cristian.d

DeMark Relative Retracement Levels

I have a thing for pivots and SR, so this is Tom DeMark Daily Retracements Levels pivots from DeMark Indicators book by Jason Perl .
Red lines -daily R
Green lines - daily S
Expect reversals or breaks at these points.

and some random stock, just test your instrument
Open-source script

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.

Want to use this script on a chart?
//Created by CristianD
study(title="CD DeMark Range Expansion", shorttitle="CD DeMark Range Expansion", overlay=true) 
sr = input(true, title="Show Daily Range")

range = high - low

// Daily line breaks
sopen = security(tickerid, "D", open)

a=range[1]*0.382
b=range[1]*0.618
h=sopen+a
h1=sopen+b
l=sopen-a
l1=sopen-b


// Color
hcolor=sopen != sopen[1] ? na : maroon
hcolor1=sopen != sopen[1] ? na : red
lcolor=sopen != sopen[1] ? na : green
lcolor1=sopen != sopen[1] ? na : lime


//Daily Range
highrange1 = security(tickerid, 'D', h) 
highrange2 = security(tickerid, 'D', h1) 
lowrange1 = security(tickerid, 'D', l) 
lowrange2 = security(tickerid, 'D', l1) 


offs_daily = 0
plot(sr and highrange1 ? highrange1 : na, title="Daily High1",color=hcolor, linewidth=3)
plot(sr and highrange2 ? highrange2 : na, title="Daily Daily High2", color=hcolor1, linewidth=3)
plot(sr and lowrange1 ? lowrange1 : na, title="Daily Low1",color=lcolor, linewidth=3)
plot(sr and lowrange2 ? lowrange2 : na, title="Daily Daily Low2", color=lcolor1, linewidth=3)