* The following lines only become relevant at the end of the cycle.
P ( ) = (H + L + C) / 3
BC (Bottom Central) = (H + L) / 2
TC (Top Central) = (P - BC ) + P
- Green = R1 Levels ( 2×P - L )
- Green = R2 Levels ( P + (H - L) )
- Green = R3 Levels ( H + 2 * (P - L) )
- Red = S1 Levels ( 2×P - H )
- Red = S2 Levels ( P - (H - L) )
- Red = S3 Levels ( L - 2 * (H- P) )
Description and Refrences:
Rules For BUY Setup with CPR
1) Today's Level Should be higher than Previous Day's Level
2) The previous day's close should be near day high.
Rules For SELL Setup with CPR
1) Today's Level Should be lower than Previous Day's Level
2) The previous day's close should be near day low.
CPR or central range is the best tool available for the trader to see the price base indicator. You can use this tool i.e CPR (central range) to check the price indicator in the stock market. You know the price of shares sometimes goes up or sometimes goes down in the stock market. So it will be best to stay updated and know it before the time the share market/stock market fall or rises.
- Added Labels of Current Lines
- Fixed error of negativ Support Lines
- Show previous High & Low
Resistance Mid Levels
R23 = (R2 + R3) / 2
R12 = (R1 + R2) / 2
RP1 = (P + R1) / 2
Support Mid Levels
SP1 = (P + S1) / 2
S12 = (S1 + S2) / 2
S23 = (S2 + S3) / 2
If BC is higher than TC the positions are swapped
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.