OPEN-SOURCE SCRIPT
Zen ATH Bands v1
## **Zen ATH Bands**
This indicator plots horizontal drawdown levels projected into the right-hand margin. It calculates percentage drops from a selected anchor point (ATH or Current Price) to identify key price levels.
### **Technical Features**
* **Dynamic ATH Tracking:** Automatically calculates the highest high in the chart's history without lookback limitations.
* **Non-Invasive Plotting:** Uses right-extended lines and labels to keep the price action history unobstructed.
* **Performance Optimized:** Only renders on the most recent bar to ensure zero impact on chart loading speeds.
---
### **Custom Options Explained**
#### **1. Reference (refMode)**
* **Option 1 (ATH):** Sets the anchor to the highest high ever recorded on the chart. All percentage bands are calculated as drops from this peak.
* **Option 0 (Last Price):** Sets the anchor to the current closing price. Useful for visualizing potential downside risk from the current market value.
#### **2. Right Offset (bars)**
* **Purpose:** Sets the horizontal distance between the current candle and the level labels.
* **Usage:** Increase this value (e.g., 50 or 100) if you use a wide chart layout or decrease it if you prefer labels closer to the price action.
#### **3. Percentage Band Toggles**
* **Included Tiers:** 2.5%, 5%, 10%, 15%, 20%, 25%, and 30%.
* **Function:** Each level can be individually enabled or disabled via checkboxes.
#### **4. Color Inputs**
* **Customization:** Each band has a dedicated color picker. This allows for high-contrast visibility regardless of whether you use a light or dark chart theme.
---
### **Indicator Inputs Table**
| Input Label | Default Value | Function |
| --- | --- | --- |
| **Reference** | 1 (ATH) | Toggle between All-Time High or Current Close as the calculation base. |
| **Right Offset** | 30 | Moves text labels X bars into the future margin. |
| **Show [X]%** | Enabled | Boolean toggle to show or hide specific percentage lines. |
| **[X]% Color** | Varies | Defines the color for the specific line and label. |
This indicator plots horizontal drawdown levels projected into the right-hand margin. It calculates percentage drops from a selected anchor point (ATH or Current Price) to identify key price levels.
### **Technical Features**
* **Dynamic ATH Tracking:** Automatically calculates the highest high in the chart's history without lookback limitations.
* **Non-Invasive Plotting:** Uses right-extended lines and labels to keep the price action history unobstructed.
* **Performance Optimized:** Only renders on the most recent bar to ensure zero impact on chart loading speeds.
---
### **Custom Options Explained**
#### **1. Reference (refMode)**
* **Option 1 (ATH):** Sets the anchor to the highest high ever recorded on the chart. All percentage bands are calculated as drops from this peak.
* **Option 0 (Last Price):** Sets the anchor to the current closing price. Useful for visualizing potential downside risk from the current market value.
#### **2. Right Offset (bars)**
* **Purpose:** Sets the horizontal distance between the current candle and the level labels.
* **Usage:** Increase this value (e.g., 50 or 100) if you use a wide chart layout or decrease it if you prefer labels closer to the price action.
#### **3. Percentage Band Toggles**
* **Included Tiers:** 2.5%, 5%, 10%, 15%, 20%, 25%, and 30%.
* **Function:** Each level can be individually enabled or disabled via checkboxes.
#### **4. Color Inputs**
* **Customization:** Each band has a dedicated color picker. This allows for high-contrast visibility regardless of whether you use a light or dark chart theme.
---
### **Indicator Inputs Table**
| Input Label | Default Value | Function |
| --- | --- | --- |
| **Reference** | 1 (ATH) | Toggle between All-Time High or Current Close as the calculation base. |
| **Right Offset** | 30 | Moves text labels X bars into the future margin. |
| **Show [X]%** | Enabled | Boolean toggle to show or hide specific percentage lines. |
| **[X]% Color** | Varies | Defines the color for the specific line and label. |
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.