There is mainly 4 stages of stocks.
1) stage 1 - Accumulation = color = aqua
2) stage 2 - Advancing = color = green
3) stage 3 - Distribution = color = yellow
4) stage 4 - Declining = color = red
At some point the condition i wrote wont detect any stage.
This is upgraded logic
This is how you can marking the chart.
➡️First day of stage 1 high.
only confirm if after stage 1 there is again stage 4 or no stage for at least 2 days.
Stage 1 stays for 5 time frame (including no stage)
➡️First day of stage 3 low.
only confirm if stage 3 stay more than 1 days. and before it stage 2.
this will help full to load script much faster and also not generating too much lines on the chart.
1) Added rs84 and rs72 to decide stage 1
2) Now using last 7 days high as resistance to avoid fluctuation for both stage 1 and stage 3 resistance.
3) changed from low to high for stage 3 resistance.
4) now only using one simple code to generate the stage 1 resistance line.
-> minimum 1 day in stage 1 and stage 0 in last 5 days or stage 1 in 2 days in last 5 days
Days gap between 2 same stage lines input, to avoid multiple lines draw very close to each other.
if someone who are not sure about the Stage 1 resistance line now they can disable that option and only enable the Stage 1 Proper Resistance Lines option.
-> Hide stage 1 resistance line default to generate less lines.
-> Added stage 2 proper resistance line when rs above ema147 and ema168
now one should only enter a trade if green background color opacity is less.
-> Changed condition to generate proper stage 2 resistance line.
now checking close / open above all three ema, vwma, vwma-high
some code clean.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.