dhilipthegreat

Perfect zones

As the name says this script will be perfect.


There are 2 types of indicators in the market. Leading and Lagging.
I always prefer to choose a leading which can help me determine my trades future hand.

This script provides few levels which are not just leading but also perfect. This script can be used only on the current day/week/month and can't be used to predict the next sessions movement as this script uses current open price.

Open line - Line drawn based on the open of the candle. I feel this is one of the underrated line. This is a very powerful resistance and support line.

Average 10 days levels - These are just calculated based on average 10 previous days.
Logic is - since the script has stayed within the range for past 10 days it remains to stay in the same levels even today.
So on average this levels works 8/10 times which is very bigger in stock market.

Fibonnaci levels zones - This zone is derived from Thomas de-mark book. This is also a simple level where fibonnaci ratio is used to determine the levels from today's open.

Outer levels - They are also same fibonacci levels which are very much respected by all the stocks and indices.

Provided adjustment levels to determine the range for Day/Week/Month.

Added some code from one of my favorite indicator variable moving average. Thanks to the author of the script.

How to trade using this script.
Apply 10 days average and Fibonacci level zones in the chart

Range bound movement
When the stock open. Try to predict from price action whether the stock is going to be in a small range. Then do a strangle of the strikes just outside the zone.

Trending movement
When the stock seems to be little volatile both the levels applied act a good resistance. Take positions once the range in broken or reversal is happening from the level.

This script is unique because these are not drawn levels based on previous day unlike pivot or Fibonacci, current day open is important in this script.

tip - Use it in banknifty and Nifty with Range bound strategy I have mentioned above.

Happy trading.
Release Notes: Added moving averages.
Release Notes: Added moving average bands which provides high accuracy
Release Notes: Added vma bands and vma colors.
Release Notes: Exact exit levels added.
Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Want to use this script on a chart?

Comments

would it be possible to give it a try please? Thanks
+1 Reply
dhilipthegreat xingkong0388
@xingkong0388, Yes you can use it.
Reply
xingkong0388 dhilipthegreat
@dhilipthegreat, Can you collect the source code for me?
+3 Reply
@Dhilip : If possible can you pls use the same logic and build this for week and month? I'm sure it would be useful for many. Thanks in advance.
Reply
Thanks Dhilip. I am giving a try to test the zones. Update you soon
Reply
Can I get Source code of this
Reply
Can i use it on 15tf ??
Reply
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