This is an alternate version of "Sweetspot Gold R4" that does not use sublevels. Removing the sublevels allows more efficient use of the plots (TV script has a limit of 64 plot calls).
This works well for all currency pairs I've tested, most commodities, and most stocks.
The indicator plots the so called "round price levels" or "00" levels. For example,...
This will place circles on your chart for the opening daily price. If price is above, the circles are green. If price is below, the circles are red. I wanted to be able to see the opening price a bit easier while in smaller time frames.
Plot a linear regression channel through the last length closing prices, with the possibility to use another source as input. The line is fit by using linear combinations between the WMA and SMA thus providing both an interesting and efficient method. The results are the same as the one provided by the built-in linear regression, only the computation differ.
I already made an indicator (simple line) that tried to make lines on price such that the results would not repaint and give a good fit to the price, today i publish a channels indicator based on the simple line indicator. The indicator aim to show possible support and resistance levels when the central line posses a low sum of squares with the...
Based on my latest script "Linear Channels"
This is a trailing stop version of the linear channels. Thanks to capissimo for helping me fix several issues with the linear extrapolation part.
In order to know how the indicator work i recommend reading the post on the Linear Channels indicator here
Lines are the most widely used figures in technical analysis, this is due to the linear trends that some securities posses (daily log SP500 for example), support and resistances are also responsible for the uses of lines, basically linear support and resistances are made with the assumption that the line connecting two local maximas or minimas will...
Horizontal line for previous daily, weekly or monthly high.
By default :
Green Label - previous 1 day high
Yellow Label - previous 1 week high
Red Label - previous 1 month high
Each number and color can be change in setting.
Making lines is great in technical analysis since it can highlights principal movements and make the analysis of the price easier when using certain methodologies (Elliott Waves, patterns).
However most of the indicators making lines (Zig-Zag, simple linear regression) are non causal (repaint), this is the challenge i tried to overcome, making an...
another day, another method for detecting support and resistance level. This time it's all about the VWAP and daily gaps it might produce.
How does it work?
The indicator detects when a new daily candle begins and the VWAP makes a big move in either direction. Often it produces a gap and this is where the support or resistance level will be...
July 18 2019 - LCS - line channels (basic) by RootDuk
Version : v3 - read the notes
Easy script to draw channels based on ie. GANN using the following
- ibback : barsback to search for high and low
Based on the Auto-Line code, the Efficient Auto Line aim to provide a more controlled adaptivity of the indicator. The first indicator of this sort worked this way : when the absolute difference between the price and the indicator is higher than the previous indicator +/- A pips of amplitude, the indicator will display the closing price, else...