Usable on any style chart, B3_Level_Break is simply a breakout play off the highest high or lowest low of a period. What makes this script slightly different is that it looks forward and backward for the pivotal point. This line is then carried forward with time decay; they will either erase with time, or erase when crossed by price. So many traders young and old like to draw price level lines, and this indicator certainly helps the lazy person do this.
Hedge Fund firms and trading groups around the market use indicators like this one to bring awareness to the last time price failed to reach further. When these levels are approached again, the cloud-fill will highlight the break outs, but a firm trader isn't always trading the breakout. What a good trader will do is look at the Level 3 data and the Time & Sales to determine if the story of supply and demand is pointing to a breakout, or a reversal (like a double-top or double-bottom).
I have automated this strategy to some varying degrees of success, avoiding the range reversal trades. Like any trend finding indicator, a rangy day will be tough to find a good signal from it. However, if you find range with no breakouts in this indicator, an oscillator of your choosing would be appropriate to trade the reversals within the ranges.
On a NQ1! 5m chart I have been using a length of anywhere from 7 to 16, (higher length gets you out of noise). The higher in interval you go, the less length you likely need. I have been looking at Stochastic turns at OVB OVS in combination with stocks breaking out on this indicator length set to 3 with interval Day or 4-6hr charts. Its a good catch for fading an earnings dip or bump after the call, or simply a confirming entry on the old school stochastic swing trade.
It has been some time since I have made a post. I will continue to post anything I find useful. It's best in the market to find things that work and stick with them, so it should make sense that I don't post as often. Enjoy !! :)
@HammondB3 I have been spending the last hour testing out a handful of yours scripts, utilizing the "replay" feature in tradingview to check for re-painting. In my 1+ year on tradingview going through probably 200+ scripts, so far, your scripts might be the best ones I've found on here, all of them so far. Even the ones that give buy/sell or enter/exit signals, which nearly every one I've tested from others don't work because they re-paint and therefore are not usable. But even if yours did re-paint (which so far they don't see to), you got other things like fib pivots and auto edge breakout, that are extremely useful! And you also give great descriptions/instructions. Totally awesome. Thank you for sharing. It sounds like you actually do trade as well as code, rather than a coder who has no knowledge of trading. Thanks again!
HammondB3
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@stockspy, Thank you so much for the vote of confidence! A couple things come to mind when I hear good feedback, both dealing with the private messages I get. One common one I get is why don't you put more scripts out, and though I plan to make another wave soon, the real reason is I only post what I know works for TRADING, (as well as code functioning properly.) If I posted more and more, that would be saying everything coded works for trading and that simply isn't the truth. Ideas are ideas, and I commend people for posting them. My ideas are battle-hardened no doubt separating them from the pack. Second common PM I get is "Can I have code to improve your code?" I don't pass it around because I have years of work into TRADING the ideas, testing code took a day or 2 at most. I am into the real hard evidence. :) Thanks again. ~B3
AlexandreLemao
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good evening
I would like to test the script for 7 days.
GloryGate
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@HammondB3 ..congratulation for this useful auto Supp+Resis from hist levels +projecting auto breakout line . .. if there were an option for adding a few Emas line and/or a real-time volume aggregation indicator , yours will be a champion of all scripts ! Thank you very much for your great clean work without overloading the program like many others ..
UnknownUnicorn2079680
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How many countless hours have I spent here looking for good indicators. My search has now come to an end! I thank you very much. Best regards!
Ufuksanli
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Hello, Can i test it pls?
Ufuksanli
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Hi, i want to test it, is it possible ?
maybach47
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Hey @HammondB3 , thank you very much for posting this and great job on the explanation :)