PROTECTED SOURCE SCRIPT
Break Levels – Peaks and Valleys – Market Structure
Description
An experimental script, designed as a visual aid, to highlight two consecutive green candles after a red candle, and two consecutive red candles after a green candle. We can assume these formations to be potential candidates as an origin of a peak and valley. The highest point of the 1st red candle and lowest point of the 1st green candle is to be considered as break levels.
How to use
Expect attacks/tests or a break of these levels in the future. A solid break through these levels may produce a potential retest in the opposite direction. The greater the number of times a zone is tested, the more likely it is to break.
By using them as reference points, traders are expected to follow their own set of rules and mark higher probability supply and demand zones in the area.
Alerts are added for either a candle close or wick through the levels. For the alerts the script only trails the latest high and low break levels.
This can be used as an alternative to those who use fractals for market structure.
Indicator in use
An experimental script, designed as a visual aid, to highlight two consecutive green candles after a red candle, and two consecutive red candles after a green candle. We can assume these formations to be potential candidates as an origin of a peak and valley. The highest point of the 1st red candle and lowest point of the 1st green candle is to be considered as break levels.
How to use
Expect attacks/tests or a break of these levels in the future. A solid break through these levels may produce a potential retest in the opposite direction. The greater the number of times a zone is tested, the more likely it is to break.
By using them as reference points, traders are expected to follow their own set of rules and mark higher probability supply and demand zones in the area.
Alerts are added for either a candle close or wick through the levels. For the alerts the script only trails the latest high and low break levels.
This can be used as an alternative to those who use fractals for market structure.
Indicator in use
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarlo liberamente e senza alcuna limitazione – per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarlo liberamente e senza alcuna limitazione – per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.