This indicator shows multiple Bands with prices corresponding to specified overbought/oversold levels.
It is used to extrapolate the exact price levels currently matching a given set of levels based on prior price/ levels action.
You can think of it as a reverse where levels are moving dynamically around the price instead of price bouncing between straight lines.
- 6+6 = 12 customizable Overbought(R)/Oversold(S) Levels + 6 Mean(M) lines
- Multicolor levels/fill ranges
- Show/Hide specific S/R/M levels and fill ranges
1. uses plot*, fill and is based on RSIBANDS_LB
Good Luck! Feel free to explore and learn from the code
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.