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chinmaysk1

Spider Lines For Bitcoin (Daily And Weekly)

chinmaysk1  
forecasting Pivot points and levels regressions
142
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forecasting pivotpointsandlevels regressions
I haven't seen any indicator do this, so I decided to publish this to form automatic Spider Charts without actually going through the effort of drawing them!

This script charts dotted lines (spider lines) all over, depicting support and resistance levels.

It works by connecting some candles from the 2018 bear market to the candle from 1st July 2019, followed by extending the lines to the right, making support and resistance levels for the future. The script works only for the daily and weekly charts for Bitcoin.

The levels are accurate to a good extent.

If the lines don't load, zoom out until the 2018 bear market top and it should load then.

Have fun with this indicator!
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.

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.

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