain assets (e.g., highly volatile cryptocurrencies) may require sensitivity adjustments for optimal segmentation.
Visual Range Dependency: Levels recalculate efficiently within the chart's visible range but may lag temporarily when zooming or scrolling quickly.
These considerations ensure that the Non-Psychological Levels indicator remains robust and versatile while highlighting some inherent limitations of Pine Script and real-time recalculations. Users can mitigate these constraints by carefully adjusting sensitivity and understanding how the visual range dependency affects performance.
⚠️ DISCLAIMER ⚠️
The Non-Psychological Levels indicator is a visual analysis tool and is not designed as a predictive or trading signal indicator. Its primary purpose is to highlight structural price levels, providing an objective framework for understanding support and resistance within mechanically segmented price action.
The indicator operates within the visible range of the chart to ensure efficiency and adaptiveness, but this recalculation should not be interpreted as a forecast of future price behavior. While the structural levels may align with significant price zones in hindsight, they are purely a reflection of observed price dynamics and should not be used as standalone trading signals.
This indicator is intended as an educational and visual aid to complement other analysis methods. Users are encouraged to integrate it into a broader trading strategy and make adjustments to the settings based on their individual needs and market conditions.
🧠 BEYOND THE CODE 🧠
The Non-Psychological Levels indicator, like other xxattaxx indicators , is designed with education and community collaboration in mind. Its open-source nature encourages exploration, experimentation, and the development of new approaches to price analysis. By focusing on structural price behavior rather than psychological or time-based factors, this indicator introduces a fresh perspective for users to study.
Beyond its visual utility, the indicator serves as an educational framework for understanding the concept of non-psychological analysis. It offers traders an opportunity to explore price dynamics in a purely mechanical way, challenging conventional methods and fostering deeper insights into structural behavior. This approach is especially valuable for those interested in exploring new concepts or seeking alternative perspectives on market analysis.
Your comments, suggestions, and discussions are invaluable in shaping the future of this project. We actively encourage your feedback and contributions, which will directly help us refine and improve the Non-Psychological Levels indicator. We look forward to seeing the creative ways in which you use and enhance this tool. MVS
ORB Screener with Trailing SLThis is an extension to our already published script ORB with ATR Trailing SL indicator
Many people requested to add screener to the existing indicator but since it's slowing down the performance heavily, we decided to add this as a separate screener.
Note: This screener does NOT plot the chart and so you want to have both plotting and screener, use both scripts together.
Overview:
The ORB Screener is a TradingView indicator designed to assist traders in identifying breakout opportunities based on the Opening Range Breakout (ORB) strategy. It features multi-symbol screening, customizable session timeframes, and a detailed table for quick visual reference and stock scanning.
The ORB Screener utilizes the ORB strategy to calculate breakout levels for multiple symbols. It identifies the high and low during a specified session (e.g., first 5 minutes after market open) and provides insights on whether the price is above the high (bullish), below the low (bearish), or between the range (neutral).
Additionally, the script calculates and displays the RSI values for each symbol, aiding traders in assessing momentum alongside breakout status.
Note: One can add up to 40 symbols for screening the stocks.
Key Features and Inputs:
ORB Session Time: Define a specific timeframe (e.g., "0915-0920") during which the ORB high and low are calculated. This serves as the foundation for identifying breakouts.
Multi-Symbol Screening: Screen up to 40 symbols at once, enabling you to monitor multiple opportunities without switching charts.
Breakout Validation:
Select from two methods for confirming a breakout: Close (based on closing prices) or Touch (based on intraday highs/lows).
Breakout Status Indicators:
Above High: Indicates a current bullish breakout when the price exceeds the ORB high.
Below Low: Indicates a current bearish breakout when the price falls below the ORB low.
Between Range: Indicates no breakout (price remains within the range).
RSI Integration : Calculates the RSI for each symbol to help traders evaluate momentum alongside breakout signals.
Customizable Table Display:
Position: Place the data table at the top, middle, or bottom of the chart and align it left, center, or right.
Size: Choose from multiple table size options for optimal visibility (Auto, Huge, Large, Normal, Small, Tiny).
Visual Feedback:
Green Background: Indicates a breakout happened at least once above the ORB high.
Red Background: Indicates a breakout happened at least once below the ORB low.
Gray Background: Indicates price is within the ORB range.
Previous Day Percentage LevelsAdds small trend lines at 25%, 50% and 75% levels from the low to the high of the previous day.
Percent % Change Since Specific Date / TimeFUNCTIONS
- User specified Date/Time of importance
- Calculate the percent change since user input date/time to current price
- Plot a line at user input date/time
USAGE
You want to see how much price has changed since a certain important date/time.
Example important date: Trump win, FED rate change, Earnings, etc.
