TradingLegend RangeLevels

21 jam yang lalu

Indicator Description:

I am incredibly proud and excited to share my first indicator with the TradingView community! This tool has been instrumental in helping me optimize my positioning and maximize my trades.




Tradinglegend RangeLevels— is a technical indicator that is used to determine the levels at which price may face support or resistance. This indicator consists number of levels which will show several support (S) and resistance (R) levels.

Calculation
Resistance and support values are calculated in different ways, depending on the type of the indicator, specified by the Type field in indicator inputs. To calculate TL range support/resistance levels, the values OPENcurr, OPENprev, HIGHprev, LOWprev, CLOSEprev of hour,day,weekly candles with avarage buying and selling volumes. which are the values of the current open and previous open, high, low and close, respectively, on the indicator resolution. The indicator resolution is set by the input of the different standard Timeframe.
users can change the cofficient of facor which calculated on basis of previous day high to low distance and number of 5min candles existing in a day,they can customisze it in setting for accurate results


for intraday resolutions up to and including 15 min, DAY (1D) is used
for intraday resolutions more than 15 min, WEEK (1W) is used
for daily resolutions MONTH is used (1M)
for weekly and monthly resolutions, 12-MONTH (12M) is used
Types

Leves are designed as pivot standard levels but calculation is different.When you will use it,definitely u gonna love it