OPEN-SOURCE SCRIPT
Support Resistance - Percentile Levels
Key Features:
1. Percentile Calculations:
The indicator calculates the 95th percentile (PercentilePlot100) and the 5th percentile (PercentilePlot5) of the high and low prices over specified lengths.
The lengths for these calculations are adjustable via input fields, allowing users to customize the periods used for percentile calculations.
2. Percentile Levels:
Resistance Levels (R1, R2, R3, R4): Plots resistance levels based on the 95th percentile of the high prices over different lengths (100, 200, 750, 4500).
Support Levels (S1, S2, S3, S4): Plots support levels based on the 5th percentile of the low prices over different lengths (100, 200, 750, 4500).
3. High-Timeframe Average:
Calculates and plots the average of the 750-period high and low percentiles (htfavg), which acts as a pivot point on the chart.
How to Use This Indicator:
1. Identify Key Support and Resistance Levels:
Use the plotted resistance (R1, R2, R3, R4) and support (S1, S2, S3, S4) levels to identify key areas where price may reverse or consolidate.
2. Pivot Point Analysis:
The plotted pivot point (htfavg) can be used to identify potential areas of trend change or consolidation. It represents the average price level based on higher timeframe percentiles.
3. Trend Analysis:
By observing how price interacts with these percentile levels, traders can gain insights into market trends and potential reversal points.
Customization:
The input fields allow you to customize the lengths of the percentiles and the percentile plot values according to your trading strategy and timeframe preference.
In summary, this indicator can help traders identify significant support and resistance levels, potential pivot points, and overall market trends based on percentile calculations of high and low prices over various periods. This can be valuable for making informed trading decisions and setting entry and exit points.
If you have any specific questions or need further customization, feel free to ask! 😊
1. Percentile Calculations:
The indicator calculates the 95th percentile (PercentilePlot100) and the 5th percentile (PercentilePlot5) of the high and low prices over specified lengths.
The lengths for these calculations are adjustable via input fields, allowing users to customize the periods used for percentile calculations.
2. Percentile Levels:
Resistance Levels (R1, R2, R3, R4): Plots resistance levels based on the 95th percentile of the high prices over different lengths (100, 200, 750, 4500).
Support Levels (S1, S2, S3, S4): Plots support levels based on the 5th percentile of the low prices over different lengths (100, 200, 750, 4500).
3. High-Timeframe Average:
Calculates and plots the average of the 750-period high and low percentiles (htfavg), which acts as a pivot point on the chart.
How to Use This Indicator:
1. Identify Key Support and Resistance Levels:
Use the plotted resistance (R1, R2, R3, R4) and support (S1, S2, S3, S4) levels to identify key areas where price may reverse or consolidate.
2. Pivot Point Analysis:
The plotted pivot point (htfavg) can be used to identify potential areas of trend change or consolidation. It represents the average price level based on higher timeframe percentiles.
3. Trend Analysis:
By observing how price interacts with these percentile levels, traders can gain insights into market trends and potential reversal points.
Customization:
The input fields allow you to customize the lengths of the percentiles and the percentile plot values according to your trading strategy and timeframe preference.
In summary, this indicator can help traders identify significant support and resistance levels, potential pivot points, and overall market trends based on percentile calculations of high and low prices over various periods. This can be valuable for making informed trading decisions and setting entry and exit points.
If you have any specific questions or need further customization, feel free to ask! 😊
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — 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.