Benito CL Levels by Melon

Sep 22

Code Summary:

The script plots horizontal lines at .00, .25, .50, and .75 increments around the current price on the chart. It calculates these levels by taking the integer base of the price and adding the specified increments. The user can customize the color, thickness, and style (solid, dashed, dotted) for each level individually. The script plots a specified number of lines above and below the current price, extending them across the chart to provide clear reference points for potential support and resistance levels.

Key Trading Insight:

Focus on the .00, .25, .50, and .75 levels. A failure to reclaim the .50 level often indicates a lack of momentum, leading to a potential breakdown towards the .00 or .25 levels. These levels serve as psychological or technical support and resistance points where price reactions are likely. Monitoring price action around these levels can provide useful signals for potential trend continuation or reversal.