This is one of the most powerful and effective indicator which I personally use for Intraday.
It works well for trending stocks and trending days.
What are the Zones?
The zones are basically Retracement and Reversal Zones. The price will take a halt at this zones. So it will be easy to take an entry.
How to use?
- Pivot = P
- Major Zones = R1, R2, R3, S1, S2, S3
- Minor Zones = R0.5, R1.5, R2.5, S0.5, S1.5, S2.5
- Previous Day High & Low = PDH , PDL
- Opens between Previous Day High or Low and R1 or S1 Zone and taking retracement at the zone can result in a breakout.
- No Entry: 0 to 15min. Wait for the early Algo rush to settle down. Just go through the shortlisted stocks or top gainers and top losers.
- Risky Entry: 15min to 30min. It is the right or early time to participate in the beginning of a rally. But, recommended only for experienced, disciplined and planned traders.
- Moderate Risk: 30min to 45min
- Safe Entry: After 45min to 1hr
Stock Selection Tip:
- Use Opening Range Breakout (15, 30, 45 or 1hr) to spot false shoot ups.
- After the retracement on or closer to the zones.
- If the retracement happens in between spaces of the zones expect next retracement at the next in between space. Imagine the levels accordingly.
- Retracement is the right time to make an entry with minimum stoploss.
- Just below the longest candle which touches the zone.
- If it is a trending stock the price will move easily from one major zone to another major zone.
- If the zones are wider on a particular day use the minor zones as target.
- Consider the historical , highs and lows to confirm the entry or exit.
- Inclusion of 2nd and 3rd zones: Helpful to identify the target zone and to participation in a major rally.
- Clean and cluster free look
- Shows only required zones
- Hide historical levels
- Previous day High and Low levels
- Multi time-frame
- Don't solely depend on this indicator. Always use this with other analyzing tools or methods for more confirmation.
Thanking the original formulators.
- The indicator is under testing. Any errors, updates and additions will be updated in the final version.
- Even though there many are other indicators similar to this in TradingView, this indicator is customized for precision, inclusion of extended levels and designed for a squeeze free chart and visual appeal.
- Explore, improvise and formulate new methods with your personal experience and ideas.
- % of Zones from LTP
- Modified Labels
- Historical X Levels
- Default color change
- Filled Middle Zone