Ultimate Zones

9 jam yang laluThe story is simple: I didn't find a support/resistance zones indicator that I actually liked, so I made my own.

Features:

• Independent of the chart timeframe (zones don't change if you switch timeframes) - very important for practical use
  
• Live mode (repainting) plus historic mode (non-repainting)
  
• Selectable timeframe for zone calculation (default: daily)
  
• Can adjust how far the indicator looks back into the past (default: 500 days)
  
• Can adjust pivot period to find more or fewer zones
  
• Zone heights are based on long-term ATR (to adapt to the asset's volatility automatically)
  
• Price tolerance multiplier is adjustable
  
• Option to merge zones which are close together into one ("fat zones")
  

I find that together these options (especially those in the "sensitivity" section) allow me to automatically generate almost all the zones I want to see. Occasionally, I do draw some additional zones to get the perfect image I'm looking for on the chart.

Explanation

We detect pivot points on the selected zone timeframe (taking pivot period and lookback limit into account). Then we combine these pivot points into a zone if they are close enough together in price (here the tolerance parameter comes into play). If "fat zones" is selected, we perform these merges more aggressively even if the resulting zone becomes taller than the standard tolerance.

The ATR used for the tolerance is a 500 period ATR, but if there are less than 500 bars available, we use the average of the bars available so far, so we always have a value to work with.

In order for a zone to be displayed, it must have been touched by at least 2 separate pivot points. We do not distinguish between pivot highs and pivot lows because support is known to turn into resistance and vice versa.

In live mode, we draw the currently active zones as boxes.

In historic mode, we plot the active zones at each bar using "plot" and "fill", so there is no repainting or erasing, and you can see which zones were active at any past date. For practical reasons, we draw a maximum of 15 zones around the current price (i.e. 7-8 zones above and 7-8 zones below the price).

8 jam yang lalu

Catatan Rilis

Fixed help texts in the settings