I would like to introduce you pivot semaphore support&resistance levels. The idea is the same as the zigzag script of mine to spot the importance of support&resistence
The Semafor is used to spot future multi-level Supports and Resistance zones. It is also useful to spot HL or LL or HH or LH zones at different Depth settings.
The red zones are the extreme places where the market has a higher chance of reversing while the green zones have the lowest setting with lower chances of the market reversal
The lines can be extended like so
The lines also can just stop extending when price will reach it
Enjoy!
Release Notes
⋅
Hey guys, I did some update in settings to make it more configurable, hope you enjoy it
Release Notes
⋅
conversion to pine version 5 and fixing error with max_bars_back
script started showing STUDY ERROR.... can u please check
lmatl
⋅
@cryptopreet, thanks for noticing it should be fixed
indicadorallwinn
⋅
Maravilhosoooooo muito obrigada! Thank you very much!
sreenureddy
⋅
Please provide an option to change the color of extended lines
casualphoenixtrading
⋅
If you ever added Zig Zag Lines like AB=CD, Pitchforks to this that are auto/adjustable, and percentage changes between pivots, I wouldn't be against it.
puthenveetil
⋅
Is there a way we can limit the visibility of the lines which are near to the closing price. Thanks in advance
casualphoenixtrading
⋅
Do you have a ranking of which color is the most extreme to the least extreme?
Where does Blue, Orange and Yellow Fall in this?
lmatl
⋅
Hi @casualphoenixtrading, there are no extrems in this indicator, just pivots. By default blue, orange and green are more important in this order so the blue that has highest pivot setting should be more important
casualphoenixtrading
⋅
@lmatl, Thank you so to recap to make sure I got the order of strength of the pivots correct.
1 - Red - Most likely to pivot
2 - Blue - Second most likely to pivot
3 - Orange - 3rd likely to pivot
4 - Yellow - Not likely to pivot
5 - Green Least Likely to pivot
Is this indicator covering multiple timeframes on one chart time or is it a single timeframe?
Can they be adjusted to Supply/ Demand zones (similar to zenith blade indicator on tradingview)?
Are there any indicators you find works well with this indicator making a high success rate?
These have been my biggest questions for 3 weeks now.
Thank you for taking the time to still answer questions! Not all heroes wear capes.