OPEN-SOURCE SCRIPT
Transient Zones v1.1
Simple indicator to visualize Transient Zones (TZ) and Potential Transient Zones (PTZ).
The last 3 numbers in the header represent: probability of true TZ (black), probability of PTZ (navy) and probability of PTZ resolving (gray).
Original ForexFactory thread by EURUSDD forexfactory.com/showthread.php?t=434603&page=286
Version 1.1:
- Added TZ/PTZ occurrence probability thanks to SPYderCrusher
Todo:
- Mid bar transient zones detection
- Draw rectangles for zones (once rectangle drawing gets implemented in pine script) or use dot/circle lines
- Mark forming PTZs more clearly
Previous version 1.0: tradingview.com/v/X9fqF4cX/
The last 3 numbers in the header represent: probability of true TZ (black), probability of PTZ (navy) and probability of PTZ resolving (gray).
Original ForexFactory thread by EURUSDD forexfactory.com/showthread.php?t=434603&page=286
Version 1.1:
- Added TZ/PTZ occurrence probability thanks to SPYderCrusher
Todo:
- Mid bar transient zones detection
- Draw rectangles for zones (once rectangle drawing gets implemented in pine script) or use dot/circle lines
- Mark forming PTZs more clearly
Previous version 1.0: tradingview.com/v/X9fqF4cX/
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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