In the world of trading, manually identifying and plotting key levels for every close can be a tedious and error-prone task. This indicator stands out by automatically detecting and plotting only those levels where a significant shift in market sentiment has occurred. Unlike traditional indicators that plot lines for every open or close, this tool focuses on levels where liquidity has changed hands, indicating a potential shift in momentum.
How It Works: - The indicator identifies Higher Timeframe (HTF) reversals, plotting levels only when a bearish candle is followed by a bullish one, or vice versa. - Weekly levels are represented by dashed lines, while monthly levels are solid, providing clear visual differentiation. - Levels are drawn at the open price of the reversal candle, starting precisely at the beginning of the new HTF bar.
Why It's Different: - Focuses on genuine shifts in market sentiment rather than arbitrary price points. - Automatically manages the number of visible levels to prevent chart clutter. - Ideal for range traders and mean reversion strategies, offering insights into potential support and resistance zones where market participants have shown a change in behavior.
Usage Note: While this indicator provides valuable insights, it should not be used in isolation. Always consider the broader market context and combine it with other analysis techniques for optimal results.
Settings: - Toggle weekly/monthly levels - Adjust the number of visible levels (1-20) - Customize level colors
No verdadeiro espírito do TradingView, o autor desse script o publicou como código aberto, para que os traders possam compreendê-lo e analisá-lo. Parabéns ao autor! Você pode usá-lo gratuitamente, mas a reutilização desse código em publicações é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.
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