This is an alternate version of "Sweetspot Gold R4" that does not use sublevels. Removing the sublevels allows more efficient use of the plots (TV script has a limit of 64 plot calls).
This works well for all currency pairs I've tested, most commodities, and most stocks.
The indicator plots the so called "round price levels" or "00" levels. For example, 1.4000, 1.4400, 1.4500.
It automatically calculates the levels for each chart time frame. Optionally you can manually select main level size (in pips)
Use this indicator as a guidance to a better mapping of Support/Resistance levels on the chart. Next time you draw Support/Resistance lines, if they coincide with round price levels, you have got a excellent S/R level to work with!
Note di rilascio
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Update to improve the Automated RN for indices and commodities.
Modified the way the estimate for centreline is calculated.
Modified levels calculation to improve finding correct RN for Indices and commodities.
Added code to move centreline up to prevent negative RN values lines.
Note di rilascio
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Small enhancement:
Modified estimate for centre line so that it is always occurs on a "000" line. This means the "000" labels (ZH3000,ZH2000,etc) will always have "000" values. This is handy when you want to manually highlight the bigger RNs.
Note di rilascio
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Simplify centre line calculation, just use last completed candle average price. This speeds up the script a bit.
Convert to V4 Pinescript.
Change line coloring.
Added max_bars_back=200 to "study" parameters to try and prevent the occasional "index out of depth" error. Also change maxval=200 for centreline length.
Is it possible for you to modify the script to add 20,50,and 80 levels additionally to the existing 00 levels.
Best regards
Punisher21
Emad_sh
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Hello there,
Thank you for your amazing indicator, but I need to get the previous weekly and daily levels (high and low of previous candle) into integer (because I need to calculate on level numbers)
Can you help me?
Best
@JustUncleL Is there any future update Sir? Thanks mate
sat322000
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hello sir, does this repaints according to the market conditions.
MasterGorilla
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Hi JustUncleL,
I have another Q: I use the lines in quarters and seems to work fine as long the pair value is around one. When I apply this to the GPBJPY, we have 132.000 today. The Z000 resides not at a integer level, instead, it settles at a 25 level. Possibly depending on the price at that time. I created an offset manually and works and is not convieniant. It has to do with the normalisation and the rounding. I am not a good programmer and I see your efforts to normalize but here it does not work perfect. Could you have a look please? Thanks in advance.
JustUncleL
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@MasterGorilla, I don't know what time frame you are using, but I believe it is setting to a 500 pip level, this is not an error as such it's just how I have set up the automatic levels, for non-JPY pairs this looks fine. However, it is difficult to cater for all situations and all traders requirements automatically, that's why there is a manual option. If you want to change what the automatic levels are rounded too just change the lines 110-113, say replace 5000 with 10000.
MasterGorilla
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@JustUncleL, Thanks for your answer and understandable that the different ways to use is ofcourse huge. I will check your proposed lines for a solution. Have a great day.
Is it possible for you to modify the script to add 20,50,and 80 levels additionally to the existing 00 levels.
Best regards
Punisher21