OPEN-SOURCE SCRIPT
P/D Price Levels
Core Objective: This indicator is meticulously designed to help traders pinpoint Value Zones with precision. The primary goal is to identify optimal Discount levels for long positions and potential Premium levels for short positions.
Based on Smart Money Concepts (SMC), trading at overbought or oversold extremes relative to a specific reference point (Swing High/Low) significantly enhances your Risk-to-Reward (R:R) ratio.
Key Features:
Dynamic Source Selection: Automatically detects the highest peak or lowest trough within a user-defined lookback period, or allows for manual price input for higher timeframe analysis.
10 Fully Customizable Levels: Flexibility to set up to 10 unique percentage (%) offsets. This is crucial as different assets (Gold, Forex, Stocks, or Crypto) exhibit varying volatility profiles and "Golden" discount levels.
Minimalist Interface: All lines and labels are rendered in a subtle light gray and anchored to the right margin. This ensures a clean workspace that doesn't clutter your price action analysis.
Precision Engineering: Optimized for Pine Script v6 to ensure lines remain perfectly horizontal, eliminating common display glitches.
How to Use:
Auto Mode: The script identifies the highest/lowest price within your chosen "Lookback" period as the base.
Manual Mode: If you have identified a significant HTF (Higher Timeframe) Swing High/Low, simply input the price manually in the settings.
The Strategy: Monitor price reaction at key percentages (e.g., 5%, 7%, or 10% discount from a high) to find high-probability reversal or trend continuation signals.
"Trading involves risk. This script is for educational purposes and should not be considered financial advice."
Based on Smart Money Concepts (SMC), trading at overbought or oversold extremes relative to a specific reference point (Swing High/Low) significantly enhances your Risk-to-Reward (R:R) ratio.
Key Features:
Dynamic Source Selection: Automatically detects the highest peak or lowest trough within a user-defined lookback period, or allows for manual price input for higher timeframe analysis.
10 Fully Customizable Levels: Flexibility to set up to 10 unique percentage (%) offsets. This is crucial as different assets (Gold, Forex, Stocks, or Crypto) exhibit varying volatility profiles and "Golden" discount levels.
Minimalist Interface: All lines and labels are rendered in a subtle light gray and anchored to the right margin. This ensures a clean workspace that doesn't clutter your price action analysis.
Precision Engineering: Optimized for Pine Script v6 to ensure lines remain perfectly horizontal, eliminating common display glitches.
How to Use:
Auto Mode: The script identifies the highest/lowest price within your chosen "Lookback" period as the base.
Manual Mode: If you have identified a significant HTF (Higher Timeframe) Swing High/Low, simply input the price manually in the settings.
The Strategy: Monitor price reaction at key percentages (e.g., 5%, 7%, or 10% discount from a high) to find high-probability reversal or trend continuation signals.
"Trading involves risk. This script is for educational purposes and should not be considered financial advice."
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.
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.
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.