OPEN-SOURCE SCRIPT
Updated Local Low Value Zones
This indicator tries to detect the Local/Cycle BOTTOMS.
It depends on a MA and a Trend component.
High value zones are defined by:
1- Price Going beyond MA*0.625
2- Price in a Positive Trend and MA is near the MA
Inputs:
- MA Length
- Trend Component Settings
It depends on a MA and a Trend component.
High value zones are defined by:
1- Price Going beyond MA*0.625
2- Price in a Positive Trend and MA is near the MA
Inputs:
- MA Length
- Trend Component Settings
Release Notes
Updated the Indicator so the MA multiplier can be adjusted according to the Asset Class Volatility.Example: GOLD will have a reduced multiplier to near 0.1 and so On it adjusts according to your needs.
Note: The Bull multiplier is the for the lines above the MA and The Bear multiplier is for the lines below the MA. Usually in a Positive Trending Asset, the BULL mult. is larger than the Bear Mult.
Release Notes
Changed the nameOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.