Cheap horizontal levels on chart
idea is: When spread is low and volume is high, then price is well accepted and will be retested in future. Areas without such "market efficiency" will be passed fast without stopping or rejected.
idea is: When spread is low and volume is high, then price is well accepted and will be retested in future. Areas without such "market efficiency" will be passed fast without stopping or rejected.
study(title="Market Effectivity area", shorttitle="MEffA", overlay=true) std_len = input(80, minval=5, title='Deviation lenght') thresshold = input(400, minval=100, title='Thresshold') / 100 line_color = #eeeeff area_color = #7777ff area_transp = 87 highvol = volume > stdev(volume, std_len) * thresshold top = highvol ? high : top[1] bottom = highvol ? low : bottom[1] tl = plot(top, color=line_color, style=circles) bl = plot(bottom, color=line_color, style=circles) fill(tl, bl, color=area_color, transp=area_transp) // echo t_1 = top[1] != top ? top[1] : t_1[1] b_1 = bottom[1] != bottom ? bottom[1] : b_1[1] tl_1 = plot(t_1, color=line_color, style=circles) bl_1 = plot(b_1, color=line_color, style=circles) fill(tl_1, bl_1, color=area_color, transp=area_transp+1) t_2 = t_1[1] != t_1 ? t_1[1] : t_2[1] b_2 = b_1[1] != b_1 ? b_1[1] : b_2[1] tl_2 = plot(t_2, color=line_color, style=circles) bl_2 = plot(b_2, color=line_color, style=circles) fill(tl_2, bl_2, color=area_color, transp=area_transp+1) t_3 = t_2[1] != t_2 ? t_2[1] : t_3[1] b_3 = b_2[1] != b_2 ? b_2[1] : b_3[1] tl_3 = plot(t_3, color=line_color, style=circles) bl_3 = plot(b_3, color=line_color, style=circles) fill(tl_3, bl_3, color=area_color, transp=area_transp+2) t_4 = t_3[1] != t_3 ? t_3[1] : t_4[1] b_4 = b_3[1] != b_3 ? b_3[1] : b_4[1] tl_4 = plot(t_4, color=line_color, style=circles) bl_4 = plot(b_4, color=line_color, style=circles) fill(tl_4, bl_4, color=area_color, transp=area_transp+2) t_5 = t_4[1] != t_4 ? t_4[1] : t_5[1] b_5 = b_4[1] != b_4 ? b_4[1] : b_5[1] tl_5 = plot(t_5, color=line_color, style=circles) bl_5 = plot(b_5, color=line_color, style=circles) fill(tl_5, bl_5, color=area_color, transp=area_transp+3) t_6 = t_5[1] != t_5 ? t_5[1] : t_6[1] b_6 = b_5[1] != b_5 ? b_5[1] : b_6[1] tl_6 = plot(t_6, color=line_color, style=circles) bl_6 = plot(b_6, color=line_color, style=circles) fill(tl_6, bl_6, color=area_color, transp=area_transp+3) t_7 = t_6[1] != t_6 ? t_6[1] : t_7[1] b_7 = b_6[1] != b_6 ? b_6[1] : b_7[1] tl_7 = plot(t_7, color=line_color, style=circles) bl_7 = plot(b_7, color=line_color, style=circles) fill(tl_7, bl_7, color=area_color, transp=area_transp+4) t_8 = t_7[1] != t_7 ? t_7[1] : t_8[1] b_8 = b_7[1] != b_7 ? b_7[1] : b_8[1] tl_8 = plot(t_8, color=line_color, style=circles) bl_8 = plot(b_8, color=line_color, style=circles) fill(tl_8, bl_8, color=area_color, transp=area_transp+4) t_9 = t_8[1] != t_8 ? t_8[1] : t_9[1] b_9 = b_8[1] != b_8 ? b_8[1] : b_9[1] tl_9 = plot(t_9, color=line_color, style=circles) bl_9 = plot(b_9, color=line_color, style=circles) fill(tl_9, bl_9, color=area_color, transp=area_transp+5) t_10 = t_9[1] != t_9 ? t_9[1] : t_10[1] b_10 = b_9[1] != b_9 ? b_9[1] : b_10[1] tl_10 = plot(t_10, color=line_color, style=circles) bl_10 = plot(b_10, color=line_color, style=circles) fill(tl_10, bl_10, color=area_color, transp=area_transp+5) t_11 = t_10[1] != t_10 ? t_10[1] : t_11[1] b_11 = b_10[1] != b_10 ? b_10[1] : b_11[1] tl_11 = plot(t_11, color=line_color, style=circles) bl_11 = plot(b_11, color=line_color, style=circles) fill(tl_11, bl_11, color=area_color, transp=area_transp+6) t_12 = t_11[1] != t_11 ? t_11[1] : t_12[1] b_12 = b_11[1] != b_11 ? b_11[1] : b_12[1] tl_12 = plot(t_12, color=line_color, style=circles) bl_12 = plot(b_12, color=line_color, style=circles) fill(tl_12, bl_12, color=area_color, transp=area_transp+6)