Analysis of previous levels is one of the best strategies in order to get good entries or take profits levels. This analysis involves Monthly and Weekly Previous Levels and One User Definition Option. So u could select any period like Daily or even hours according to ur trading style. The previous levels are High and Low. And the Current (NOT PREVIOUS) open level.
This script also includes one Fibonacci Selector that will calculate the Fibbo level between previous High and Low Levels of the user selection. Almost everything could be modified in the input panel.
A detailed explanation of input settings:
• # Of Previous
• This option leads us to select the number of previous weeks, months, or the user selection back.
• Example: If we select Previous High, Low WEEKLY so if # Of previous is one is going to be the past levels but if is 2 so consequently 2 previous levels.
• In the case of 0 is going to be the actual levels
• Fibbo & Label Selector
Here we can select the period.
• Monthly, Weekly, And User Definition is available.
• Fibonacci Selector :
• Here we could choose between different levels of Fibonacci or No_Plot Option
• Label Offset
• Here we select the amount of distance between label and actual price
• Time Start
• Here we could highlight one period START and END like one Week start day and end day.
• User Definition Value in order to be more flexible.
Interesting Code Lines:
• Fibonacci function
getFib(a, b)=> fib1 = a + (b - a) * -0.618 fib2 = a + (b - a) * -0.270 fib3 = a + (b - a) * 0.114 fib4 = a + (b - a) * 0.214 fib5 = a + (b - a) * 0.382 fib6 = a + (b - a) * 0.500 fib7 = a + (b - a) * 0.618 fib8 = a + (b - a) * 0.786 fib9 = a + (b - a) * 0.886 ext_ = a + (b - a) * 1.270 ext1 = a + (b - a) * 1.618 [fib1, fib2, fib3, fib4, fib5, fib6, fib7, fib8, fib9, ext_, ext1]
• Exact Distance and % Distance
f_dist (_src, _src3) => float _dist = _src3 - _src float _perc = _dist / _src3 //* 100 [_dist, _perc]
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.
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