This script uses the standard pivot-high/pivot-low built-in methods to identify pivot points on the chart as a base calculation for the zones. Rather than displaying basic lines, it displays a zone from the original pivot point to the closest part of the available body on the same candle. The script comes in handy by utilizing Pinescripts available input.source() function to allow for an external indicators output value to be used within the indicator. Make sure to read all of the TOOLTIPS in the indicator settings menu to get a full understanding of what each setting does, and how it can affect the results that end up on the chart.
By enabling the custom filter in the indicator settings, you will notice you have the ability to filter out zones using an external indicator such as an RSI. Maybe you only want zones to be calculated/drawn when the RSI is overbought or oversold, or maybe you only want the zones to calculate/draw if the Supertrend is green or red. The list of possible filters that you can implement is too many to count. Feel free to play around with the indicator however you like, and configure something that you find to be the most useful for your trading.
On top of everything listed above, the indicator has pre-programmed built-in alertconditions so that you can potentially automate trading, or get a notification to your cell phone when a zone is being touched/broken.
Hi, is it possible to set this indicator to one time frame, lets suppose 30 mins and even if I change to different time frames 1min, 15min, 4h, D , it would still show me 30 mins demand and supply zones ?
MyTradingCoder
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@kamaneri, You can hire me to do that, otherwise I dont particularly have plans to further develop this indicator. Good suggestion though!
TheIndianRiTz
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@JacobMagleby, what is your contact details, like email id or any other platform so I can contact you easily.. .?
@JacobMagleby, Sir, my suggestion is how wonderful if you can make bar color options.. so when candlestick bouncing at strong SNR area ,we know in big picture , at what moment the reversal occurred.