In this script, we're creating a custom indicator to plot the previous day's closing price on the chart. This script retrieves the previous day's close using ta.change(time('d')) function. Then, it checks the value of the previous day's close and determines the increment accordingly input . Finally, it calculates the current day's close by adding the increment to the previous day's close and plots it on the chart.
The script can be integrated into a trading strategy to generate buy or sell signals based on the crossing closing price+increment line ...
Psychological Levels: previous day close price + increment numbers tend to have psychological significance in trading. Traders often pay attention to these levels because they represent key price levels that are easy to remember and widely recognized. When the price approaches these levels, traders may anticipate increased buying or selling pressure, leading to potential support or resistance.
For take profit and stop loss -Trader can use this as a take profit level on every previous day close+increment or close-decrement
buy signal- 1)whenever price cross any previous day close+number it give buy signal 2) i am using ma for filter buy signal we can enable and disable that function from input sell signal- 1)whenever price cross any previous day close-number it give sell signal 2) i am using ma for filter sell signal we can enable and disable that function from input
agar price 11 sma ke upper ho and lower bollinger band par Bullish Hammer, Bullish engulfing and Bullish Harami inme se konsa bhi 1 candlestick pattern banta hai to generate buy singal iska indicator bana do Daily time frame
samscripter
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@AbhiExpert1, sorry mate i am busy you can ask other coder thnx