JDT Support & Resistance Levels

Jun 20

JDT Support & Resistance Levels
This Pine Script indicator identifies and dynamically plots pivot-based support and resistance levels on your chart. Unlike traditional pivot point calculations, this script uses a user-defined lookback period to identify swing highs and lows, providing a more adaptable approach to identifying potential price reversal zones.
Originality
This script stands out due to its flexible approach to pivot identification. Instead of relying on fixed periods like daily, weekly, or monthly pivots, it allows users to customize the lookback period. This is particularly useful for traders who analyze different timeframes or markets, as the optimal lookback period may vary.
How it works
* Pivot Calculation: The script utilizes the ta.pivothigh and ta.pivotlow functions to identify swing highs and lows within the specified lookback period.
* Line Plotting: Horizontal lines are plotted at these pivot levels, extending to the right edge of the chart.
* Dynamic Updates: As new swing highs and lows form, the lines automatically update, ensuring the levels remain relevant to the current price action.
How to use it
* Add the script to your chart.
* Adjust the "Lookback Period" input parameter. A higher value will result in fewer but more significant levels, while a lower value will produce more frequent but potentially less reliable levels.
* Use the levels to identify potential support and resistance zones. Observe how price interacts with these levels. A break above a resistance level could signal a bullish move, while a break below a support level could indicate a bearish move.
Additional Considerations
* This script is most effective when used in conjunction with other technical analysis tools and indicators.
* The accuracy of the levels depends on the chosen lookback period and the specific market conditions.
* Always backtest your strategies before implementing them in live trading.
Let me know if you'd like any further clarification or have additional questions.

Jun 21

Release Notes

JDT EMA with Candle Colors
This Pine Script indicator enhances the classic Exponential Moving Average (EMA) by dynamically coloring candlesticks based on their relationship to the EMA.
Originality and Usefulness:
* Enhanced Visual Clarity: The candlestick coloring immediately highlights whether the price is above, below, or interacting with the EMA. This can aid in quicker decision-making compared to just a line on a chart.
* Customizable: The EMA period is user-adjustable, allowing for adaptation to different trading styles and timeframes.
* Improved Entry/Exit Signals: The yellow coloring of candles that touch or cross the EMA can be particularly useful for identifying potential trend reversals or entry/exit points.
How it Works:
* EMA Calculation: The script calculates a user-defined period EMA of the closing price.
* Candle Color Determination:
* Yellow: If the candlestick's high is above the EMA and the low is below (indicating a touch or cross).
* Lime: If both the open and close of the candlestick are above the EMA.
* Maroon: If both the open and close of the candlestick are below the EMA.
* Plotting:
* The EMA is plotted as a white line.
* Candlesticks are colored according to the conditions above.
How to Use:
* Add to Chart: Apply the indicator to your desired chart.
* Adjust EMA Period (Optional): Modify the "EMA Period" input to suit your preferred timeframe and trading strategy.
* Interpret:
* Lime candles: Price strength, potential uptrend continuation.
* Maroon candles: Price weakness, potential downtrend continuation.
* Yellow candles: Watch for potential trend reversals or consolidation.
Key Concepts:
* Exponential Moving Average (EMA): A type of moving average that gives more weight to recent prices, making it more responsive to current market conditions.
* Candlestick Analysis: The visual patterns formed by candlesticks can provide insights into market sentiment and potential price movements.

Jun 22

Release Notes

Minor Changes
* EMA Period: Select the desired EMA period from the options or enter a custom value. The EMA's responsiveness will vary depending on the chosen period.
* EMA On/Off: Toggle the "Exponential Moving Average On/Off" option to enable or disable the EMA and its associated candle coloring.
* EMA Line: Color Changed (Uptrend: candles predominantly above the EMA and green. Downtrend: candles mostly below the EMA and red)

Jun 22

Release Notes

Minor changes in support & Resistance level color

Jun 23

Release Notes

Minor changes
* Integrated Moving Average: The script incorporates a customizable moving average (SMA, EMA, WMA, HMA) and visually indicates if the price is above or below the MA, aiding trend identification.
* Choose your MA: Select the type (SMA, EMA, etc.) and period that best suits your trading style and timeframe.

Jun 27

Release Notes

Minor changes
* Reversal Zones: Plots bands based on standard deviation from the MA, indicating potential overbought/oversold areas where price reversals might occur. The multiplier is customizable for different risk tolerances.
* RSI: Calculates and plots the Relative Strength Index to assess momentum and identify potential overbought (above 70) or oversold (below 30) conditions. Visual alerts are triggered when RSI crosses these thresholds.

Jul 5

Release Notes

Minor Changes
Adds buffer zones around the levels to account for price fluctuations.
Use the buffer zones to confirm breakouts or reversals.
NOTE :-
This indicator is intended as a tool to assist your analysis, not as a standalone trading system. Always combine it with other forms of analysis and risk management strategies.