OPEN-SOURCE SCRIPT
Power Law Time Contours
When drawing support and resistance lines for Bitcoin, it’s impossible to create a single straight line that touches all the support and resistance levels from the very beginning (BTCUSD - Bitstamp). Feel free to try it yourself! The reason for this is Bitcoin’s early market volume was very low, which skews straight-line analysis.
By factoring in this low volume, you can create a curve that aligns with all the support and resistance levels, along with curves that closely follow it. This approach makes it much easier to identify the real bottom and top levels.
I’ve developed an indicator on TradingView using the necessary calculations, and I’d love to share it with you
By factoring in this low volume, you can create a curve that aligns with all the support and resistance levels, along with curves that closely follow it. This approach makes it much easier to identify the real bottom and top levels.
I’ve developed an indicator on TradingView using the necessary calculations, and I’d love to share it with you
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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