PROTECTED SOURCE SCRIPT
Automated Round Number Crossing Analysis [@Mishu]
Hello, TradingView community! I'm thrilled to present the "Automated Round Number Crossing Analysis" script, a sophisticated tool designed to help traders identify and analyze key psychological thresholds in the financial markets. This indicator leverages the concept of round numbers to enhance trading strategies, providing a comprehensive analysis of price levels and their interactions.
Key Features:
Round Number Levels: This script automatically calculates and plots multiple round number levels based on a user-defined middle price (MRN) and gap value. These levels are displayed on the chart, allowing traders to visually identify significant price points.
Crossing Analysis: The script counts various types of crossings for each round number level within a specified lookback period:
Cross Up: The price crosses above the level.
Cross Down: The price crosses below the level.
High Over Close Below: The high of the bar is above the level, but the close is below.
Low Under Close Above: The low of the bar is below the level, but the close is above.
Table Display: Users can enable a detailed table that summarizes the crossing counts and percentages for each level. The table is highly customizable, with options to adjust its position, text size, and the data displayed.
Customizable Plot Settings: Users have the flexibility to show or hide the levels and their labels. The script provides various customization options for label positions, colors, and text styles, ensuring that the indicator can be tailored to individual preferences.
Comprehensive Analysis: By analyzing price interactions with round number levels, traders can gain insights into potential support and resistance zones. This can be particularly useful for developing and refining trading strategies.
Table Display Details:
The table shows the following information for each level:
Level Name: Identifies the round number level.
Cross Up Count: Number of times the price crossed above the level.
Cross Down Count: Number of times the price crossed below the level.
High Over Close Below Count: Number of times the high was above but the close was below the level.
Low Under Close Above Count: Number of times the low was below but the close was above the level.
Total Crossings: The sum of all crossing counts for the level.
Percentage of Total Crossings: The percentage of the total crossings that each level represents, providing a relative measure of the activity at each level.
How It Works:
Input Settings:
Starting Price (Middle) (MRN): The central price around which round numbers are calculated.
Gap: The interval between each round number level.
Lookback Period: The number of bars to consider for crossing analysis.
Table and plot customization options to adjust the display according to user preferences.
Level Calculation: The script calculates multiple levels above and below the MRN using the specified gap.
Crossing Counts: The script uses built-in Pine Script functions to count the various types of crossings for each level. It tracks these counts over the lookback period, updating them as new bars are added.
Table Display: If enabled, a table is displayed on the chart showing the crossing counts and percentages for each level. This table helps traders quickly understand the significance of each level.
Labels and Plots: The script plots the levels on the chart and optionally displays labels indicating the level names and their corresponding prices. These labels are updated in real-time as the chart evolves.
Usage:
Support and Resistance Identification: The indicator helps traders identify potential support and resistance zones based on round numbers, which are often psychological levels in the market.
Strategy Development: By analyzing how often the price interacts with these levels, traders can develop strategies that take advantage of these key points.
Market Analysis: The comprehensive crossing analysis provides deeper insights into market behavior, allowing for more informed trading decisions.
Example Use Case:
Imagine you are trading the S&P 500 and want to identify key levels where the price might reverse or accelerate. By setting the MRN to the current price and adjusting the gap to a suitable value (e.g., 50 points), the script will plot horizontal lines at these intervals. The crossing analysis will then show how often the price interacts with these levels, helping you pinpoint significant zones for potential trades.
This script is a valuable addition to any trader's toolkit, providing a structured way to analyze round number levels and their impact on price action. I hope you find it useful for your trading activities. Happy trading!
Key Features:
Round Number Levels: This script automatically calculates and plots multiple round number levels based on a user-defined middle price (MRN) and gap value. These levels are displayed on the chart, allowing traders to visually identify significant price points.
Crossing Analysis: The script counts various types of crossings for each round number level within a specified lookback period:
Cross Up: The price crosses above the level.
Cross Down: The price crosses below the level.
High Over Close Below: The high of the bar is above the level, but the close is below.
Low Under Close Above: The low of the bar is below the level, but the close is above.
Table Display: Users can enable a detailed table that summarizes the crossing counts and percentages for each level. The table is highly customizable, with options to adjust its position, text size, and the data displayed.
Customizable Plot Settings: Users have the flexibility to show or hide the levels and their labels. The script provides various customization options for label positions, colors, and text styles, ensuring that the indicator can be tailored to individual preferences.
Comprehensive Analysis: By analyzing price interactions with round number levels, traders can gain insights into potential support and resistance zones. This can be particularly useful for developing and refining trading strategies.
Table Display Details:
The table shows the following information for each level:
Level Name: Identifies the round number level.
Cross Up Count: Number of times the price crossed above the level.
Cross Down Count: Number of times the price crossed below the level.
High Over Close Below Count: Number of times the high was above but the close was below the level.
Low Under Close Above Count: Number of times the low was below but the close was above the level.
Total Crossings: The sum of all crossing counts for the level.
Percentage of Total Crossings: The percentage of the total crossings that each level represents, providing a relative measure of the activity at each level.
How It Works:
Input Settings:
Starting Price (Middle) (MRN): The central price around which round numbers are calculated.
Gap: The interval between each round number level.
Lookback Period: The number of bars to consider for crossing analysis.
Table and plot customization options to adjust the display according to user preferences.
Level Calculation: The script calculates multiple levels above and below the MRN using the specified gap.
Crossing Counts: The script uses built-in Pine Script functions to count the various types of crossings for each level. It tracks these counts over the lookback period, updating them as new bars are added.
Table Display: If enabled, a table is displayed on the chart showing the crossing counts and percentages for each level. This table helps traders quickly understand the significance of each level.
Labels and Plots: The script plots the levels on the chart and optionally displays labels indicating the level names and their corresponding prices. These labels are updated in real-time as the chart evolves.
Usage:
Support and Resistance Identification: The indicator helps traders identify potential support and resistance zones based on round numbers, which are often psychological levels in the market.
Strategy Development: By analyzing how often the price interacts with these levels, traders can develop strategies that take advantage of these key points.
Market Analysis: The comprehensive crossing analysis provides deeper insights into market behavior, allowing for more informed trading decisions.
Example Use Case:
Imagine you are trading the S&P 500 and want to identify key levels where the price might reverse or accelerate. By setting the MRN to the current price and adjusting the gap to a suitable value (e.g., 50 points), the script will plot horizontal lines at these intervals. The crossing analysis will then show how often the price interacts with these levels, helping you pinpoint significant zones for potential trades.
This script is a valuable addition to any trader's toolkit, providing a structured way to analyze round number levels and their impact on price action. I hope you find it useful for your trading activities. Happy trading!
Protected script
This script is published closed-source and you may privately use it freely.
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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.