PROTECTED SOURCE SCRIPT
Day trading volume based levels by Vhatkar
Aktualisiert
This script identifies dynamic support and resistance levels based on volume and price action analysis. It uses a unique algorithm that combines volume force calculations with pivot points to determine key levels where price is likely to react.
Originality and Usefulness:
Innovative Volume Force Calculation: The script calculates upforce and downforce based on volume and price movement, providing a novel insight into buying and selling pressure. Unlike traditional volume indicators, this approach offers a more nuanced understanding of market dynamics.
Dynamic Pivot Points: Pivot points are dynamically adjusted based on volume force and highest high calculations, unlike conventional static pivot points. This makes the levels more responsive to real-time market conditions, offering traders a competitive edge.
Adaptive Target Levels: The script sets target and stop prices for both long and short positions, with adjustable percentages based on the chosen timeframe. This feature is particularly useful for day traders looking for precise entry and exit points.
Unique Timeframe Adjustments: The script includes specific adjustments for different timeframes (e.g., 15m, 30m, 60m), optimizing the support and resistance levels for day trading strategies. This adaptability is not commonly found in existing open-source scripts.
Volume-Weighted Adjustments: The integration of VWAP (Volume-Weighted Average Price) into the volume force calculation adds an extra layer of accuracy, helping traders make more informed decisions.
Comprehensive Visual Representation: The script offers clear visual plots of entry, target, and stop levels, along with color-coded fill areas that indicate different target zones. This visual clarity enhances user experience and decision-making.
Unique Features Compared to Open-Source Scripts:
Advanced Volume Force Algorithm: While many open-source scripts rely solely on price action or basic volume indicators, this script integrates a sophisticated volume force algorithm. This unique approach allows traders to identify more accurate support and resistance levels based on real market activity.
Dynamic and Adaptive Pivot Points: Unlike traditional open-source scripts that use static pivot points, this script dynamically adjusts pivot points based on the highest high and volume force. This dynamic adjustment provides a more precise and adaptable analysis suitable for various market conditions.
Integrated VWAP Calculation: Incorporating VWAP into volume force calculations adds an extra dimension of accuracy, allowing for more reliable trading signals. This feature differentiates the script from simpler open-source alternatives that may not include such advanced calculations.
How to Use:
Apply the Script: Add the "Vhatkar Dynamic S/R Levels" script to your chart. Make sure your chart has volume data as the script relies on volume calculations.
Select Timeframe: The script is designed for day trading timeframes such as 5m, 15m, and 30m. Ensure you are using one of these timeframes for optimal performance.
Adjust Parameters:
Target Lines: Set the number of target lines using the SLRange input. Increase the count if fewer lines are visible or decrease if too many lines are cluttering the chart.
Interpreting Signals:
Long Entries: When the close price is above the pivot point, the script plots potential long entry points and target levels (TP1, TP2, TP3) as well as a stop-loss level.
Short Entries: When the close price is below the pivot point, the script plots potential short entry points and target levels (TP1, TP2, TP3) as well as a stop-loss level.
Visual Aids: Use the color-coded fill areas to quickly identify target zones and stop levels.
Trade Management: Utilize the plotted entry, target, and stop levels to manage your trades. Adjust your trading strategy based on the levels provided by the script.
Usage:
Designed for day trading on timeframes such as 5m, 15m, and 30m.
Provides clear visual plots of entry, target, and stop levels.
Offers flexibility with adjustable parameters to suit different trading styles.
Originality and Usefulness:
Innovative Volume Force Calculation: The script calculates upforce and downforce based on volume and price movement, providing a novel insight into buying and selling pressure. Unlike traditional volume indicators, this approach offers a more nuanced understanding of market dynamics.
Dynamic Pivot Points: Pivot points are dynamically adjusted based on volume force and highest high calculations, unlike conventional static pivot points. This makes the levels more responsive to real-time market conditions, offering traders a competitive edge.
Adaptive Target Levels: The script sets target and stop prices for both long and short positions, with adjustable percentages based on the chosen timeframe. This feature is particularly useful for day traders looking for precise entry and exit points.
Unique Timeframe Adjustments: The script includes specific adjustments for different timeframes (e.g., 15m, 30m, 60m), optimizing the support and resistance levels for day trading strategies. This adaptability is not commonly found in existing open-source scripts.
Volume-Weighted Adjustments: The integration of VWAP (Volume-Weighted Average Price) into the volume force calculation adds an extra layer of accuracy, helping traders make more informed decisions.
Comprehensive Visual Representation: The script offers clear visual plots of entry, target, and stop levels, along with color-coded fill areas that indicate different target zones. This visual clarity enhances user experience and decision-making.
Unique Features Compared to Open-Source Scripts:
Advanced Volume Force Algorithm: While many open-source scripts rely solely on price action or basic volume indicators, this script integrates a sophisticated volume force algorithm. This unique approach allows traders to identify more accurate support and resistance levels based on real market activity.
Dynamic and Adaptive Pivot Points: Unlike traditional open-source scripts that use static pivot points, this script dynamically adjusts pivot points based on the highest high and volume force. This dynamic adjustment provides a more precise and adaptable analysis suitable for various market conditions.
Integrated VWAP Calculation: Incorporating VWAP into volume force calculations adds an extra dimension of accuracy, allowing for more reliable trading signals. This feature differentiates the script from simpler open-source alternatives that may not include such advanced calculations.
How to Use:
Apply the Script: Add the "Vhatkar Dynamic S/R Levels" script to your chart. Make sure your chart has volume data as the script relies on volume calculations.
Select Timeframe: The script is designed for day trading timeframes such as 5m, 15m, and 30m. Ensure you are using one of these timeframes for optimal performance.
Adjust Parameters:
Target Lines: Set the number of target lines using the SLRange input. Increase the count if fewer lines are visible or decrease if too many lines are cluttering the chart.
Interpreting Signals:
Long Entries: When the close price is above the pivot point, the script plots potential long entry points and target levels (TP1, TP2, TP3) as well as a stop-loss level.
Short Entries: When the close price is below the pivot point, the script plots potential short entry points and target levels (TP1, TP2, TP3) as well as a stop-loss level.
Visual Aids: Use the color-coded fill areas to quickly identify target zones and stop levels.
Trade Management: Utilize the plotted entry, target, and stop levels to manage your trades. Adjust your trading strategy based on the levels provided by the script.
Usage:
Designed for day trading on timeframes such as 5m, 15m, and 30m.
Provides clear visual plots of entry, target, and stop levels.
Offers flexibility with adjustable parameters to suit different trading styles.
Versionshinweise
Whats New in v1.1 :- Added sideways market zone
- fixed the scaling issue for indicator when scale price chart only is not selected
- increased the version number
How to use sideways market zone:
1. You can avoid it completely as price will hit stop loss again n again.
2. If sideways range is too big then you use it for smart entry as,
1. Blue Zone : Market will try to go long if it breaks the zone most of times
2. Red Zone : Market will try to go down if it breaks the zone most of times
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.