Earnings S/R Levels [LazyBear]

These levels are based on price around earnings day. I have implemented support for 2 calculation modes:

Mode 1: Level = (low of 1 day prior to earnings + high of 1 day after earnings) / 2.0
Mode 2: Level = (hl2 of 1 day prior to earnings + hl2 of 1 day after earnings + close from earnings day) / 3.0

Chart above shows "Mode 1". Mode can be changed via options page.

This indicator was requested by user @mika2k1ff. I learnt more about this idea from @DanV and @TimWest (Thanks guys :)). BTW, TimWest has an indicators package, "Key Hidden Levels", that has this and more.

Do let me know how you use this, I am very intrigued by the potential this idea shows. Thanks.

For a complete list of my indicators:
- GDoc:
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Master Index: List of all my indicators

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// @author LazyBear 
// List of all my indicators:
study("Earnings S/R Levels [LazyBear]", shorttitle="ELVLS_LB", overlay=true)
mode=input(1, "S/R mode", minval=1, maxval=2)
earnings = security("ESD:"+ticker+"_EARNINGS", "D", close, true)
ehl2_mode1=(nz(earnings[1]) ? avg(low[2],high) : nz(ehl2_mode1[1])) // AVG2(low of 1 day pri, high of 1 day after)
ehl2_mode2=(nz(earnings[1]) ? (hl2[2]+hl2+close[1])/3 : nz(ehl2_mode2[1])) // AVG3(HL2 of 1 day pri, HL2 of 1 day after, close of earnings day)
ehl2=mode==1?ehl2_mode1:mode==2?ehl2_mode2:ehl2_mode1 // default: mode1
plot(ehl2, linewidth=2, style=circles)
2 years ago
Thanks, LB!
timwest PRO mika2k1ff
2 years ago
You are welcome
QuantitativeExhaustion PRO timwest
2 years ago
Did you come up with this idea first? or was it Martin Pring
QuantitativeExhaustion PRO QuantitativeExhaustion
2 years ago
Never mind, there was a footnote in Pring's book from 1957. "Technical Analysis of Stock Trends" Robert Edwards and John Magee.
timwest PRO QuantitativeExhaustion
2 years ago
Interesting that Pring had it in his book. I read his book in 1988 and fell for Technical Analysis. It's a great book. I found the pattern myself but only because of TradingView and graphing the earnings levels myself and figuring out what was the important price.
coondawg71 PRO
2 years ago
I imagine this could be very useful for Forex traders IF it could be adjusted for High Impact news releases!!! Rate decisions, GDP reports, etc etc.
LazyBear PRO coondawg71
2 years ago
If they are exposed to Pine, surely we can adapt this to that. Thanks for the idea.
I also picked up this idea back in 1997 from reading Martin Pring's book "Technical Analysis Explained".

Can you make support / resistance for monthly options expiration's. He also mentioned this idea.
+1 Reply
TradeEmpowered QuantitativeExhaustion
2 years ago
That sounds like a great idea.
LazyBear PRO QuantitativeExhaustion
2 years ago
monthly options expirations? Can you point me to how I view them now here at TV? Thx
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