PROTECTED SOURCE SCRIPT
Crypto Schlingel - Light Suite v5.19
The Chart Indicator Suite Light combines a wide range of powerful tools that help traders accurately analyze market structures, volatility, and key price zones. With indicators such as pivot points, EMAs, VWAP and important market levels such as daily open, the suite offers a comprehensive overview of trends and market behavior. Supplemented by pvsra candles and the display of relevant stock market opening hours, it reliably supports traders in making informed trading decisions.
Indicators are configurable
All of the indicators mentioned are fully configurable and can be flexibly adapted to individual trading strategies. Users can freely adjust parameters, display types, and sensitivities to highlight exactly the market information that is relevant to their personal trading style.
The individual fields in the configuration are self-explanatory or are explained in a toolbar, so that the possible settings become clear.
PIVOT POINTS
Pivot points are predefined price levels calculated from the previous day's price data (or a previous time unit).
They help traders identify potential support and resistance zones for the current trading day (or period).
Benefits of pivot points in chart analysis
1. Determining support and resistance areas
The calculated pivot levels (P, S1, S2, R1, R2, etc.) show where the market is likely to react:
Supports (S1, S2, S3) → possible downward turning points.
Resistance (R1, R2, R3) → possible upward turning points.
These zones are often observed by many traders at the same time, making them self-fulfilling marks.
2. Trend determination and market sentiment
If the market opens above the pivot (P) and remains there → signals buying pressure.
If the market trades below the pivot (P) → signals selling pressure.
A break above R1 or below S1 may indicate a strong trend day.
EMA Exponential Moving Average
The EMA is the exponentially weighted moving average of a price.
It shows the average price of a security over a certain period of time, weighted according to recency – that is:
👉 more recent price data has more influence than older data.
This distinguishes it from the simple moving average (SMA), in which all values are weighted equally.
Benefits of the EMA in chart analysis -> Identifying trends
The EMA reacts more quickly to price changes than the SMA and is therefore ideal for:
Identifying trend reversals at an early stage
Confirming trend directions
👉 Rising EMA → Upward trend
👉 Falling EMA → Downward trend
Traders often use combinations such as:
EMA 50 / EMA 200 → Long-term trends
SIGNIFICANCE OF HIGHS AND LOWS
The daily high, daily low, weekly high, and weekly low are objective price zones that show:
Where the market bought (high) or sold (low) the most, and where supply and demand reached their extremes in the past period.
These levels often act as magnetic price zones in ongoing trading, where traders react (entry, profit-taking, or stop setting).
🎯 Use of yesterday's high and low (previous day high/low)
🔹Support and resistance levels
Yesterday's high often acts as resistance when the price comes from below.
Yesterday's low becomes support when the price falls from above.
➡️ Traders watch these levels closely to trade breakouts or reversals.
EMA 9 / EMA 20 → Short-term movements
🎯 Benefits of weekly highs and lows (Weekly High/Low)
Important structural markers in the higher time frame
Weekly highs and lows show medium to long-term market structure.
They are often considered stronger supports/resistances than daily levels.
➡️ For example, if the price breaks above the weekly high, this usually signals institutional interest and may indicate a continuation of the trend.
➡️ Conversely, failure to break above a weekly high may indicate market weakness or a reversal.
DAILY OPEN
The Daily Open is the price at which trading begins on a new day.
It marks the first price after the close of the previous trading session.
👉 In many markets (e.g., Forex, index futures, crypto), this is the starting point of daily price movement, where market direction and sentiment realign.
🎯 Benefits of the Daily Open in chart analysis
Direction indicator (daily bias)
The Daily Open serves as a neutral center line for the current trading day.
Traders use it to assess the market direction (bias):
Price above the Daily Open → bullish day (buyers dominate)
Price below the daily open → bearish day (sellers dominate)
📈 → If the daily open is broken and held above, this indicates upward momentum.
📉 → If it is broken below, this signals weakness.
This simple observation helps traders trade with the daily trend rather than against it.
STOCK MARKET OPENING HOURS
Every major stock exchange has defined trading hours during which institutional capital is active.
Examples (CET):
Asia (Tokyo/ Hong Kong) 1:00 a.m. – 9:00 a.m.
Europe (London/Frankfurt) 08:00 – 17:30
USA (New York) 15:30 – 22:00
Market dynamics change significantly during these time windows, as volume, liquidity, and volatility fluctuate depending on the session.
📈 Benefits in chart analysis
🔹Recognizing volatility and liquidity phases
At the start of a session (e.g., 9:00 a.m. in Frankfurt or 3:30 p.m. in New York), trading volume rises sharply.
This results in strong movements, often with changes in direction or breakouts.
👉 These phases are particularly suitable for:
Breakout strategies
Volume or momentum trades
Example:
If an index (e.g., DAX or S&P 500) reacts strongly at the US opening, this indicates institutional activity that may shape the rest of the day.
VWAP (Volume Weighted Average Price)
The VWAP is the volume-weighted average price of a security for a specific period of time – usually per day.
👉 Unlike a simple moving average (e.g., EMA), the VWAP takes into account how much was actually traded – not just where the price was.
It therefore reflects the fair market value, taking into account the trading volume.
🎯 Benefits of VWAP in chart analysis
🔹 Determining the fair average price
The VWAP shows where the majority of the trading volume took place – i.e., the price that the majority of market participants actually paid.
➡️ This is the “fair price of the day.”
Price above VWAP → buyers dominate (bullish)
Price below VWAP → sellers dominate (bearish)
This information is particularly valuable for determining the intraday bias (direction of the day).
Indicators are configurable
All of the indicators mentioned are fully configurable and can be flexibly adapted to individual trading strategies. Users can freely adjust parameters, display types, and sensitivities to highlight exactly the market information that is relevant to their personal trading style.
The individual fields in the configuration are self-explanatory or are explained in a toolbar, so that the possible settings become clear.
PIVOT POINTS
Pivot points are predefined price levels calculated from the previous day's price data (or a previous time unit).
They help traders identify potential support and resistance zones for the current trading day (or period).
Benefits of pivot points in chart analysis
1. Determining support and resistance areas
The calculated pivot levels (P, S1, S2, R1, R2, etc.) show where the market is likely to react:
Supports (S1, S2, S3) → possible downward turning points.
Resistance (R1, R2, R3) → possible upward turning points.
These zones are often observed by many traders at the same time, making them self-fulfilling marks.
2. Trend determination and market sentiment
If the market opens above the pivot (P) and remains there → signals buying pressure.
If the market trades below the pivot (P) → signals selling pressure.
A break above R1 or below S1 may indicate a strong trend day.
EMA Exponential Moving Average
The EMA is the exponentially weighted moving average of a price.
It shows the average price of a security over a certain period of time, weighted according to recency – that is:
👉 more recent price data has more influence than older data.
This distinguishes it from the simple moving average (SMA), in which all values are weighted equally.
Benefits of the EMA in chart analysis -> Identifying trends
The EMA reacts more quickly to price changes than the SMA and is therefore ideal for:
Identifying trend reversals at an early stage
Confirming trend directions
👉 Rising EMA → Upward trend
👉 Falling EMA → Downward trend
Traders often use combinations such as:
EMA 50 / EMA 200 → Long-term trends
SIGNIFICANCE OF HIGHS AND LOWS
The daily high, daily low, weekly high, and weekly low are objective price zones that show:
Where the market bought (high) or sold (low) the most, and where supply and demand reached their extremes in the past period.
These levels often act as magnetic price zones in ongoing trading, where traders react (entry, profit-taking, or stop setting).
🎯 Use of yesterday's high and low (previous day high/low)
🔹Support and resistance levels
Yesterday's high often acts as resistance when the price comes from below.
Yesterday's low becomes support when the price falls from above.
➡️ Traders watch these levels closely to trade breakouts or reversals.
EMA 9 / EMA 20 → Short-term movements
🎯 Benefits of weekly highs and lows (Weekly High/Low)
Important structural markers in the higher time frame
Weekly highs and lows show medium to long-term market structure.
They are often considered stronger supports/resistances than daily levels.
➡️ For example, if the price breaks above the weekly high, this usually signals institutional interest and may indicate a continuation of the trend.
➡️ Conversely, failure to break above a weekly high may indicate market weakness or a reversal.
DAILY OPEN
The Daily Open is the price at which trading begins on a new day.
It marks the first price after the close of the previous trading session.
👉 In many markets (e.g., Forex, index futures, crypto), this is the starting point of daily price movement, where market direction and sentiment realign.
🎯 Benefits of the Daily Open in chart analysis
Direction indicator (daily bias)
The Daily Open serves as a neutral center line for the current trading day.
Traders use it to assess the market direction (bias):
Price above the Daily Open → bullish day (buyers dominate)
Price below the daily open → bearish day (sellers dominate)
📈 → If the daily open is broken and held above, this indicates upward momentum.
📉 → If it is broken below, this signals weakness.
This simple observation helps traders trade with the daily trend rather than against it.
STOCK MARKET OPENING HOURS
Every major stock exchange has defined trading hours during which institutional capital is active.
Examples (CET):
Asia (Tokyo/ Hong Kong) 1:00 a.m. – 9:00 a.m.
Europe (London/Frankfurt) 08:00 – 17:30
USA (New York) 15:30 – 22:00
Market dynamics change significantly during these time windows, as volume, liquidity, and volatility fluctuate depending on the session.
📈 Benefits in chart analysis
🔹Recognizing volatility and liquidity phases
At the start of a session (e.g., 9:00 a.m. in Frankfurt or 3:30 p.m. in New York), trading volume rises sharply.
This results in strong movements, often with changes in direction or breakouts.
👉 These phases are particularly suitable for:
Breakout strategies
Volume or momentum trades
Example:
If an index (e.g., DAX or S&P 500) reacts strongly at the US opening, this indicates institutional activity that may shape the rest of the day.
VWAP (Volume Weighted Average Price)
The VWAP is the volume-weighted average price of a security for a specific period of time – usually per day.
👉 Unlike a simple moving average (e.g., EMA), the VWAP takes into account how much was actually traded – not just where the price was.
It therefore reflects the fair market value, taking into account the trading volume.
🎯 Benefits of VWAP in chart analysis
🔹 Determining the fair average price
The VWAP shows where the majority of the trading volume took place – i.e., the price that the majority of market participants actually paid.
➡️ This is the “fair price of the day.”
Price above VWAP → buyers dominate (bullish)
Price below VWAP → sellers dominate (bearish)
This information is particularly valuable for determining the intraday bias (direction of the day).
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarle liberamente e senza alcuna limitazione – ulteriori informazioni qui.
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 protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarle liberamente e senza alcuna limitazione – ulteriori informazioni qui.
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.