Opit78 Auto Overbalance
The indicator automatically detects the main trend direction and scans the current price movement to find the largest correction that has occurred within the current impulse (market structure). According to technical analysis principles, as long as the largest correction holds, the trend is considered valid.
What the indicator shows:
ZigZag Line: Visualizes the main trend direction connecting key swing highs and lows.
Gray Box (Pattern): Marks the historically largest correction found within the current swing. This serves as the reference pattern.
Colored Box (OB Projection): This is the geometry zone projected from the current extreme.
Green Box: Overbalance Support Zone (in an Uptrend).
Red Box: Overbalance Resistance Zone (in a Downtrend).
How to interpret:
Trend Continuation: If the price pulls back to the colored box and respects it (bounces), it indicates the trend is strong and the 1:1 geometry holds.
Potential Reversal: If the price breaks through the colored box (closes below it in an uptrend or above it in a downtrend), it signals a break of the largest correction (Overbalance), suggesting a potential trend reversal.
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact opit78 directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact opit78 directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.