The Demand and Supply Zone indicator helps to identify the valid demand and supply zones by removing the played out zones. This indicator looks for all patterns , Rally-Base-Rally and Drop-Base-Rally mark the zone as "DZ". Same way with pattern Drop-Base-Drop and Rally-Base-Drop it will mark "SZ".
The indicator is fully customizable as per your trading style.
What does the Indicator do ?
Normal = Aggressive Trader Strong = Conservative Trader V Strong = V Conservative Trader
Based on Trading style one can choose the option available. Default gives the best result.
1. Explosive candle Range : One can choose explosive candle range. 2. Basing Candle Range : One Can Choose Basing candle range. 3. Normal Candle Range : One can choose the normal candle range. 4. Legout Strength : One can customize the Legout Strength.
5. Demand and Supply zone version :
High - Low = Most traders use the high and low of the basing for calculating their zone. Body - Low = Body (Base candle body high for demand zone and Body low for supply zone ). Normally beginner ( Conservative trader ) uses this option.
Continuous base = 1 to 10 : Based on the requirement one can use the number of basing candle. max normal = 2 to 10 : Based on the requirement one can use the number of normal candle. min normal = 1 to 10 : Min one to form the zone. Line width = 1 to 5 MaxTouches = One can set the number of times the price visits the zone. 1 for Conservative trader and 3 for aggressive trader. Once the price touches the zone more than the given input, lines get deleted. Also if the price is grater that the zone value, line deletes.
Bar Lookback = How many bars to look back to check the strength of the candle. Default gives the best result.
Max Demand and Supply zones and Show all active Demand and Supply zones = One can visually see played out ( violated ) zones by unticking the Active zones option.
Otherwise indicator will show only the Active zones. One can see max of 100 violated zones.
PM us to obtain the access.
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Added alert option as per users request.
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Small enhancement
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- updated the candle color and other enhancements.
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- MaxActiveDemand and Supply Zones = Now we can restrict the active demand and Supply zones on chart. With this option chart looks clean.
- Now color of the zone lines can be changed.
- Other enhancement.
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:Small Enhancements
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- Update : The most requested alert function is available now. Now one can get the alert when the price touches the previously created active demand or supply zone.
- Creating alert : In indicator setting keep the tick mark of "createAlerts_WhenInZone" option. Click on the more option on Dz and Sz indicator and click add alert. 1st option. In Condition use "Any Alert Function Call" and use desired alert actions and hit create.
With this Whenever price touches the previously created active Demand or Supply zone, Creates the alert.
If you want alert to have only one time then use " MaxTouches" option as 1. You will receive alert till the Demand or Supply Zone is active.
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Small enhancement.
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Added Line extend option. Now Alert function will give the price information.
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Now users can set the percentage for the alert function.
Users can get the alert when price is near to supply or demand zone.