are used by traders in equity and commodity exchanges. They're calculated based on the high, low, and closing prices of previous trading sessions, and they're used to predict levels in the current or upcoming session. These levels can be used by traders to determine entry and exit points, both for stop-losses and profit taking.
5 in 1 Indicator
The are the most basic and popular type of . The is interpreted as the primary level - the point at which the main trend is determined. First-third level resistance and support points serve as additional indicators of possible trend reversal or continuation.
Woodie's are similar to , the difference being is that more weight is given to the Close price of the previous period.
are a set of eight very probable levels which resemble values for a current trend. The most important is that these work for all traders and help in setting the right stop-loss and profit-target orders.
Tom DeMark's Points:
Another popular method of calculating the to forecast the future of the trend is Tom DeMark's , which are not exactly, but are the predicted lows and highs of the period.
Fibonacci levels are determined by first calculating the . Next, multiply the previous day's range with its corresponding Fibonacci level. Most traders use the 38.2%, 61.8% and 100% retracements in their calculations. Finally, add or subtract the figures you get to the and you've got your Fibonacci levels!
By default, are determined for the selected timeframe. The resolution input value should be at least the timeframe in used. The resolution value larger than the selected timeframe should not be selected. Otherwise, correct data cannot be displayed.
Correct use: If the selected timeframe is 4h, resolution input variable can be select "4h, 1 day, 1 week or 1 month"
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.