# Profit target area

2438 4
Update.
- you can specify count of bars used to detect reversal pattern
- you can specify count of bars used to determine lowest or highest price to place support or resistance
- area between lines is filled by green - ascending, red - descending trend

- open position using stop command on S/R
- close position using limit command on retracement line
- close position when background colour indicates trend change

(erratum: last balloon on right should say "buy limit")
```study("Profit target area", overlay=true)
bars =input(title="Reversial pattern length (bars)", type=integer, defval=3, minval=1)
exbars = input(title="S/R detection (bars)", type=integer, defval=10, minval=1)
descent_cnt = high <= nz(high[1])?nz(descent_cnt[1])+1:0
ascent_cnt = low >= nz(low[1])?nz(ascent_cnt[1])+1:0
descent = descent_cnt >= bars
ascent = ascent_cnt >= bars
st = ascent?true:(descent?false:nz(st[1]))

h = st[1] and not st?highest(high,exbars):nz(h[1])
l = not st[1] and st?lowest(low,exbars):nz(l[1])
f = h - l
h38 = l + f/(1-0.382)
h62 = l + f/(1-0.618)
l38 = h - f/(1-0.382)
l62 = h - f/(1-0.618)

modeline = plot(st[0]?l:h,color=white,title="invisible plot", style=cross)
ph = plot(h,color=green, title="resistance")
pl = plot(l,color=red, title="support")
p3 = plot(h38, color=#80FF80, title="38% above")
p1 = plot(h62, color=#C0FFC0, title="62% above")
p2 = plot(l62, color=#FFC0FF, title="62% below")
p4 = plot(l38, color=#FF80FF,  title="38% below")
fill(p1,p3,color=#80FF80, transp=80,  title="62% above")
fill(p3,ph,color=#00FF00, transp=80,  title="38% above")
fill(p2,p4,color=#FF80FF, transp=80,  title="62% below")
fill(p4,pl,color=#FF00FF, transp=80,  title="38% below")
fill(ph,modeline,color=green, transp=90, title="going up")
fill(pl,modeline,color=red, transp=90, title="going down")

```

## Related Ideas

^ awesome indicator, thank you
A question about "close position using limit command on retracement line."
What is the retracement line?
Thanks
TonyCampbell
A line, where the price probably will start to retrace back. It is most upper or lower line (for 61,8% retracement) or second upper or lower line (for 38,2% retracement).
Really interesting. Thank you very much for sharing this tool with us. Here is my test of this indicator:

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter