Key Levels Theory with Boxes v3

Key Levels Theory with Boxes

This script helps traders visualize important price levels and mark them with lines and boxes on a chart. The lines represent key whole number levels, and the boxes give you a visual reference to see how price interacts with these levels. This tool can be used to track support/resistance areas and anticipate price movement based on round numbers.

Key Functions:
Lines:
The script draws horizontal lines at key price levels (e.g., 2850, 2855, 2860, etc.) starting from a defined "start level."
The lines are dashed by default and their appearance can be customized (color, style, width).
Boxes:
For each level, a box is drawn above and below the line.
The size of the box is fixed (1.5 units above and below the level) and it can be customized to any other interval.
The box is filled with a green color by default, with 5% opacity, so it doesn’t overpower the chart but still provides a visual reference.
Customizable Inputs:
Start Level: The starting price level from which all other levels will be calculated (e.g., 2850).
Number of Levels: How many levels of lines and boxes you want to display (e.g., 6 levels).
Box Interval: The distance above and below each level to define the size of the boxes (default is 1.5).
Line Style: The appearance of the lines (solid, dotted, or dashed).
Line Color: The color of the lines (default is white).
Line Width: The width of the lines (default is set to 0 for a cleaner look).
Box Color: The color of the boxes (default is green with 5% opacity).
What Does It Do?
Visualizes price levels: The script plots key price levels and helps traders easily identify where price is currently at, relative to whole number levels.
Marks support/resistance: These levels often act as psychological price points, making them useful for spotting potential support or resistance.
Helps with trade decisions: By seeing how the price behaves around these key levels, traders can make more informed decisions about entering or exiting positions.