Hello fellow tradeurs, I couldn't find one similar on TV so wanted to make it.. Took me a little while to figure some things out as I am in new coding territory with this script. I had a hard time finding ways to make only a partial zone/box disappear if price only crossed part of it. Nonetheless, I figured it out so I hope you enjoy the outcome. Now, allow me to take a second to first explain the utility that is this script...or at least expose my reasoning when I decided to go ahead with this little project and take the precious time necessary to learn parts of pine that I did not previously know how to deal with. Ultimately, I built this for the 1s-15s TF(except for the "Consecutive Bars/Large Bars" Boxes...Those were meant to use on both these second TFs and Higher TFs....[don't worry, Ill explain in a sec]). The reasoning behind all of this was to give me a more definitive answer to all of my questions regarding the speed at which it would take price to revisit areas that it very abruptly went to/left on a VERY short TF (like the 1sec charts)...or even if it EVER would). To determine this I wanted to draw lines starting at the end of large wicks, draw boxes spanning the entire span of large wicks, and lastly to draw boxes spanning the entire span of very large bodies. For this last one, not only did I want to draw a box on a single candle that possessed a large body but also if there were consecutive red candles in a row, their bodies could be summed up and if this summation exceeds the minimum body % threshold then it too counts just like a single large candled body would if it was larger than the threshold. All in all I really enjoyed this script and most importantly the data that it produces. What I found after coding the script was that (again on the 1 sec- 15 sec charts) was that price very quickly (relatively speaking I suppose) came back over these box/zoned areas and that the lines drawn from the tip of the large wicks would at some point in the near future act as very good support and resistance for price to either bounce off of or breakout from.
Now, with each of these objects you can choose to delete them when price crosses the object or have them continuously drawn on the chart...your call...but it gets awful messy sometimes if you let them continue printing.
Peace and love people...peace and love, -ChasinAlts
Man this script is $$$. Been looking for this exact script for so long.
A_Traders_Edge
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@kviateq, Woohhh. That was unexpected. Thanks brother. What part of it was helpful to you? Perhaps I could make it even more helpful to you. Is there any sort of addition you'd like to see here? Any specific alerts would be of use to you?
Edit: After looking at your page...seems like you're fully capable of adding anything that you need but Ive also used this to create some "Market Overview" scanners (to scan up to 40 coins per iteration of the script). Hit me up if you'd like to see any of them or have any good ideas in that regard to chat about. About to add one in a little that I promise you you've never seen before that utilizes a lot of the code above.
hundredtoamillion
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@chasinalts, I have zero previous coding experience, so my knowledge is quite limited. I'd been trying to plot only candle wicks to use those areas for supply/ demand. Your script does that perfectly. Yeah, I'd definitely want to check out the scanners if possible
A_Traders_Edge
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@kviateq, Check out the new one I just published. You might see its utility in the forex market but its there a WHOLE LOT in the cryptosphere due to the manipulation by exchanges (my take on it of course)
TUSHG9
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1. Indicator Settings End Objects At Cross With Price: When enabled, the indicator will delete lines or boxes if the price crosses them. Wick Lines (showWkLn, wkLnPmin, buff, LlnCol, UlnCol): This part of the indicator draws lines at the ends of significant wicks. A wick is significant if it is a certain percentage of the candle's body. The lines can be turned into zones with a specified buffer. Wick Boxes (showWckBx, wkBxPmin, LbxWkCol, UbxWkCol): Similar to wick lines, but this setting draws boxes instead of lines to represent significant wicks. Consecutive/Large Bars (showCnscBx, largeBarMin, LbxCnscCol, UbxCnscCol): This setting draws boxes around consecutive bars (bullish or bearish) or single large bars that meet a certain percentage threshold. 2. Using the Indicator for Trading Support and Resistance Zones: The indicator highlights potential support and resistance zones with lines and boxes. These are areas where the price might experience resistance or support. Price Action Confirmation: Look for price action confirmation when the price reaches these zones. Confirmation could be in the form of candlestick patterns, volume increase, or other indicators. Entry and Exit Points: Consider these zones as potential entry or exit points. For instance, a bounce from a support zone might be a good entry point for a long position. Risk Management: Always use stop-loss orders. Since the zones are not exact price levels, consider the buffer areas for setting stop losses. 3. Strategy Example Bullish Reversal: If the price is in a downtrend and reaches a support zone identified by the indicator, look for bullish reversal patterns or signs of price stabilization before entering a long position. Bearish Reversal: Conversely, if the price is in an uptrend and hits a resistance zone, look for bearish reversal patterns to enter a short position.
Been looking for this exact script for so long.