CoinObservatory

Phantom

A script that finds potential tops and bottoms.
Release Notes: Phatom Script V1 Release

This is a "counter-trend script" built to take advantage of non-linear trading ranges and heavy chop zones.


Phantom Script is forward-thinking, and will project the next possible reversal zone (PRZ) well head of the move.

This script can be utilized for :

Hedging
Swing trading
Scalping


Most reliable time frames are the 60-30-and 15

Green line indicates hidden support levels
Purple line Hidden resistance levels.


When price comes in contact with our PRZ "Potential Reversal Zone"
It is wise to take up a hedge position.


----------------Impulse Rejection----------------------

Bullish Impulse

WEAK SELL SIGNAL: If Price is closing above Purple Phantom PRZ during bullish impulse, then likely a bullish impulse continuation is to take place.

STRONG SELL SIGNAL: If Price is failing to close above Purple Phantom PRZ Line after a bullish impulse, then look to hedge the short, or to take up a short position.


Bearish Impulse:

WEAK BUY SIGNAL: If Price is closing below Green Phantom PRZ line, after a bearish impulse, then maintain short position.
STRONG BUY SIGNAL: Once Price starts closing above Green Phantom PRZ line, look to hedge a long against a short, take profit the short, or net long the asset.

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Signal Invalidation


Close and continuation above Purple PRZ would invalidate short signal
Close and continuation below Green PRZ would invalidate the long signal

If the same above PRZ is rung once again, then that was likely a stop hunt.
Another close above, and signal should be retaken.


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Licensing:


V1 Early-Bird Monthly licensing fee: $50
One can sing up for the script here:
https://coin-observatory.chargifypay.com...

Script support is done via our Discord Server:
https://discord.gg/UWae5pk

For more information visit us at:
http://www.coinobservatory.com
Release Notes:
Release Notes: For Lifetime Script Access, Please contact us on Discord.
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V2 UPDATE:
-New Release version includes midlines for SR flip

Bullish impulse moves closing above the midlines on larger time frames, 1hr+ are sustainable.
Hence a net long position is preferred.

Bearish impulse moves closing below the midlines on larger time frames are sustainable, and hence a net short position is preferred.


Rejection at Midlines, during a bullish impulse, is bearish:
-Entering a short position or profit-taking current long is advised.
-A net-long trader not wanting to profit take their long can hedge an equal sized short there.


Rejection at Midlines, during a bearish impulse, could signal trend change:
-A net-short trader should hedge a long position against their short.
-A net-long trader can add to their long on the second or third bounce


Continued rejection at midline, one should take up a net position in the direction of which the chart is rejecting.
Release Notes: FEB 2020 UPDATE:
- New smarter colors at the midlines indicate if price action is looking more bearish or bullish
Release Notes: Now you can set alerts on Phantoms signals.
Release Notes: Inner rejection lines have been renamed,
Inner Rejection 1
Inner Rejection 2

Thanks for checking us out!

For access to our TradingView scripts, visit us at
https://linktr.ee/coinobs
Invite-only script

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Disclaimer

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Author's instructions

For a 7 day Free Trail and licensing, please click on the "Indicators" link in our TradingView Signature linktree, and follow the instructions on the screen.

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