Misc Details : Another Indicator and Totally my own concept... If others have similar study already then Credit to them for coming up with this even before I did but this is just me fiddling with pinescript trying to paint my dream like a great man once said...
Background : I am a strong believer of Market being Fractals and what best way to script it than Pivots. So I just wanted to identify the Pivot High and Pivot Low of some period(in the script it is set to 500, please do play with it to get the best setting which captures atleast the major highs and lows of recent past) I also think that Fibonacci levels are very crucial and so wanted to see how the market reacts at the Fibonacci ratios from Pivot High and Low.
Overview : As said above the price at Pivot Low is considered as 0% on the graph and Value at Pivot High as the 100%. Depending on the CMP, the thick white line is plotted... The main thing of interest here is the Horizontal lines are Fib Levels and the market kinda reacts around those levels as the buyers and sellers have to come to equilibrium... A price retracing from the 100% level just means Double Top = Sell(Probable) and a bounce from the 0% just means a double bottom = Buy(Probable)....