PROTECTED SOURCE SCRIPT
ETH OHLC by tncylyv
ETH OHLC Projection Levels
📜 Indicator Description
This indicator projects key potential price levels for Ethereum (ETH) based on its historical price behavior. Using the opening price of a user-selected timeframe (4H, 1D, or 1W) as a baseline, it calculates and displays statistically-derived levels for potential "Manipulation" and "Distribution" phases of price action.
These projections are designed to provide traders with potential zones of interest for support, resistance, stop-loss placement, and take-profit targets for the current trading period.
________________________________________
🧠 Core Concepts Explained
The indicator is built on two key concepts derived from candlestick analysis:
• Manipulation: This represents the initial price movement that occurs against the candle's eventual primary direction.
o For a bullish candle, it's the extent of the lower wick (the move from Open down to Low).
o For a bearish candle, it's the extent of the upper wick (the move from Open up to High).
o The "M" levels on the chart project the average (mean and median) historical size of this manipulation wick, suggesting potential areas for liquidity grabs or stop hunts.
• Distribution: This represents the primary price movement in the direction of the candle's trend.
o For a bullish candle, it's the total move from Open to High.
o For a bearish candle, it's the total move from Open to Low.
o The "D" levels project the average (mean and median) historical range of this price expansion, suggesting potential targets for the period.
________________________________________
📊 Data & Methodology
It is important to note that the statistical ratios used for the projections are not calculated in real-time by the indicator itself.
These values have been pre-calculated through an extensive historical analysis performed in Python. The analysis used the complete historical ETH/USD price data from the Coinbase exchange to determine the mean and median ratios for both manipulation and distribution across the different timeframes. The resulting fixed values are then hard-coded into the script to ensure performance and consistency.
________________________________________
⚙️ How to Use It
At the beginning of each new period (e.g., at the start of a new day on the 1D timeframe), the indicator will draw a new set of horizontal lines and zones based on that period's opening price.
• The central dotted line represents the Opening Price for the selected timeframe.
• Manipulation Levels (+M / -M): These inner levels can be interpreted as potential reversal zones. Price may test these areas to trigger stops before moving in the primary direction for the session.
• Distribution Levels (+D / -D): These outer levels can be used as potential take-profit targets, representing the average historical price extension for a period.
• Mean vs. Median Zones: The script plots levels based on both the historical mean (average) and median (middle value). The shaded area between them creates a zone rather than a single price line, offering a more practical range for analysis.
________________________________________
🛠️ Settings and Features
• Projection Timeframe: Select the primary timeframe for the analysis (4H, 1D, or 1W). The historical data used for projections is specific to the chosen timeframe.
• Historical Periods to Show: Adjust how many past periods of data you want to see on your chart. A value of 1 will only show the projections for the current, active period.
• Timezone (UTC-4): The 4H calculations are based on a fixed UTC-4 timezone to align with specific, high-volume market sessions (e.g., New York open). This is not changeable to ensure data consistency.
• Visual Customization: You have full control over the appearance of the indicator.
o Toggle the visibility, colors, and line styles for the Open price line and each of the Manipulation/Distribution levels using their respective checkboxes and inputs.
o Enable or disable the shaded fills between the mean and median levels.
o Tip: To quickly hide all price labels at once, edit the "Label Color" setting and set its opacity to 100% (fully transparent).
📜 Indicator Description
This indicator projects key potential price levels for Ethereum (ETH) based on its historical price behavior. Using the opening price of a user-selected timeframe (4H, 1D, or 1W) as a baseline, it calculates and displays statistically-derived levels for potential "Manipulation" and "Distribution" phases of price action.
These projections are designed to provide traders with potential zones of interest for support, resistance, stop-loss placement, and take-profit targets for the current trading period.
________________________________________
🧠 Core Concepts Explained
The indicator is built on two key concepts derived from candlestick analysis:
• Manipulation: This represents the initial price movement that occurs against the candle's eventual primary direction.
o For a bullish candle, it's the extent of the lower wick (the move from Open down to Low).
o For a bearish candle, it's the extent of the upper wick (the move from Open up to High).
o The "M" levels on the chart project the average (mean and median) historical size of this manipulation wick, suggesting potential areas for liquidity grabs or stop hunts.
• Distribution: This represents the primary price movement in the direction of the candle's trend.
o For a bullish candle, it's the total move from Open to High.
o For a bearish candle, it's the total move from Open to Low.
o The "D" levels project the average (mean and median) historical range of this price expansion, suggesting potential targets for the period.
________________________________________
📊 Data & Methodology
It is important to note that the statistical ratios used for the projections are not calculated in real-time by the indicator itself.
These values have been pre-calculated through an extensive historical analysis performed in Python. The analysis used the complete historical ETH/USD price data from the Coinbase exchange to determine the mean and median ratios for both manipulation and distribution across the different timeframes. The resulting fixed values are then hard-coded into the script to ensure performance and consistency.
________________________________________
⚙️ How to Use It
At the beginning of each new period (e.g., at the start of a new day on the 1D timeframe), the indicator will draw a new set of horizontal lines and zones based on that period's opening price.
• The central dotted line represents the Opening Price for the selected timeframe.
• Manipulation Levels (+M / -M): These inner levels can be interpreted as potential reversal zones. Price may test these areas to trigger stops before moving in the primary direction for the session.
• Distribution Levels (+D / -D): These outer levels can be used as potential take-profit targets, representing the average historical price extension for a period.
• Mean vs. Median Zones: The script plots levels based on both the historical mean (average) and median (middle value). The shaded area between them creates a zone rather than a single price line, offering a more practical range for analysis.
________________________________________
🛠️ Settings and Features
• Projection Timeframe: Select the primary timeframe for the analysis (4H, 1D, or 1W). The historical data used for projections is specific to the chosen timeframe.
• Historical Periods to Show: Adjust how many past periods of data you want to see on your chart. A value of 1 will only show the projections for the current, active period.
• Timezone (UTC-4): The 4H calculations are based on a fixed UTC-4 timezone to align with specific, high-volume market sessions (e.g., New York open). This is not changeable to ensure data consistency.
• Visual Customization: You have full control over the appearance of the indicator.
o Toggle the visibility, colors, and line styles for the Open price line and each of the Manipulation/Distribution levels using their respective checkboxes and inputs.
o Enable or disable the shaded fills between the mean and median levels.
o Tip: To quickly hide all price labels at once, edit the "Label Color" setting and set its opacity to 100% (fully transparent).
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.