e2e4mfck

[e2] Absolute Retracement

Absolute Retracement is a tool to obtain support and resistance levels.
It is designed for macro-level support and resistance and should be used on daily, weekly or monthly timeframes.


Instructions
1. Define the Reference Point

There are 4 methods to define reference point and start initialization of the script:
 - All Time Low / All Time High : The script is looking for the lowest low / highest high on entire history
 - Manual Low / Manual High : The user should define the reference point manually using the Previous Reference Point option

IMPORTANT NOTE: The correct reference point is:
 - the level at which prices have not exceeded during past 12-18 months
 - the All Time High / Low level

2. Level Calculation
There are 3 methods of level calculation for All Time Low and Manual Low modes (Fibonacci, Tribonacci,Tetranacci Sequence Calculator)
 - Fibonacci  sequence with the initialization numbers: {1, 1.61803 (Fibonacci Constant)}
 - Tribonacci sequence with the initialization numbers: {0, 1, 1.83929 (Tribonacci Constant)}
 - Tetranacci sequence with the initialization numbers: {0, 0, 1, 1.92756 (Tetranacci Constant)} 

The All Time High and Manual High modes use the Fibonacci Retracement logic and calculates 7 levels derived from the Fibonacci Constant (Golden ratio - 1.61803) (Fibonacci slicer)

3. Visualization
 - Different gradient modes (Color Gradient Function)
 - Option to show the Sequence Details (Sequence's name and number, factor)
 - Option to change the Sequence's level color (white, black, gradient) and turn off the label background
 - Move the reference point's label to the latest bar

All Time Low and Manual Low examples:

All Time High examples:

Disclaimer
The DeMark Indicators® are a collection of registered trademarks protected by U.S. trademark law. They all belong to Market Studies, LCC .
This study makes no commercial use of the trademarks. This script is for educational use and the implementation of DeMark Indicators© concepts (such as TD Absolute Retracement) is based on my interpretation from the books “The New Science of Technical Analysis” and “DeMark on Day-Trading Options” by Tom Demark .
Versionshinweise: Major Update:
- Option to show all 3 sequences simultaneously (All Time Low and Manual Low Modes).
- Option to show only 0.618 and 0.382 Retracements (All Time High and Manual High Modes).
- Updated styling options for reference point selector (Manual Low and Manual High Modes).
- 3 additional gradient options.
- Sequence details hidden in tooltips by default.
Versionshinweise: .
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?
Pisces swimming through the river
All their life against the stream
Searching for a hook to catch on
And see their sun beam
Then suffocate in painful tortures
On cutting tables of callous men
Under a knife of handsome butchers
Emeralds are ripped away

Kommentare

500 Coins
+3 Antworten
This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
+5 Antworten
e2e4mfck PineCoders
@PineCoders, Much appreciated! Thx.
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this script didn't work for me. I cannot see any lines. Only thing I could encounter was numbers.
+2 Antworten
e2e4mfck coinreferral
@coinreferral, The render engine will load the lines only if both reference points are loaded on the chart. This, however, won't mess up the script and the levels will be calculated correctly. Scroll the chart to the left until you'll see the reference point, try with higher timeframes first.
Antworten
Exceptional work, thank you so much for sharing this!
+2 Antworten
e2e4mfck allanster
@allanster, Thx, your welcome ;)
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Hi, excellent work e2! I applied it to the weekly of EURUSD and it flattens the price, so it looks like the scaling is not right. Tried resetting the chart, and it does not resolve it. Any ideas? Again, thank you, reviewing your code is helpful to me in learning what can be done in version 4 of pinescript.
+1 Antworten
e2e4mfck dgmtrader
@dgmtrader, Hi, thx! This tool is not supposed to be applied on "oscillating" assets like currencies, it was designed for stocks and indices.
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dgmtrader e2e4mfck
@e2e4mfck, makes sense, thanks again!
+2 Antworten