How it works:
Core logic behind this indicator is to finding the , we find the Lower High (LH) and Higher Low (HL) to find the from where the price reversed(bounced back) and also we use a custom logic for figuring out the peak price in the last few candles (based on the input "Strength" ). Based on the multiple previous (HH, HL, LL LH) we calculate a price level, this price level is used a major a factor for entering the trade. Once we have the price level we check if the current price crosses that price level, if it crossed then we consider that as a long/short entry (based on whether it crosses resistance or support line that we calculated). Once we have pre long/short signals we further filter it based on the market trend to prevent too early/late signals, this trend is calculated based on the value from the input field "Factor". Along with this if we don't see a clear trend we do the filtering by checking how many support or the price has bounced off.
Stop Loss and Take Profit: We have also added printing SL and TP levels on the chart to make the it easier for everyone to find the SL/TP values. Script calculates the SL value by checking the previous for LONG trade and previous for SHORT trades. Take profit are calculated in 1:1 ratio as of now.
Strength : Define the strength of the support resistance that we calculate. The lower value means less number of candles used for calculating the and vice versa
Factor: Specify what level of trend to use. Using higher value will result script looking using the larger trend (zoomed out trend) and using lesser value will result in using the short trends
Note: For most of the charts you don’t need to change the default values. However, feel free to try it out.
How to use:
Add the script to the chart and once the indicator is load it will display the "long" and "short" entry points along with the stopLoss and takeProfit points.
How to get access:
Send a DM to us for getting access to the script.
This new input allows user to enter the Stop loss to take profit ration. By default this is set to 1. that mean if the stop loss is set to 10 points below then TP1 will be 10 points above the entry price. In the same way if the ratio is 2 then TP1 will be set to 20 Points from the entry price (Formula is; TP1 = SL points * ratio).
changed display line positions
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