This indicator is purely developed based on the levels. To be precise the most important thing in this indicator is the central .
No doubt the idea of central came just because of the book I read recently that is boss by ochia.
There in this script we have used Supports and Resistance and works for . There are three major supports and resistances and we can actually adjust the same using the option provided in the settings. If we want to analyst the chart daily then in the input option we will select daily as D, for long tern we will change the setting to Month that is M.
While you can see it very carefully We have provided all the levels such as support levels one, two, and also Resistance levels one and two. Apart from this, we have also used daily and weekly, and monthly for better performance.
One should trade based on the CPR that let's say that CPR is narrow then it indicates that the market is going to volatile. and if the CPR is wider we can consider it as a sideways market.
Apart from this if confluence it with our indicator that is by Choice Option we would be able to predict the market in a better sense as the accuracy would increase by about 50 percent.
A large part of the script has been developed self is not open-source therefore I would like to publish the script privately.
The script makes use of Central Level and the previous day, High Low. Which gives us a better insight into price action
This is a Support Resistance script that uses the . While getting Close/Open/High/Low values of Higher Time Frames the script does use the Security function.
The script works in a as mentioned earlier, But it works great on a smaller time frame such as 5 min,3 min, and 1 min.
Though I have tested it for logo term as well and found it to be impressive you need to be cautious while applying it on higher time frames.
Different colors have been used for every level which makes it easier to identifies the correct levels.
Based on the confluence of indicators the buy or sell arrows are formed which gives confirmation on taking the trade.
How to Trade using the indicator
Buy: Whenever the candles are green and at the same time green an arrow is formed.
Sell: Whenever the candles are red and at the same time red arrows are formed.
the green and red pyramids/ triangles forming when the trend is in our direction give us a better chance of making bigger profits.
Before making any trade contact the author and do check with the past performance. We won't be responsible for any of your losses or profits you have to trade based on your rise to the reward ratio.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.