OPEN-SOURCE SCRIPT
Average Envelope
A script to calculate a support / resistance level which acts as either a bounce level or a flip level. This is rather a macro play guide than a day trade tool.
The average is calculated by taking into account monthly/weekly/daily highs and average them out.
The script also paints fib levels based on the values of the upper and the lower band.
While this was designed with a cryptocurrency market in mind (no 'close' values per-se) it holds with traditional markets as well.
The average is calculated by taking into account monthly/weekly/daily highs and average them out.
The script also paints fib levels based on the values of the upper and the lower band.
While this was designed with a cryptocurrency market in mind (no 'close' values per-se) it holds with traditional markets as well.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.