OPEN-SOURCE SCRIPT
Zen ATH Bands v1
## **Zen ATH Bands**
This indicator plots horizontal drawdown levels projected into the right-hand margin. It calculates percentage drops from a selected anchor point (ATH or Current Price) to identify key price levels.
### **Technical Features**
* **Dynamic ATH Tracking:** Automatically calculates the highest high in the chart's history without lookback limitations.
* **Non-Invasive Plotting:** Uses right-extended lines and labels to keep the price action history unobstructed.
* **Performance Optimized:** Only renders on the most recent bar to ensure zero impact on chart loading speeds.
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### **Custom Options Explained**
#### **1. Reference (refMode)**
* **Option 1 (ATH):** Sets the anchor to the highest high ever recorded on the chart. All percentage bands are calculated as drops from this peak.
* **Option 0 (Last Price):** Sets the anchor to the current closing price. Useful for visualizing potential downside risk from the current market value.
#### **2. Right Offset (bars)**
* **Purpose:** Sets the horizontal distance between the current candle and the level labels.
* **Usage:** Increase this value (e.g., 50 or 100) if you use a wide chart layout or decrease it if you prefer labels closer to the price action.
#### **3. Percentage Band Toggles**
* **Included Tiers:** 2.5%, 5%, 10%, 15%, 20%, 25%, and 30%.
* **Function:** Each level can be individually enabled or disabled via checkboxes.
#### **4. Color Inputs**
* **Customization:** Each band has a dedicated color picker. This allows for high-contrast visibility regardless of whether you use a light or dark chart theme.
---
### **Indicator Inputs Table**
| Input Label | Default Value | Function |
| --- | --- | --- |
| **Reference** | 1 (ATH) | Toggle between All-Time High or Current Close as the calculation base. |
| **Right Offset** | 30 | Moves text labels X bars into the future margin. |
| **Show [X]%** | Enabled | Boolean toggle to show or hide specific percentage lines. |
| **[X]% Color** | Varies | Defines the color for the specific line and label. |
This indicator plots horizontal drawdown levels projected into the right-hand margin. It calculates percentage drops from a selected anchor point (ATH or Current Price) to identify key price levels.
### **Technical Features**
* **Dynamic ATH Tracking:** Automatically calculates the highest high in the chart's history without lookback limitations.
* **Non-Invasive Plotting:** Uses right-extended lines and labels to keep the price action history unobstructed.
* **Performance Optimized:** Only renders on the most recent bar to ensure zero impact on chart loading speeds.
---
### **Custom Options Explained**
#### **1. Reference (refMode)**
* **Option 1 (ATH):** Sets the anchor to the highest high ever recorded on the chart. All percentage bands are calculated as drops from this peak.
* **Option 0 (Last Price):** Sets the anchor to the current closing price. Useful for visualizing potential downside risk from the current market value.
#### **2. Right Offset (bars)**
* **Purpose:** Sets the horizontal distance between the current candle and the level labels.
* **Usage:** Increase this value (e.g., 50 or 100) if you use a wide chart layout or decrease it if you prefer labels closer to the price action.
#### **3. Percentage Band Toggles**
* **Included Tiers:** 2.5%, 5%, 10%, 15%, 20%, 25%, and 30%.
* **Function:** Each level can be individually enabled or disabled via checkboxes.
#### **4. Color Inputs**
* **Customization:** Each band has a dedicated color picker. This allows for high-contrast visibility regardless of whether you use a light or dark chart theme.
---
### **Indicator Inputs Table**
| Input Label | Default Value | Function |
| --- | --- | --- |
| **Reference** | 1 (ATH) | Toggle between All-Time High or Current Close as the calculation base. |
| **Right Offset** | 30 | Moves text labels X bars into the future margin. |
| **Show [X]%** | Enabled | Boolean toggle to show or hide specific percentage lines. |
| **[X]% Color** | Varies | Defines the color for the specific line and label. |
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.