Arun_K_Bhaskar

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
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