INVITE-ONLY SCRIPT
Supply and Demand MultiTimeFrame
Updated
What Is the Law of Supply and Demand?
The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource . The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls. ( -Investopedia )
This Indicator Help's you to find possible Supply and Demand zones formed on chart on MultiTimeFrame.
All the Supply Zones are colored RED and are above the current price. It will vanish once price crosses over it.
All the Demand Zones are colored GREEN and are below the current price. It will vanish once price crosses under it.
Only Untested Zone are plotted on chart.
These zones can be plotted on Chart TimeFrame as well as MultiTimeFrame(Higher). That can be selected from Input Section.
Concept Behind the Zones
1. Rally Base Rally
2. Drop Base Drop
3. Drop Base Rally
4. Rally Base Drop
Drop base rally
Rally base drop
rally base rally
drop base drop
For Supply zones we try to find "Drop Base Drop" and "Rally Base Drop" , and plot RED zones on the width of base. Base can include any number of candle ranging from 1 to 6. This can be controlled from Input Section
For Demand zones we try to find "Rally Base Rally" and "Drop Base Rally" , and plot GREEN zones on the width of base. Base can include any number of candle ranging from 1 to 6. This can be controlled from Input Section
How to Trade
We recommend to use 5-8 time Higher TimeFrame as Supply and Demand Zones. For Example if chart is at 5 min Timeframe then Zones should be plotted on 25 min to 40 min TImeframe.
And when Price reaches closer to Supply/ Demand Zone then use some other indicator to confirm the reversal from that level, like trendline , moving average etc.
Targets should be nearest Supply/ Demand Zone .
The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource . The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases, people are willing to supply more and demand less and vice versa when the price falls. ( -Investopedia )
This Indicator Help's you to find possible Supply and Demand zones formed on chart on MultiTimeFrame.
All the Supply Zones are colored RED and are above the current price. It will vanish once price crosses over it.
All the Demand Zones are colored GREEN and are below the current price. It will vanish once price crosses under it.
Only Untested Zone are plotted on chart.
These zones can be plotted on Chart TimeFrame as well as MultiTimeFrame(Higher). That can be selected from Input Section.
Concept Behind the Zones
1. Rally Base Rally
2. Drop Base Drop
3. Drop Base Rally
4. Rally Base Drop
Drop base rally
Rally base drop
rally base rally
drop base drop
For Supply zones we try to find "Drop Base Drop" and "Rally Base Drop" , and plot RED zones on the width of base. Base can include any number of candle ranging from 1 to 6. This can be controlled from Input Section
For Demand zones we try to find "Rally Base Rally" and "Drop Base Rally" , and plot GREEN zones on the width of base. Base can include any number of candle ranging from 1 to 6. This can be controlled from Input Section
How to Trade
We recommend to use 5-8 time Higher TimeFrame as Supply and Demand Zones. For Example if chart is at 5 min Timeframe then Zones should be plotted on 25 min to 40 min TImeframe.
And when Price reaches closer to Supply/ Demand Zone then use some other indicator to confirm the reversal from that level, like trendline , moving average etc.
Targets should be nearest Supply/ Demand Zone .
Release Notes
Minor Update.Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact KapoorChandra for more information, or follow the author's instructions below.
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Author's instructions
″To get the access , visit https://sites.google.com/view/supplyanddemandmultitimeframe/home
or Connect me here kapoorballu8@gmail.com
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Warning: please read before requesting access.
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.