Sweetspot Gold RN - by JustUncleL

4. Aug. 2017

This is an alternate version of "Sweetspot Gold R4" that does not use sublevels. Removing the sublevels allows more efficient use of the plots (TV script has a limit of 64 plot calls).

• This works well for all currency pairs I've tested, most commodities, and most stocks.
  
• The indicator plots the so called "round price levels" or "00" levels. For example, 1.4000, 1.4400, 1.4500.
  
• It automatically calculates the levels for each chart time frame. Optionally you can manually select main level size (in pips)
  

Use this indicator as a guidance to a better mapping of Support/Resistance levels on the chart. Next time you draw Support/Resistance lines, if they coincide with round price levels, you have got a excellent S/R level to work with!

5. Aug. 2017

Versionshinweise

Update to improve the Automated RN for indices and commodities.

• Modified the way the estimate for centreline is calculated.
  
• Modified levels calculation to improve finding correct RN for Indices and commodities.
  
• Added code to move centreline up to prevent negative RN values lines.
  

6. Aug. 2017

Versionshinweise

Small enhancement:

• Modified estimate for centre line so that it is always occurs on a "000" line. This means the "000" labels (ZH3000,ZH2000,etc) will always have "000" values. This is handy when you want to manually highlight the bigger RNs.
  

12. Dez. 2019

Versionshinweise

• Simplify centre line calculation, just use last completed candle average price. This speeds up the script a bit.
  
• Convert to V4 Pinescript.
  
• Change line coloring.
  
• Added max_bars_back=200 to "study" parameters to try and prevent the occasional "index out of depth" error. Also change maxval=200 for centreline length.