lmatl

Market inbalance zone boxes [LM]

HI Traders,

I would like to introduce you Market inbalance zone boxes, the idea is to look for big volatile candle and candle before and after. Big candle is result of big money orders and it creates zone where either bulls or bears where dominant. So it's a good place to look for support or resistance

The zone created if it meets volatility (atr) condition and if the candle has some percentage of body over wick. Top and bottom is determined by candles before and after this candle occures

In setting there is an option to shrink the gap as the the price continues advance more into the box. If the price will reach exceeds on it's way the box the gap is completely closed.

I hope you will enjoy it
Release Notes: Adding color scheme for up and down candles
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.

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Comments

Good one ,specially now color scheme for up and down candles added, it is more easy to spot probable next move.
+1 Reply
Nice complement to your decision point boxes. Thanks
+1 Reply
great done as always..thanks
+1 Reply