Wizard High/Low & Equilibrium
The script detects strong swing highs (resistance) and swing lows (support) using the specified lookback period (Swing Lookback).
These levels are marked with lines and optional labels.
Equilibrium Level:
The equilibrium is the midpoint between the most recent swing high and swing low.
This level is highlighted with a dotted line and labeled as "Equilibrium."
Premium and Discount Zones:
The area above the equilibrium (between the swing high and equilibrium) is the premium zone.
The area below the equilibrium (between the swing low and equilibrium) is the discount zone.
These zones are shaded with semi-transparent boxes for visual clarity.
Customize Settings
Adjust the parameters in the input dialog (click the ⚙️ settings icon on the chart):
Swing Lookback: Change the lookback period for detecting swing highs and lows.
Show Labels: Toggle the display of labels for highs, lows, and equilibrium.
Color Customization: Modify colors for lines, labels, and zone boxes.
Trading Applications
Identify Key Levels:
Use the swing highs and lows to identify potential resistance and support levels.
Assess Market Balance:
The equilibrium level helps gauge whether the price is in a premium (overbought) or discount (oversold) zone.
Zone Trading:
Traders can use the premium zone for potential sell opportunities and the discount zone for potential buy opportunities.
Confirmation:
Combine these levels with other indicators or price action signals for more reliable entries and exits.
Enhancements and Alerts
The script can be modified to include alerts for when the price approaches or breaks these levels.
Additional customizations, such as integrating volume-based validations or trend direction, can make the tool more powerful.
This indicator is particularly useful for price traders and those looking to refine their trading entries and exits around strong support, resistance, and equilibrium levels.
"Disclaimer: This indicator is intended for educational purposes only and does not constitute financial advice. Trading involves significant risk, and users should perform their own research and consult with a licensed financial advisor before making any trading decisions."
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact WIZARDTRENDS directly.
Note that this private, invite-only script has not been reviewed by script moderators, and its compliance with House Rules is undetermined. TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.
Disclaimer
Invite-only script
Only users authorized by the author have access to this script, and this usually requires payment. You can add the script to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author — learn more here. For more details, follow the author's instructions below or contact WIZARDTRENDS directly.
Note that this private, invite-only script has not been reviewed by script moderators, and its compliance with House Rules is undetermined. TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.