TR FVG & Swing High Low FinderTR FVG & Swing Level Finder
Overview:
The TR FVG & Swing Level Finder is a powerful Pine Script indicator designed for traders who want to identify Fair Value Gaps (FVGs) and Swing Highs/Lows on their charts. This indicator combines two essential technical analysis tools into one, helping traders spot potential areas of support, resistance, and trend reversals. FVGs are price gaps that often act as areas of interest for price to return to, while swing highs and lows help identify key turning points in the market. The indicator is highly customizable, allowing users to adjust colors, limits, and display options to suit their trading style.
Key Features:
1: Fair Value Gap (FVG) Detection:
- Identifies Bullish FVGs: Occur when the high of two candles ago is lower than the low of the current candle, indicating a potential upward price movement.
- Identifies Bearish FVGs: Occur when the low of two candles ago is higher than the high of the current candle, indicating a potential downward price movement.
- Displays FVGs as colored boxes on the chart, with customizable border and fill colors based on the timeframe.
- Labels each FVG box with the corresponding timeframe (e.g., "1m FVG", "1h FVG", "Daily FVG").
2: Swing High and Swing Low Detection:
- Detects Swing Highs: A 3-candle pattern where the middle candle's high is higher than the highs of the candles on either side.
- Detects Swing Lows: A 3-candle pattern where the middle candle's low is lower than the lows of the candles on either side.
- Draws a solid black line with 50% opacity at each swing high and low, extending 5 bars to the right for better visibility.
- Adds a small Swing High or Swing Low label at the right end of each line, colored according to user-defined settings.
3: Timeframe-Specific FVG Visualization:
- FVGs are color-coded based on the chart's timeframe, making it easy to distinguish between FVGs on different timeframes.
- Each timeframe has its own fill color for bullish and bearish FVGs, with adjustable transparency for better chart clarity.
- A dashed black line is drawn in the middle of each FVG box to highlight the midpoint of the gap.
4: Customizable Display Options:
- FVG Limit: Control the maximum number of FVGs displayed on the chart (from 1 to 20).
- Extend Options for FVG Boxes:
- "None": FVG boxes extend only 2 bars to the right.
- "Limited": FVG boxes extend a user-defined number of candles to the right (1 to 100 candles).
- "Default": FVG boxes extend 3 bars to the right of the current bar.
- Color Customization:
- Set border colors for bullish and bearish FVGs.
- Adjust fill colors for FVGs on different timeframes (1m, 5m, 15m, 30m, 1h, 4h, Daily, Weekly, Monthly).
- Customize the colors of swing high and swing low labels.
5: Performance Optimization:
- The indicator only plots FVGs and swings on the last confirmed bar (barstate.islastconfirmedhistory), ensuring efficient performance and reducing chart clutter.
- Limits the number of displayed FVGs and swings to the user-defined fvgLimit, keeping the chart clean and focused on the most recent price action.
6: Inputs and Customization:
- Number of FVGs to Show (fvgLimit): Set the maximum number of FVGs and swings to display (default: 3, range: 1 to 20).
- Bullish FVG Border Color (bullishColor): Choose the border color for bullish FVGs (default: green).
- Bearish FVG Border Color (bearishColor): Choose the border color for bearish FVGs (default: red).
- Swing High Color (swingHighColor): Set the color for swing high labels (default: blue).
- Swing Low Color (swingLowColor): Set the color for swing low labels (default: purple).
- Extend Options:
- Extend Option (extendOption): Choose how far FVG boxes extend to the right ("None", "Limited", or "Default"; default: "Default").
- Extend Candles (extendCandles): If "Limited" is selected, specify the number of candles to extend FVG boxes (default: 8, range: 1 to 100).
- Timeframe-Specific Fill Colors:
- Customize fill colors for bullish and bearish FVGs on various timeframes (1m, 5m, 15m, 30m, 1h, 4h, Daily, Weekly, Monthly).
- Each fill color has a default transparency (e.g., 93% for most timeframes, 90% for 30m), which can be adjusted as needed.
How to Use:
1: Add the Indicator to Your Chart:
- Open TradingView, go to the Pine Editor, and paste the script.
- Click "Add to Chart" to apply the indicator to your current chart.
2: Adjust Settings:
- Open the indicator settings by clicking the gear icon next to the indicator name on your chart.
- Modify the inputs to suit your preferences:
- Set the number of FVGs and swings to display.
- Choose your preferred colors for FVGs and swings.
- Adjust the extend options for FVG boxes.
3: Interpret the Indicator:
- FVG Boxes: Look for colored boxes on the chart, which represent Fair Value Gaps. Bullish FVGs (green borders by default) suggest potential buying opportunities, while bearish FVGs (red borders by default) suggest potential selling opportunities. The label inside each box indicates the timeframe of the FVG.
- Swing Highs and Lows: Identify key turning points with solid black lines (50% opacity) at swing highs and lows. Each line extends 5 bars to the right, with an "SH" (Swing High) or "SL" (Swing Low) label at the end. Swing highs can act as resistance levels, while swing lows can act as support levels.
4: Combine with Your Strategy:
- Use FVGs to identify areas where price might return to fill the gap, often acting as support or resistance.
- Use swing highs and lows to spot potential trend reversals or to set stop-loss and take-profit levels.
- Combine the indicator with other tools (e.g., trendlines, moving averages) for a more comprehensive trading strategy.
Notes:
- The indicator works on all timeframes, but the appearance of FVGs and swings will vary depending on the chart's timeframe.
- For best results, use the indicator on a clean chart to avoid visual clutter, especially if you increase the fvgLimit.
- The swing high/low lines are drawn with 50% opacity to ensure they don’t overpower other chart elements, but they are still clearly visible.
Author’s Note:
This script was developed to help traders identify key price levels with ease. I hope it adds value to your trading! If you have any feedback or suggestions for improvement, feel free to leave a comment. Happy trading!
Unterstützung und Widerstand
Highest High Line with Multi-Timeframe Supertrend and RSIOverview:
This powerful indicator combines three essential elements for traders:
Highest High Line – Tracks the highest price over a customizable lookback period across different timeframes.
Multi-Timeframe Supertrend – Displays Supertrend values and trend directions for multiple timeframes simultaneously.
Relative Strength Index (RSI) – Shows RSI values across different timeframes for momentum analysis.
Features:
✅ Customizable Highest High Line:
Selectable timeframes: Daily, Weekly, Monthly, Quarterly, Yearly
Adjustable lookback period
✅ Multi-Timeframe Supertrend:
Supports 1min, 5min, 10min, 15min, 30min, 1H, Daily, Weekly, Monthly, Quarterly, Yearly
ATR-based calculation with configurable ATR period and multiplier
Identifies bullish (green) & bearish (red) trends
✅ Multi-Timeframe RSI:
Calculates RSI for the same timeframes as Supertrend
Overbought (≥70) and Oversold (≤30) signals with color coding
✅ Comprehensive Table Display:
A clean, structured table in the bottom-right corner
Displays Supertrend direction, value, and RSI for all timeframes
Helps traders quickly assess trend and momentum alignment
How to Use:
Use the Highest High Line to identify key resistance zones.
Confirm trend direction with Multi-Timeframe Supertrend.
Check RSI values to avoid overbought/oversold conditions before entering trades.
Align multiple timeframes for stronger confirmation of trend shifts.
Ideal For:
✅ Scalpers (lower timeframes: 1m–30m)
✅ Swing Traders (higher timeframes: 1H–D)
✅ Position Traders (Weekly, Monthly, Quarterly)
💡 Tip: Look for Supertrend & RSI confluence across multiple timeframes for higher probability setups.
Min-Max | Buy-Sell Alert with LevelsMin-Max | Buy-Sell Alert with Levels
Description:
The Min-Max | Buy-Sell Alert with Levels indicator is a powerful tool designed to help traders identify key levels of support and resistance based on the previous day's high and low prices. It plots horizontal lines for the previous day's minimum (Min) and maximum (Max) prices, along with four intermediate levels (Stop Loss 1 to Stop Loss 4) calculated as equal percentage steps between the Min and Max.
This indicator is perfect for traders who want to:
Identify potential entry points when the price returns within the Min-Max range.
Set stop-loss levels based on the calculated intermediate levels.
Receive alerts for buy, sell, and stop-loss conditions.
Key Features:
Previous Day's Min and Max Lines:
Automatically plots the Min (red line) and Max (green line) of the previous day.
These levels act as dynamic support and resistance zones.
Intermediate Stop Loss Levels:
Calculates and plots four intermediate levels (Stop Loss 1 to Stop Loss 4) between the Min and Max.
Each level is equally spaced, representing potential stop-loss or take-profit zones.
Customizable Alerts:
Buy Alert: Triggered when the price returns within the Min-Max range after breaking below the Min.
Sell Alert: Triggered when the price returns within the Min-Max range after breaking above the Max.
Stop Loss Alerts: Triggered when the price reaches any of the four intermediate levels (Stop Loss 1 to Stop Loss 4).
Customizable Appearance:
Adjust the thickness, color, and style (solid, dashed, dotted) of the lines.
Customize the colors of the Stop Loss labels for better visualization.
Labels on the Chart:
Displays "Buy" and "Sell" labels on the chart when the respective conditions are met.
Labels for Stop Loss levels are also displayed for easy reference.
How to Use:
Add the indicator to your chart.
Customize the settings (line colors, thickness, and alert preferences) in the indicator's settings panel.
Use the Min and Max lines as dynamic support and resistance levels.
Monitor the intermediate levels (Stop Loss 1 to Stop Loss 4) for potential stop-loss or take-profit zones.
Set up alerts for Buy, Sell, and Stop Loss conditions to stay informed about key price movements.
Why Use This Indicator?
Simple and Effective: Focuses on the most important levels from the previous day.
Customizable: Tailor the indicator to match your trading style and preferences.
Alerts: Never miss a trading opportunity with customizable alerts for key conditions.
Settings:
Line Thickness: Adjust the thickness of the Min, Max, and intermediate lines.
Line Colors: Customize the colors of the Min, Max, and intermediate lines.
Line Style: Choose between solid, dashed, or dotted lines.
Stop Loss Label Colors: Customize the colors of the Stop Loss labels.
Alerts: Enable or disable alerts for Buy, Sell, and Stop Loss conditions.
Ideal For:
Day traders and swing traders.
Traders who rely on support and resistance levels.
Anyone looking for a clear and customizable tool to identify key price levels.
Disclaimer:
This indicator is for educational and informational purposes only. It does not constitute financial advice. Always conduct your own analysis and trade responsibly.
Get Started Today!
Add the Min-Max | Buy-Sell Alert with Levels indicator to your chart and take your trading to the next level. Customize it to fit your strategy and never miss a key trading opportunity again!
Psych LevelWhat it shows:
This indicator will show a horizontal line at a psychological value which can be user defined. (Psychological values are round numbers, like 10,50,100,1000 and so on...)
At these Psychological value there are often limit orders placed for both buying and selling and can often act as support and resistances.
Therefore it is useful to pre-draw these levels beforehand and this indicator will speed up the process doing so by adjusting few different settings and draw them automatically.
How to use it:
At these Psychological value there are often limit orders placed for both buying and selling and can often act as support and resistances. This is often the case when you look at limit orders at such levels on bookmap or level 2 data.
At these psychological levels it can be set as a target of your trade or as risk levels when taking a trade in either of direction. Obviously this alone shouldn't dictate the trade you should take but can be a valuable info to supplement your trade.
On the chart it is clear to see these psychological level lines are acting as resistances/supports.
Key settings:
Interval: Interval levels will be drawn for, between the minimum and maximum values inputted by the user. Minimum value allowed is 1.
Min. value: Minimum value of Psychological level that will be drawn. Minimum value allowed is 1.
Max value: Maximum value of Psychological level that will be drawn. Minimum value allowed is 1.
Line colour: Colour of line drawn.
Line width: Width of line drawn.
Line style: Style of line drawn, either solid, dotted or dashed.
Label offset: Offset of where where label will be, measured from current bar. Offset of 0 will be drawn at current bar location, any positive number will move to the right by the set amount.
Text Colour: Colour of label text
Text size: Size of label text
Example: Chart here shows setting for minimum value as 100, maximum value as 140 and interval as 5. In this setting lines will be automatically drawn at: 100,105,110,115,120,125,130,145 and 140.
The flexibility of user defined max/min and interval values allows to be accommodated for price with different price tags, including stocks under $10.
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If anything is not clear please let me know!
Average Daily Range ProjectionsCreates a trailing high and low projection based on the Average Daily Range.
Track the Session High and Low to determine the Daily Range.
Average the Daily Range by a fixed Period to create an Average Daily Range .
Track the Prior Daily Range .
Track the Current Daily Range .
Track the % of Range completion relative to the CDR & ADR(P).
From the Session Low, project an Average Daily Range High by adding the ADR.
From the Session High, project an Average Daily Range Low by subtracting the ADR.
When %R reaches 100% or greater, the ADR HI & LO will lock, showing the range break out or break down. As the Session High and Low create the Daily Range, observe the reaction of price as it reaches the limit of the expected daily range.
On strongly trending days, CDR is likely greater than PDR and ADR(P). Price can break away.
On ranging days, %R may fail to reach 100% and CDR may be lesser than PDR and ADR(P). Price can bounce around within the bounds of ADR HI & LO.
MTF Fibonacci Pivots with Mandelbrot FractalsMTF Fibonacci Pivots with Mandelbrot Fractals: Advanced Market Structure Analysis
Overview
The MTF Fibonacci Pivots with Mandelbrot Fractals indicator represents a significant advancement in technical analysis by combining multi-timeframe Fibonacci pivot levels with sophisticated fractal pattern recognition. This powerful tool identifies key support and resistance zones while predicting potential price reversals with remarkable accuracy.
Key Capabilities
This indicator provides traders with three distinct layers of market structure analysis:
Automatic Timeframe Adaptation: The primary pivot set automatically adjusts to your chart's timeframe, ensuring relevant support and resistance levels for your specific trading horizon.
1-Year Fibonacci Pivots: The second layer displays yearly pivots that reveal long-term market cycles and institutional price levels that often act as significant reversal points.
3-Year Fibonacci Pivots: The third layer unveils major market structure zones that typically remain relevant for extended periods, offering strategic context for position trading and long-term investment decisions.
Predictive Technology
What truly distinguishes this indicator is its advanced predictive capability powered by:
Mandelbrot Fractal Pattern Recognition: The indicator implements a sophisticated fractal detection algorithm that identifies recurring price patterns across multiple timeframes. Unlike conventional fractal indicators, it incorporates noise filtering and adaptive sensitivity to market volatility.
Tesla's 3-6-9 Principle Integration: The system incorporates Nikola Tesla's mathematical principle through a cubic Mandelbrot equation (Z_{n+1} = Z_n^3 + C where Z_0 = 0), creating a unique approach to pattern recognition that aligns with natural market rhythms.
Historical Pattern Matching: When a current price pattern exhibits strong similarity to historical formations, the indicator generates predictive targets with confidence ratings. Each prediction undergoes rigorous validation against multiple parameters including trend alignment, volatility context, and mathematical coherence.
Visual Intelligence System
The indicator's visual presentation enhances trading decision-making through:
Confidence-Based Visualization: Predictions display with intuitive star ratings, percentage confidence scores, and contextual information including price movement magnitude and estimated time to target.
Adaptive Color Harmonization: The color system intelligently adjusts to provide optimal visibility while maintaining a professional appearance suitable for any chart setup.
Trend Alignment Indicators: Each prediction includes references to the broader trend context, helping traders avoid counter-trend trades unless the reversal signal carries exceptional strength.
Strategic Applications
This indicator excels in multiple trading scenarios:
Intraday Trading: Identify high-probability reversal zones with precise timing
Swing Trading: Anticipate significant market turns at key structural levels
Position Trading: Recognize major cycle shifts for strategic entry and exit
The automatic 1-year and 3-year Fibonacci pivots provide institutional-grade reference points that typically define major market movements. These longer timeframes reveal critical zones that might be invisible on shorter-term analysis, giving you a significant edge in understanding where price is likely to encounter substantial buying or selling pressure.
This innovative approach to market analysis combines classical Fibonacci mathematics with cutting-edge fractal theory to create a comprehensive market structure visualization system that illuminates both present support/resistance levels and future price targets with exceptional clarity.
Setting Up MTF Fibonacci Pivots with Mandelbrot Fractals
Initial Setup
Adding this indicator to your TradingView charts is straightforward:
Navigate to the "Indicators" button on your chart toolbar
Search for "MTF Fibonacci Pivots with Mandelbrot Fractals"
Select the indicator to add it to your chart
A configuration panel will appear with various setting categories
Recommended Settings
The indicator comes pre-configured with optimal default settings, but you may want to adjust them based on your trading style:
For Day Trading (Timeframes 1-minute to 1-hour)
Pivots Timeframe 1: Auto (automatically adapts to your chart)
Pivots Timeframe 2: Daily
Pivots Timeframe 3: Weekly
Fractal Sensitivity: 2-3
Fractal Lookback Period: 20
Prediction Strength: 2
Color Theme: High Contrast or Dark Mode
For Swing Trading (Timeframes 4-hour to Daily)
Pivots Timeframe 1: Daily
Pivots Timeframe 2: Weekly
Pivots Timeframe 3: Monthly
Fractal Sensitivity: 1-2
Fractal Lookback Period: 30
Prediction Strength: 2-3
Color Theme: Default or Dimmed
For Position Trading (Timeframes Daily to Weekly)
Pivots Timeframe 1: Weekly
Pivots Timeframe 2: Monthly
Pivots Timeframe 3: Quarterly
Fractal Sensitivity: 1
Fractal Lookback Period: 50
Prediction Strength: 1
Color Theme: Monochrome or Pastel
Restoring Default Settings
If you've adjusted settings and wish to return to the defaults:
Right-click on the indicator name on your chart
Select "Settings" from the context menu
In the settings dialog, look for the "Reset All" button at the bottom
Confirm the reset when prompted
Alternatively, you can remove the indicator and add it again for a fresh start with default settings.
Advanced Settings Guidance
Visual Appearance
Use Gradient Colors: Enable for better visual differentiation between pivot levels
Color Transparency: 15% provides an optimal balance between visibility and chart clutter
Line Width: 1-2 for cleaner charts, 3+ for enhanced visibility
Fractal Analysis
Enable Fractal Analysis: Keep enabled for prediction capabilities
Fractal Box Spacing: Higher values (5-10) for cleaner displays, lower values (1-3) for more signals
Maximum Forecast Bars: 20 is optimal for most timeframes, adjust higher for longer predictions
Performance Considerations
Enable Self-Optimization: Keep enabled to maintain smooth chart performance
Resource Priority: Use "Balanced" for most computers, "Performance" for older systems
Force Pivot Display: Enable only when checking specific historical periods
Common Setup Mistakes to Avoid
Setting all timeframes too close together (e.g., Daily, Daily, Weekly) reduces the multi-timeframe advantage
Using high fractal sensitivity (4+) on noisy markets creates excessive signals
Setting fractal box spacing too low causes cluttered prediction boxes
Disabling self-optimization may cause performance issues on complex charts
Using incompatible color themes for your chart background reduces visibility
The indicator's power comes from its default 1-year and 3-year Fibonacci pivot settings, which highlight institutional levels while the auto-timeframe setting adapts to your trading horizon. These carefully balanced defaults provide an excellent starting point for most traders.
For optimal results, I recommend making minimal adjustments at first, then gradually customizing settings as you become familiar with the indicator's behavior in your specific markets and timeframes.
Screenshots:
Breakout Support & Resistance SwiftEdgeBreakout Support & Resistance
The Breakout is a technical analysis tool designed to identify breakout opportunities in the market by detecting price movements through support and resistance levels. It plots potential entry points, stop-loss (SL), and take-profit (TP) levels based on user-defined percentages, helping traders visualize breakout setups on their charts.
How It Works
Support and Resistance Detection: The indicator uses pivot points to identify support and resistance levels over a user-defined lookback period.
Breakout Identification: A breakout is confirmed when the price crosses above a resistance level (bullish) or below a support level (bearish) and remains there for a specified number of bars.
Entry, SL, and TP Levels: Upon a confirmed breakout, the indicator sets an entry point at the closing price and calculates SL, TP1, and TP2 levels based on user-defined percentages.
Directional Filtering: To avoid conflicting signals, the indicator filters breakouts based on the current trade direction. A new entry in the opposite direction is only set if the price moves a user-defined percentage away from the previous entry or if the previous trade hits its SL, TP1, or TP2.
Visuals: The indicator plots support and resistance lines, breakout labels, and entry/SL/TP levels on the chart. Users can choose to display only the latest entry or up to 5 recent entries.
Features
Customizable Settings: Adjust the lookback period for pivot points, breakout confirmation bars, SL/TP percentages, and more.
Directional Change Control: A direction change is indicated when the price moves significantly in the opposite direction, helping to manage trend reversals.
Multiple Entry Display: Option to show up to 5 recent entries for tracking multiple breakouts.
Alerts: Receive alerts when a breakout is confirmed, including entry, SL, TP1, and TP2 levels.
Settings
Pivot Lookback Length: Number of bars to look back for identifying support and resistance levels (default: 5).
Breakout Confirmation Bars: Number of bars the price must stay above/below the level to confirm a breakout (default: 2).
Take Profit 1 (%): First take-profit level as a percentage above/below the entry (default: 2.0%).
Take Profit 2 (%): Second take-profit level as a percentage above/below the entry (default: 4.0%).
Stop Loss (%): Stop-loss level as a percentage below/above the entry (default: 1.0%).
Show Multiple Entries: Toggle to display up to 5 recent entries or only the latest (default: false).
Direction Change Threshold (%): Percentage the price must move away from the entry to allow a direction change (default: 2.0%).
How to Use
Add the Breakout Scanner to your chart.
Adjust the settings to match your trading style (e.g., tweak the pivot lookback or SL/TP percentages).
Watch for breakout labels ("Breakout") on the chart, indicating a confirmed breakout.
Use the plotted entry, SL, TP1, and TP2 levels to plan your trades.
Enable alerts to be notified of new breakouts in real-time.
Notes
This indicator is designed to assist with identifying breakout opportunities and does not guarantee specific results. Always combine it with other analysis and risk management techniques.
The direction change feature helps filter breakouts in the opposite direction, but significant price movements may still trigger a new entry in the opposite direction.
For best results, test the indicator on a demo account to understand its behavior in your preferred market and timeframe.
JL - DWM OHLCThis indicator plots the following price levels on your chart automatically AND will not show up if you are using a timeframe bigger than 60 minutes, 1 day, or 1 week.
Here are the price levels that are automatically plotted for you, and so you know the styling is different for Daily, Weekly, Monthly levels so you can easily distinguish between them:
- Prior Day: High / Low / Close
- Current Day: Open
- Prior Week: High / Low / Close
- Current Week: Open
- Prior Month: High / Low / Close
- Current Month: Open
These plots are timeframe dependent and will not plot on subsequently higher timeframes, here is how they work:
Daily Price Levels are only shown on timeframes that are smaller than 60 minutes.
Weekly Price Levels are only shown on timeframes smaller than 1 Day.
Monthly Price Levels are only shown on timeframes smaller than 1 Week.
This way, you can turn on the indicator and not have to think about turning off certain price levels if you switch to a larger / longer timeframe than what you typically use.
For example, Daily OHLC price levels will quickly clutter the 60 minute chart, and likely you don't need to know the HLC of the Prior Day if you are looking at the 60 minute chart. Therefor it may be helpful to automatically hide the Daily price level plots, and only show the Weekly and Monthly plots on the 60 minute timeframe.
I hope you find this indicator helpful, thanks for reading.
Machine Learning Trendlines Cluster [LuxAlgo]The ML Trendlines Cluster indicator allows traders to automatically identify trendlines using a machine learning algorithm based on k-means clustering and linear regression, highlighting trendlines from clustered prices.
For trader's convenience, trendlines can be filtered based on their slope, allowing them to filter out trendlines that are too horizontal, or instead keep them depending on the user-selected settings.
🔶 USAGE
Traders only need to set the number of trendlines (clusters) they want the tool to detect and the algorithm will do the rest.
By default the tool is set to detect 4 clusters over the last 500 bars, in the image above it is set to detect 10 clusters over the same period.
This approach only focuses on drawing trendlines from prices that share a common trading range, offering a unique perspective to traditional trendlines. Trendlines with a significant slope can highlight higher dispersion within its cluster.
🔹 Trendline Slope Filtering
Traders can filter trendlines by their slope to display only steep or flat trendlines relative to a user-defined threshold.
The image above shows the three different configurations of this feature:
Filtering disabled
Filter slopes above threshold
Filter slopes below threshold
🔶 DETAILS
K-means clustering is a popular machine-learning algorithm that finds observations in a data set that are similar to each other and places them in a group.
The process starts by randomly assigning each data point to an initial group and calculating the centroid for each. A centroid is the center of the group. K-means clustering forms the groups in such a way that the variances between the data points and the centroid of the cluster are minimized.
The trendlines are displayed according to the linear regression function calculated for each cluster.
🔶 SETTINGS
Window Size: Maximum number of bars to get data from
Clusters: Maximum number of clusters (trendlines) to detect
🔹 Optimization
Maximum Iteration Steps: Maximum loop iterations for cluster computation
🔹 Slope Filter
Threshold Multiplier: Multiplier applied to a volatility measure, higher multiplier equals higher threshold
Filter Slopes: Enable/Disable Trendline Slope Filtering, select to filter trendlines with slopes ABOVE or BELOW the threshold
🔹 Style
Upper Zone: Color to display in the top zone
Lower Zone: Color to display in the bottom zone
Lines: Style for the lines
Size: Line size
Price Levels by Market Cap (Manual)This indicator will forecast the price by marketcap. The crypto's current circulating supply should be inputted manually.
Initial BalanceInitial Balance Pro – Precision Trading with Market Open Dynamics
The Initial Balance Pro indicator is designed to provide traders with a clear, structured view of the market's opening price action, helping to identify key levels for intraday trading. It automatically calculates and plots the initial balance (IB) high and low, allowing traders to gauge early market sentiment and potential breakout zones.
Features:
✅ Customizable Initial Balance Period – Set your preferred IB range, whether the first 30, 60, or any custom minutes after market open.
✅ Breakout & Rejection Zones – Visually highlight key areas where price action may find support, resistance, or breakout opportunities.
✅ Midpoint & Extension Levels – Identify the IB midpoint and customizable extension levels to anticipate possible price targets.
✅ Session Flexibility – Works across various trading sessions, including pre-market and post-market hours.
✅ Alerts & Notifications – Get notified when price breaches IB levels, helping you stay ahead of key moves.
Why Use Initial Balance?
The initial balance is a fundamental concept in market profile analysis. Institutional traders often set their positions within this range, making it a crucial reference point for potential trend continuation or reversal. When price breaks above or below the IB, it can signal high-probability trade opportunities, especially when combined with volume and order flow analysis.
Perfect For:
📈 Futures & Forex Traders – Utilize the IB for breakout and mean-reversion strategies.
📊 Equity & Options Traders – Identify key levels for intraday momentum plays.
🔍 Price Action Traders – Improve trade execution with a structured market approach.
Optimize your intraday trading strategy with Initial Balance Pro , giving you a refined edge in market structure and price action analysis. 🚀
High and Low in a Given Date/Time RangeThis Pine Script v5 indicator plots horizontal lines at both the highest and lowest price levels reached within a user-defined date/time range.
Description:
Inputs:
The user specifies a start and an end date/time by providing the year, month, day, hour, and minute for each. These inputs are converted into timestamps based on the chart’s timezone.
How It Works:
Timestamp Conversion: The script converts the provided start and end dates/times into timestamps using the chart’s timezone.
Bar Check: It examines every bar and checks if the bar’s timestamp falls between the start and end timestamps.
Price Updates:
If a bar’s time is within the specified range, the indicator updates the highest price if the current bar's high exceeds the previously recorded high, and it updates the lowest price if the current bar's low is lower than the previously recorded low.
Drawing Lines:
A red horizontal line is drawn at the highest price, and a green horizontal line is drawn at the lowest price. Both lines start from the first bar in the range and extend dynamically to the current bar, updating as new high or low values are reached.
End of Range: Once a bar's time exceeds the end timestamp, the lines stop updating.
This tool offers a clear and straightforward way to monitor key price levels during a defined period without any extra fluff.
Highlight All Bars Matching Today's Weekday Across ChartThis indicator highlights all bars on the chart that correspond to the same weekday as today. It is designed to help traders identify recurring patterns or behaviors that may appear consistently on specific weekdays.
By visually marking these repeating days, traders can more easily observe potential time-based market tendencies and enhance pattern recognition in their analysis.
Smart Range Breakout - SwiftEdgeDescription:
The "Smart Range Breakout - SwiftEdge" indicator is a custom tool designed for identifying potential breakout opportunities on a 1-minute chart, with a focus on volatile markets like the DAX index. This script introduces a unique approach by combining range consolidation detection with volume confirmation and breakout validation, tailored for short-term trading strategies.
How It Works:
The indicator identifies consolidation periods where the price range (difference between the highest high and lowest low over a user-defined length) is below a multiple of the Average True Range (ATR). This helps detect periods of low volatility, which often precede breakouts.
Once a consolidation is confirmed (minimum number of bars), a green box is drawn on the chart, spanning a fixed length of bars (default 50), representing the potential breakout zone.
Breakouts are signaled only when a candle opens above the upper boundary (box top) or below the lower boundary (box bottom) of the consolidation box, ensuring a clear entry point based on price action at the open.
The script includes a volume filter, requiring volume to exceed a moving average by a specified multiplier, and a confirmation period to validate the breakout over consecutive bars.
To avoid signal clutter, only one breakout signal (up or down) is generated per box, and no further signals are issued until a new consolidation box is formed.
How to Use:
Apply the indicator to a 1-minute chart (optimized for DAX or similar volatile indices).
Adjust the "Consolidation Length" (default 5) to set the lookback period for detecting consolidation.
Modify the "Range Threshold (ATR Multiplier)" (default 2.0) to make the consolidation detection more or less strict based on market volatility.
Use "Minimum Consolidation Bars" (default 2) to set the minimum duration of a consolidation phase.
Tune "Confirmation Bars" (default 1) to require more bars to confirm the breakout.
Set "Volume MA Length" (default 5) and "Volume Multiplier" (default 1.1) to filter breakouts with insufficient volume.
Adjust "Max Box Length" (default 50) to control the duration of the breakout zone on the chart.
Look for green triangles below the chart for bullish breakouts and red triangles above for bearish breakouts, occurring when a candle opens outside the box with confirmed volume.
Originality:
This script stands out by integrating a fixed-length consolidation box with an opening-price breakout condition, combined with volume and multi-bar confirmation. Unlike traditional breakout indicators that rely solely on closing prices or simple price thresholds, this approach prioritizes the opening price and limits signals to one per cycle, reducing noise in volatile markets.
Chart Notes:
The accompanying chart displays the indicator's output with green boxes indicating consolidation zones, yellow dots marking consolidation periods, and green/red triangles for breakout signals. No additional scripts or unrelated drawings are included to ensure clarity.
Multi Swing Point ConnectionsMulti Swing Point Connections — Tool for custom Highs & Lows structure mapping. This indicator allows to create fully customizable connections between multiple types of swing points, offering advanced visual structure of price dynamics.
Features:
Dynamic Swing Detection using adjustable pivot period.
Connect up to 8 swing relationships, with individual controls for swing points: 🔴 Higher High, 🟠 Lower High, 🔵 Higher Low, 🟢 Lower Low
Countback customization (steps for historical/future reference)
Optional enabling/disabling per connection
Visual Structure Mapping with configurable line color and width.
Perfect for identifying key structure shifts
Mapping trending vs consolidating phases
Building your own internal order flow frameworks
Inputs:
Swing Period: Defines how many bars to the left/right are used to detect pivot highs/lows.
Line Customization: Adjust style, width and color for visual clarity.
Connection Parameters: Select which swing types to connect, and control how far back and forward to look when making the connection.
Connection Examples:
HH to LH - Mapping potential bearish transition. Often signals weakening bullish momentum and a potential bearish shift in structure.
LL to HL - Mapping potential bullish transition. Suggests buyers stepping in earlier and potential bullish momentum building.
HL to LH (or LH to HL) - these can indicate sideways structure — often in consolidating or compressing price action depending on custom steps.
HH to HH (or LL to LL) - Connecting successive HHs or LLs visualizes higher highs in uptrends or lower lows in downtrends — a classic trend-following perspective.
HL to HL (or LH to LH) - Connecting successive HLs (or LHs) can highlight the “internal” structure between impulse legs, often defining minor trend channels or short-term ranges within the larger trend.
Diamond PatternDiamond Pattern Indicator
This indicator is designed to detect the Diamond Pattern, a technical formation that often signals potential trend reversals. The diamond pattern can lead to strong price movements, making it a valuable tool for traders.
Features:
✅ Automatic Detection – Identifies diamond patterns on the chart.
✅ Trend Reversal Signals – Highlights potential price direction changes.
✅ Multi-Timeframe Compatibility – Works across all timeframes.
✅ User-Friendly – Simple to use with no complex settings required.
How to Use:
1. Add the indicator to your chart.
2. Monitor for the formation of a Diamond Pattern.
3. Use the breakout direction to guide your trading decisions.
Rally Base Drop SND Pivots [LuxAlgo]The Rally Base Drop SND Pivots indicator uses "Rally", "Base", and "Drop" Candles to determine pivot points at which supply and demand (SND) levels are drawn.
🔶 USAGE
Rally, Base, and Drop (RBD) candles create a formula for seeing market structure through a fixed methodology. We are able to use this concept to point out pivot areas where Rallies and Drops directly meet.
The RBD SND Pivots are similar to traditionally identified "fractal" pivot points, with one key difference.
RBD SND Pivots detect a specific number of Rally and Drop candles directly back-to-back, requiring one side of the pivot to contain entirely green candles and the other to be entirely red candles or vice versa.
Since these pivot levels are based on Rally, Base, and Drop candles, the method directly implements rigid logic to further structure a trading system when utilizing these pivot levels with traditional SND concepts.
Furthermore, by implementing this logic when looking for pivots, a significant portion of potential noise is naturally filtered out.
🔶 DETAILS
In typical SND systems, the term "Base" is used for multiple meanings.
In this indicator, the base is a product of a pivot being formed. Once a Pivot is identified, the "Base" is marked as the first Rally or Drop of the second half of the pivot formation.
Once the pivot is identified, the high or low of the base candle is used to measure the pivot level.
🔶 SETTINGS
Length: Sets the number of Rally and Drop Candles that the script will require to identify pivots.
Ex. "3" = 3 Rally followed by 3 Drop
Historical Lookback: Hides historic levels based on a bar # Lookback from the current bar.
When set to 0, all Levels will display. (0 by default)
Time-Weighted Price Action IndicatorThe Time-Weighted Price Action Indicator is a simple yet effective tool designed to detect consolidation zones based on time duration and highlight potential reversal points using a contrarian breakout logic. Instead of following traditional breakout strategies, this indicator aims to capitalize on false breakouts and reversal entries.
How It Works
• The indicator identifies a price range (zone) using a configurable lookback period.
• If the price remains within this range for a specified number of bars (threshold), a consolidation zone is confirmed.
• Once a breakout or breakdown from this zone occurs, the indicator triggers a reversed signal — suggesting a potential reversal instead of a trend-following entry.
• Support and resistance levels are marked visually, and BUY/SELL labels are plotted when price re-enters the zone, indicating potential exhaustion or traps.
Key Features
• ✅ Time-based consolidation detection
• ✅ Contrarian signal logic (Buy at breakdowns, Sell at breakouts)
• ✅ Dynamic zone plotting with support/resistance visualization
• ✅ Auto-reset after each breakout for fresh zone detection
• ✅ Visual labels and alerts for BUY/SELL signals
How to Use
• Ideal for range-bound markets or identifying trap zones around support/resistance.
• Use in conjunction with volume, momentum, or trend filters to refine entries.
• Can complement mean reversion strategies or be used as a signal confirmation tool.
Why This Combination?
This approach blends time-based consolidation logic with a contrarian price action perspective, offering traders a different lens to analyze markets. Instead of blindly following breakouts, it highlights areas where price rejections and false breakouts often occur — common in algorithm-driven markets.
Why It’s Worth Using
This indicator helps you stay ahead of trap zones, identify reversal spots, and understand price behavior in consolidation zones — a critical edge, especially in sideways or choppy markets. It adds context to price movement, helping traders avoid common breakout failures.
Note:
• No performance guarantees or exaggerated claims.
• No solicitation or promotional language used.
• This is a free, open-source educational tool meant to aid price action understanding.
Ehlers Instantaneous Trendline ATR LevelsOverview
This sophisticated technical analysis tool merges John Ehlers' cutting-edge Instantaneous Trendline methodology with a dynamic ATR-based bands system. The indicator is designed to provide traders with a comprehensive view of market trends while accounting for volatility, making it suitable for both trending and ranging markets. Works on all timeframes and chart types.
Key Features in Detail
1. Ehlers Instantaneous Trendline Implementation
- Advanced algorithm that reduces lag typically associated with moving averages
- Built-in volatility filtering system to minimize false signals
- Adaptive to market conditions through dynamic calculations
- Real-time trend direction identification
2. Multi-layered ATR Band System
- Hierarchical band structure with 18 total bands (9 upper, 9 lower)
- Color-coded visualization system:
Upper bands: Red gradient (darker = further from trendline)
Lower bands: Green gradient (darker = further from trendline)
Central trendline: Yellow for optimal visibility
- Customizable multipliers for each band level
- Independent visibility controls for each band
Configuration Options
Trendline Settings:
- Lower values: More responsive to price changes and faster reacting to break in ATR filter
- Higher values: Smoother trendline with less noise and slower reacting to break in ATR filter
ATR Configuration:
Period: Customizable from 1 to any positive integer
- Longer periods: More stable volatility measurement
- Shorter periods: More reactive to recent volatility changes
Filter Multiplier: Fine-tune volatility filtering
- Higher values: More filtered signals leading to less shift in bands
- Lower values: More sensitive to price movements leading to more band shifts
Practical Applications
1. Trend Analysis
Use the central trendline for primary trend direction
Monitor band crossovers for trend strength confirmation
Track price position relative to bands for trend context
2. Volatility Assessment
Band spacing indicates current market volatility
Width between bands helps identify consolidation vs. expansion phases
Price Extremes
3. Support and Resistance
Each band acts as a dynamic support/resistance level
Multiple timeframe analysis possible adjusting for different timeframe ATR
Advanced Session Profile Predictor with SR Boxes & ORAdvanced Session Profile Predictor with Momentum Arrows
Designed for intraday traders, this indicator analyzes price action across Asia, London, and New York sessions to predict market profiles and highlight key trading opportunities. By combining session-based profiling, Opening Range (OR) visualization, and momentum signals from Traders Dynamic Index (TDI), it offers a unique tool for anticipating trends, reversals, and breakouts. Ideal for forex, indices, and crypto on 15M–1H charts.
What Makes This Indicator Unique?
Unlike typical session indicators that only mark time zones or standard TDI scripts that focus on momentum, this tool:
Predicts market profiles (e.g., "Trend Continuation," "NY Manipulation") by analyzing session ranges and directional moves, offering actionable insights into how sessions interact.
Visualizes Opening Range (OR) boxes for the first 15 minutes of each session, helping traders spot early breakout levels.
Integrates TDI with momentum to generate precise bullish/bearish arrows, filtered by session context for improved reliability.
Simplifies decision-making with dynamic profile labels showing real-time long/short conditions based on price levels.
How Does It Work?
Session Tracking:
Asia (00:00–08:00 UTC, yellow), London (08:00–16:00 UTC, red), and New York (13:00–21:00 UTC, blue) sessions are highlighted with background colors and high/low lines (crosses).
OR boxes (first 15 minutes) are drawn for each session: yellow for Asia, red for London, blue for NY.
Profile Prediction:
Compares Asia and London session ranges and directions (e.g., trending if range > 1.5x 5-period SMA).
Examples:
Trend Continuation: Asia and London trend in the same direction—long above Asia high (uptrend) or short below Asia low (downtrend).
NY Manipulation: Asia trends, London consolidates—watch for NY breakouts at London high/low.
Displays the predicted profile and entry conditions in labels (e.g., "IF price hits 1.2000 LONG").
Momentum Arrows:
Uses TDI (RSI period 21, bands 34, fast MA 2) and 12-period momentum.
Green up arrow: Fast MA > upper band (>68) and momentum rising (bullish).
Red down arrow: Fast MA < lower band (<32) and momentum falling (bearish).
Support/Resistance (SR):
Plots dynamic SR boxes based on pivot highs/lows, filtered by volume (inspired by ChartPrime’s methodology, credited below).
How to Use It
Setup: Apply to a 15M–1H chart. Adjust time zone (default: UTC) and session times if needed. Customize TDI/momentum settings for sensitivity.
Trading:
Check the top-right labels for the current profile and entry conditions (e.g., "IF price hits LONG/SHORT").
Confirm entries with green up arrows (bullish) or red down arrows (bearish).
Use OR boxes and session high/low lines to identify breakout or reversal levels.
Example: In "NY Manipulation," wait for price to hit London high (long) or low (short) during NY session, confirmed by an arrow.
Best Markets: Forex (EUR/USD), indices (SPX500), crypto (BTC/USD) with sufficient intraday volatility.
Underlying Concepts
Session Profiling: Detects trends (range > SMA * threshold) and manipulation (e.g., London breaking Asia’s high/low) to predict NY behavior.
OR Boxes: Marks the first 15 minutes’ high/low as a breakout zone (time-based, 900,000 ms).
TDI + Momentum: Combines RSI-based bands with price change (close – close ) for momentum signals.
SR Boxes: Identifies pivots over a lookback period (default 20), scaled by ATR and filtered by volume thresholds.
Credits
The SR box logic is inspired by ChartPrime’s volume-filtered support/resistance methodology, adapted with custom breakout/hold detection. Original authors are credited for their foundational work.
Chart Setup
Displays session backgrounds, OR boxes, high/low lines, TDI arrows, and profile labels. Keep other indicators off for clarity.
BTC-USDT Liquidity Trend [Ajit Pandit]his script helps traders visualize trend direction and identify liquidity zones where price might react due to past pivot levels. The color-coded candles and extended pivot lines make it easier to spot support/resistance levels and potential breakout points.
Key Features:
1. Trend Detection Using EMA
Uses two EMA calculations to determine the trend:
emaValue: Standard EMA based on length1
correction: Adjusted price movement relative to EMA
Trend: Another EMA of the corrected value
Determines bullish (signalUp) and bearish (signalDn) signals when Trend crosses emaValue.
2. Candlestick Coloring Based on Trend
Candlesticks are colored:
Uptrend → Blue (up color)
Downtrend → Pink (dn color)
Neutral → No color
3. Liquidity Zones (Pivot Highs & Lows)
Identifies pivot highs and lows using a customizable pivot length.
Draws liquidity lines:
High pivot lines (Blue, adjustable width)
Low pivot lines (Pink, adjustable width)
Extends lines indefinitely until price breaks above/below the level.
Removes broken pivot levels dynamically.
ORB Sessions w/ MidlineORB Sessions with Midline – Customizable Opening Range Breakout Indicator
📌 Overview:
This indicator allows traders to visualize Opening Range Breakout (ORB) sessions with customizable high, low, and midline levels. It supports both predefined ORB sessions and user-defined custom sessions. The ORB levels update in real-time and are automatically hidden on higher timeframes.
🔹 Features:
✅ Predefined ORB Sessions – Toggle commonly used ORB periods to match your strategy.
✅ Custom ORB Sessions – Define up to three additional ORB sessions with custom start and end times.
✅ Live ORB Updates – ORB high, low, and midline update dynamically as bars close within the session.
✅ Customizable Colors & Labels – Set unique colors for high, midline, and low levels, and enable/disable price labels.
✅ Smart Timeframe Filtering – ORB lines automatically hide on higher timeframes when they exceed the ORB duration.
✅ Futures Market Adjustments – Automatically shifts ORB session times for NQ, ES, YM, RTY, and M2K to align with market hours.
🛠️ How to Use:
1️⃣ Enable ORB Sessions – Select which predefined sessions you want to track.
2️⃣ Customize Your Own ORBs – Define up to three custom ORB sessions with specific start and end times.
3️⃣ Adjust Visualization – Modify ORB colors and labels for better chart clarity.
4️⃣ Trade ORB Breakouts – Use these key levels to identify potential breakouts, reversals, and trend continuation setups.
Advanced Support and Resistance Levels[MAP]Advanced Support and Resistance Levels Indicator
Author
Developed by:
Overview
The "Advanced Support and Resistance Levels" indicator, created, is a sophisticated tool designed for TradingView's Pine Script v6 platform. It identifies and plots key support and resistance levels on a price chart, enhancing technical analysis by incorporating pivot strength, volume weighting, and level decay. The indicator overlays lines, zones, and labels on the chart, providing a visual representation of significant price levels where the market has historically reversed or consolidated.
Purpose
This indicator, authored by , aims to:
Detect significant pivot points (highs and lows) with customizable strength requirements.
Track and rank support/resistance levels based on their recency, volume, and number of touches.
Display these levels as lines and optional zones, with strength-based visual cues (e.g., line thickness and opacity).
Offer flexibility through user-configurable settings to adapt to different trading styles and market conditions.
Features
Pivot Detection:
Identifies high and low pivots using a strength parameter, requiring a specified number of bars on either side where no higher highs or lower lows occur.
Incorporates closing price checks and SMA-based trend confirmation to filter out noise and ensure pivots align with the broader market direction.
Level Management:
Maintains a dynamic array of levels with attributes: price, type (support/resistance), bars since last touch, strength, and volume.
Merges nearby levels within a tolerance percentage, updating prices with a strength-weighted average.
Prunes weaker or older levels when exceeding the maximum allowed, prioritizing those with higher calculated strength.
Strength Calculation:
Combines the number of touches (strength), volume (if enabled), and age decay (if enabled) into a single metric.
Volume weighting uses a logarithmic scale to emphasize high-volume pivots without over-amplifying extreme values.
Age decay reduces the importance of older levels over time, ensuring relevance to current price action.
Visualization:
Draws horizontal lines at each level, with thickness reflecting the number of touches (up to a user-defined maximum).
Optional price zones around levels, sized as a percentage of the price, to indicate areas of influence.
Labels display the level type (S for support, R for resistance), price, and strength score, with position (left or right) customizable.
Line opacity varies with strength, providing a visual hierarchy of level significance.
Plots small triangles at detected pivot points for reference.
Inputs
Lookback Period (lookback, default: 20): Number of bars to consider for trend confirmation via SMA. Range: 5–100.
Pivot Strength (strength, default: 2): Number of bars required on each side of a pivot to confirm it. Range: 1–10.
Price Tolerance % (tolerance, default: 0.5): Percentage range for merging similar levels. Range: 0.1–5.
Max Levels to Show (maxLevels, default: 10): Maximum number of levels displayed. Range: 2–50.
Zone Size % (zoneSizePercent, default: 0.1): Size of the S/R zone as a percentage of the price. Range: 0–1.
Line Width (lineWidth, default: 1): Maximum thickness of level lines. Range: 1–5.
Show Labels (showLabels, default: true): Toggle visibility of level labels.
Label Position (labelPos, default: "Right"): Position of labels ("Left" or "Right").
Level Strength Decay (levelDecay, default: true): Enable gradual reduction in strength for older levels.
Volume Weighting (volumeWeight, default: true): Incorporate volume into level strength calculations.
Support Color (supportColor, default: green): Color for support levels.
Resistance Color (resistColor, default: red): Color for resistance levels.
How It Works
Pivot Detection:
Checks for pivots only after enough bars (2 * strength) have passed.
A high pivot requires strength bars before and after with no higher highs or closes, and a short-term SMA above a long-term SMA.
A low pivot requires strength bars before and after with no lower lows or closes, and a short-term SMA below a long-term SMA.
Level Tracking:
New pivots create levels with initial strength and volume.
Existing levels within tolerance are updated: strength increases, volume takes the maximum value, and price adjusts via a weighted average.
Levels older than lookback * 4 bars with strength below 0.5 are removed.
If the number of levels exceeds maxLevels, the weakest (by calculated strength) are pruned using a selection sort algorithm.
Drawing:
Updates on the last confirmed bar or in real-time.
Lines extend lookback bars left and right from the current bar, with thickness based on touches.
Zones (if enabled) are drawn symmetrically around the level price.
Labels show detailed info, with opacity tied to strength.
Usage
Add to Chart: Apply the indicator to any TradingView chart via the Pine Script editor, as designed by .
Adjust Settings: Customize inputs to match your trading strategy (e.g., increase strength for stronger pivots, adjust tolerance for tighter level merging).
Interpret Levels: Focus on thicker, less transparent lines for stronger levels; use zones to identify potential reversal areas.
Combine with Other Tools: Pair with trend indicators or oscillators for confluence in trading decisions.
Notes
Performance: The indicator uses arrays and sorting, which may slow down on very long charts with many levels. Keep maxLevels reasonable for efficiency.
Accuracy: Enhanced by trend confirmation and volume weighting, making it more reliable than basic S/R indicators, thanks to 's design.
Limitations: Real-time updates may shift levels as new pivots form; historical levels are more stable.
Example Settings
For day trading: lookback=10, strength=1, tolerance=0.3, maxLevels=5.
For swing trading: lookback=50, strength=3, tolerance=0.7, maxLevels=10.
Credits
Author: – Creator of this advanced support and resistance tool, blending precision and customization for traders.
+ Stochastic S/R ZonesHey, all. I have a new indicator here that displays zones on your price chart where the stochastic oscillator has moved out of overbought or oversold back into the range of the indicator that is bounded by those two levels.
I know there are many support and resistance indicators on TradingView already, at least a couple of which use the RSI in a similar way as I am using the stochastic here, but I still believe this is a fairly novel interpretation of the stochastic, and it is, in my opinion, a better oscillator than the RSI to be used in this way.
In addition to the zones being plotted on the chart, the indicator also, optionally, can color candles or plot shapes above candles when the 50 line is crossed, so if you want to use this as a simple momentum indicator without desire of having the below chart indicator taking up screen space, you're pretty much covered on the typical signals you might want from it (with the exception of %K / %D crosses, but there are alerts for that).
Visually, it is a simple, clean indicator. There are the zones, and then candle colors or shapes if you opt to add those. These zones are actually drawn from the candle preceding the cross over or cross under. Reason for that is often times the candle of the cross is fairly impulsive and exiting a consolidation. That period of consolidation is what is important to highlight, at least as far as I am concerned. The zones themselves extend until they are broken by a candle. A support zone stops at the candle that closes below its low. Vice versa for a resistance zone.
Usage is fairly simple. All the standard stochastic inputs are available for you to adjust to your heart's content. Additionally, you can choose either the %K or %D line to use as the source from which the zones are drawn, candles are colored, and shapes are plotted. Not sure if this will matter to most people, but I figured it should be made available.
This should be obvious, but I feel it must be said, just because an oscillator (any oscillator) has exited overbought or oversold does not mean that there must be a reversal (or in the case of a trend pullback, continuation). The oscillator can always simply immediately move back into overbought/sold. Just because a support box prints does not mean you should mortgage your house on a long trade. In strong trends, and depending on your oscillator settings, the indicator might draw a box then only a couple of candles later break it, continuing on with the trend. This of course is telling you something, and you would be wise to listen. As with all things trading, context is important.
Here are a few extra screens for you.
I really hope you all like this. It's been ages since I've created anything new, and despite its simplicity and the few lines of code that make it up, it took a lot of work, as I am a poor coder.
Enjoy,
Scott
