––––History & Credit 📚 This indicator is inspired from JC's from Simpler QuantPivots. In an open video he claims to have reversed engineered the levels of a 14M AI Quant Computer. I manage to recreate the indicator and it is a 99% match to his. There are tiny differences due to different ways TradingView is calculating data compared to ThinkOrSwim.
–––––What it does ⚙️ The script calculates zones where it has been backtested that have high probability of resistance. The levels are dynamic and adjusted by price action. Price action within the level H1 and L1 represent the norm of price action. Outside this level there is high probability that algos will enter to push the prices down.
–––––This indicator is NOT any of the following: 🚫
Average True Range (ATR)
Fibonacci
Average Daily Range (ADR)
Expected moves calculated by Greeks
–––––How to use it 🧠 There are different strategies. Option traders can use the levels for strategies that bet movement between two points. For this the stats can be quite useful. See below section STATS👇 Stock traders can use the levels as a take-profits or identify places where a stock might bounce.
–––––STATS 🧮 Stats are also available for this indicator! Stats appear when the timeframe of Analysis is the same as the Chart timeframe. See picture below.
Tiny update. I have added a Pin to Price action scale, since the indicator was pinning to new scale and that can be misleading if you view the levels.
I have added overlay by default so that when you add the indicator it doesn't go to a new pane below.
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Minor update - pinning to the Scale A by default to save real estate.
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Fixing the main chart for the indicaor as well
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- changed the default timeframe to Weekly "W" since many people get confused that the timeframe has to higher than the chart timeframe as per JC instructions.
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Updating the plot style so that it looks like disconnected lines
The Labels appear when the timeframe from settings is the same as the timeframe from chart
May I have access to this indicator?