PROTECTED SOURCE SCRIPT
Significant Price Level Indicator
Use this script to find significant areas of support and resistance. Basically, whenever it sees price is overbought/oversold while also showing momentum starting to swing in the opposite direction, then a "significant level dot" is added on the chart. For example, let's say price is way overbought (going up a statistically unreasonable amount) but at the same time momentum is starting to move downward (bearish pressure is starting to increase), then an orange dot is added to the chart. A new dot will not show up until we see another statistically significant shift. I use this to find significant turning points and when added with volume and divergence, we can find high probability reversal points.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
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.