[blackcat] L3 Price Positioning Index

Level: 3


Are you tired of traditional Japanese candlesticks? Do you want to try a new type of candle master chart?


L3 Price Positioning Index is totally brand-new candle chart invented by myself. This main chart can provide effective resistance and support levels, and you can see where the price is running at any time. There are 3 key circle lines. Green circle line is used to indicate oversold support or breakthrough support levels; yellow circle line indicates the midline position where prices may pause; and red circle line indicates overbought resistance or breakthrough resistance levels.

There are two types of candlestick charts.
The first type candles are mid-to-long-term trend candles, navy represents an uptrend and the length of the candle represents a change in intensity; maroon represents a downward trend and the length of the candle represents a change in intensity. This trend candle is the effective support and resistance level of the second type short-term swing candle.

The second type candles are short-term candles fluctuate around the first medium- and long-term trend candles. The second short-term candle is divided into five colors: green means pump; fuchsia means retracement in the ascending process; yellow means bullish reversal signal; red means dump; blue means price rebound in the descending process.

Key Signal


htop --> red circle line, overbought resistance or pump breakout threshold
hmid --> yellow circle line, price pause zone, sideways may happen here
hbot --> green circle line, oversold support or dump breakout threshold


x22,x33 --> navy for up and maroon for down trend, they are important support or resistance for short term price movements


1. bearreboun --> rebounce in down trend candle with blue color
2. pump --> up trend pump candle with green color
3. bullreversal --> bullish reversal candle with yellow color
4. dump --> bearish dump candle with red color
5. bullretra --> retracement in up trend candle with fuchsia

Pros and Cons


1. Long term trend identification by three lines for overbought, oversold and breakouts
2. Mid term trend support and resistance with navy and maroon candles
3. Short term price behaviors are classified into 5 types of candles in blue, green, yellow, red and fuchsia


I invent this to solve traditional JP candlestick shortcomings. If you find anything on Cons, just feedback to me for improvements.


Brand-new Candle System invented by myself


In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.

The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.

Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.

Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.

Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.

Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.

Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
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.

Want to use this script on a chart?
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EOS: blackcatjust


thanks for doing this
+2 Reply
blackcat1402 socalstew
@socalstew, with pleasure
Bro, this is awesome script ,i tried it today ,if you can add bear retracement pls
+1 Reply
@hjsjshs, bearretra==bearreboun
+1 Reply
Your scripts are interesting because they provide food for thought. It's very interesting to simply disassemble and understand how each script works. Great ...
+1 Reply
@breata, glad you like this script. I always have some peculiar ideas that happen to be expressed through scripts. If many people think this is helpful, it can at least prove that my ideas may be crazy but reasonable :D
+1 Reply
similar to 'bullretra --> retracement in up trend candle with fuchsia', bearretra candle possible ? thanks for wonderful script !!!
+1 Reply
blackcat1402 RameshAkula
@RameshAkula, bearretra==bearreboun
RameshAkula blackcat1402
@blackcat1402, superb, just going through eom charts and applied this indicator , may take some time to adjust . Like yellow is bullreversal , what is for bearreversal ?
+1 Reply
blackcat1402 RameshAkula
@RameshAkula, sorry, no bearreversal algorithm is developped yet...
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