Magnetic Zones v1.1 Beta

Magnetic Zones v1.1 Beta

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?

Labels:

• 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
  

Breakout:

• Opens between Previous Day High or Low and R1 or S1 Zone and taking retracement at the zone can result in a breakout.
  

Entry Time:

• 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 Expanded Floor Pivots to spot Narrow Range stocks.
  

Entry Tip:

• Use Opening Range Breakout (15, 30, 45 or 1hr) to spot false shoot ups.
  

Entry:

• 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.
  

Stoploss:

• Just below the longest candle which touches the zone.
  

Target:

• 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 support and resistance, highs and lows to confirm the entry or exit.
  

Indicator Features:

• 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
  

Caution:

• Don't solely depend on this indicator. Always use this with other analyzing tools or methods for more confirmation.
  

Acknowledgement:
Thanking the original formulators.

Note:

• 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.
  

Notas de Lançamento:

Magnetic Zones v1.1

Update

• % of Zones from LTP
  
• Modified Labels
  
• Historical X Levels
  
• Default color change
  
• Filled Middle Zone
  

Notas de Lançamento:

Updated on 21 May 2022

• Extended the Zones or Levels.
  
• Corrected the formula for more accuracy.
  
• Updated colors and highlighted important levels.
  
• Bearish Zones are reduced as Pinescript don't allow series more than 64.
  
• Pinescript v5
  

Notas de Lançamento:

Updated on 4 June 2022

• Added color input options.
  

Notas de Lançamento:

Magnetic Zones - Multi Timeframe
Date: 30 Oct 2023
Overview:

• Identifies Sideways, Breakout, and Reversal Zones.
  

Zones:

• Sideways: Between S1 & R1.
  
• Breakout: Above or Below S2 & R2.
  
• Reversal: Potential reversals at S2 & R2.
  

Breakout Signs:

• Market opens within Previous Day High/Low and R2/S2 with gap up or down.
  
• Additional confirmation: Price above or below previous day's high or low.
  

Features:

• Utilizes 3 multiple timeframe inputs.
  
• Identifies 6 Support & Resistance levels.
  
• Customizable settings for user preferences.
  
• Levels extend until the day ends.
  
• Includes EOD next day levels.
  
• Highlights Previous Period High/Low breached by the price.
  

Notas de Lançamento:

//Updated on 20 Nov 2023

//

• //Made the indicator look like the previous version.
  //
• Added Moving Average.
  //

Notas de Lançamento:

Updated on 24 Sept 2023

• Reverted to the previous look based on user feedback.
  
• Added a screener formula for effortless screen creation.
  
• Direct link to the source code now available.
  
• Improved code speed for faster performance.
  
• Enhanced code readability for easier understanding.