SamRecio

Speed Diamond

SamRecio Premium Updated   
Speed Diamond allows the user to easily view their chosen price target in relation to the current price of the chart.
It displays a Diamond at the bar where the (theoretical) trade would have been entered and a line at the entry price.
Displayed on the line is the amount of bars it has taken to arrive at your price target (current price).

Price targets can be set in Percentage, Ticks, and Price.

This indicator was not developed to be predictive and is simply intended for reference.
A potential use case could be discovering potential support and resistance zones.

Release Notes:
Speed = Distance/Time
Distance = Price Target
Time = Bars to reach target.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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