soru

Key_levels v0.1

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Hello,
No description :)

have fun.

Cheers
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study("Key_levels v0.1",overlay=true)
a=input(defval=1,title='R1/S1 - 0 for weekend analysis, 1 default')
aPTF = isweekly?'12M' : isdaily?'4M': interval==240 ? '3W' : interval==120 ? '1W' : interval == 60 ? '3D' : interval == 30 ? '3D' : interval==15 ? '2D' : interval==5 ? '1D' : interval==3 ? '960' : interval==1 ? '240' : '12M'
pivot = (high + low) / 2
use_fake_TF = input(false)
fake_TF = input('4M')
PTF = use_fake_TF ? fake_TF : aPTF


base(x,y) =>
    _pivot = security(tickerid, x, pivot[y])
    _high  = security(tickerid, x, high[y])
    q = 0.5 * (_high-_pivot)
    k = close > _pivot ? 1 : -1
    max_u = k > 0 ? (close-_pivot)/q+1 : na
    max_d = k < 0 ? (_pivot-close)/q+1 : na
    
    [_pivot, q,max_u,max_d]
    
[_pivot,q,max_u,max_d] = base(PTF,a)

plot(_pivot,style=circles, color=green)
plot(max_u > 0 ? _pivot+q*1:na,style=circles, color=blue)
plot(max_u > 1 ? _pivot+q*2:na,style=circles, color=green)
plot(max_u > 2 ? _pivot+q*3:na,style=circles, color=blue)
plot(max_u > 3 ? _pivot+q*4:na,style=circles, color=green)
plot(max_u > 4 ? _pivot+q*5:na,style=circles, color=blue)
plot(max_u > 5 ? _pivot+q*6:na,style=circles, color=green)
plot(max_u > 6 ? _pivot+q*7:na,style=circles, color=blue)
plot(max_u > 7 ? _pivot+q*8:na,style=circles, color=green)
plot(max_u > 8 ? _pivot+q*9:na,style=circles, color=blue)
plot(max_u > 9 ? _pivot+q*10:na,style=circles, color=green)

plot(max_d > 0 ? _pivot-q*1:na,style=circles, color=blue)
plot(max_d > 1 ? _pivot-q*2:na,style=circles, color=green)
plot(max_d > 2 ? _pivot-q*3:na,style=circles, color=blue)
plot(max_d > 3 ? _pivot-q*4:na,style=circles, color=green)
plot(max_d > 4 ? _pivot-q*5:na,style=circles, color=blue)
plot(max_d > 5 ? _pivot-q*6:na,style=circles, color=green)
plot(max_d > 6 ? _pivot-q*7:na,style=circles, color=blue)
plot(max_d > 7 ? _pivot-q*8:na,style=circles, color=green)
plot(max_d > 8 ? _pivot-q*9:na,style=circles, color=blue)
plot(max_d > 9 ? _pivot-q*10:na,style=circles, color=green)



Can you explain about the inputs; such as fake TF. Any other explanation about the indicator itself would be appreciated..
Reply
soru TonyCampbell
Hi Tony,
this indicator is a mix of pivot resistance/support levels with quarters theory.

The question is: Out of what timewindow pivot should be calculated to get reliable results - the anserw varies based on the TF and the instrument you are currently using. (I've found nice settings for EU 2h and daily charts - thats why I named it ver. 0.1).
Indicator default settings of timewindow can be overridden with fake TF option. You can input that period in minutes,days, weeks,months (ex. minutes "240", days: "2D" or weeks "1W" etc.) It also means that the pivot, and lvls are going to be updated every 'period'. For instance if you pick 120 minute as base period for pivot calculation (fake TF: 120) you can expect new S/R lvls every 120 minutes.
Current 'period' S/R levels are based on previous 'period' pivot level.

Sometimes I want to see what are new SR lvls thats why I added that 0,1 switch. Turning it to 0 means that S/R levels will be calculated based on current period so If your timewindow is for instance 1 week (fake TF: 1W) you can see new SR lvls over weekend - no need to wait for monday opening.

PS. Just to add - within one 'period' S/R lvls are in same distance one from another and indicator draws them only if the closure price is nearby



Reply
Ok, excellent soru......thank you for your reply. Just to make sure I understand, if I have a 15 minute chart and use default input settings, the levels are calculated on the daily range of the prior day? If I enable FAKE TF to 2D, my 15 minute chart will display levels calculated on the range of the prior 2 days? Thanks again !
Reply
soru TonyCampbell
by default on 15 min chart levels are calculated based on 2 days price action
Reply
Ok, got it.....thanks soru for sharing your work and knowledge.....good trading to you....
Reply
np.
if you find good settings for other TFs on EU or other instruments you can share it here so that I can update defautl settings and re-share indicator.

Cheers
Reply
Admin - don't know why but my scripts thumbnails are scalled badly in the scripts listing :) others looks nice - can you look at it?

Thanks.
Reply
thx for this! gonna try it out
Reply
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