Bank/Psychological Levels by TBTPH

Pine Script code creates an indicator for plotting bank/psychological levels, which are typically round numbers like 100, 1000, etc. This is useful in technical analysis, as traders often watch these levels. Here's a quick breakdown of how the script works:

Key Features:
Bank Level Multiplier:

This controls the spacing between the levels. For example, if set to 100, the levels plotted will be multiples of 100 (100, 200, 300, etc.), and if set to 1000, they will be multiples of 1000.

Highlight Color:

This sets the color of the horizontal lines representing the bank levels (dotted lines).

Label Background and Text Colors:

These inputs control the appearance of the labels showing the exact values at each bank level.

Bank Level Calculation:

The function isBankLevel(price) checks if the price is exactly a bank level.

baseLevel is calculated based on the current closing price (close), rounded to the nearest bank level.

Level Range:

This defines how many levels above and below the current price will be plotted, allowing the user to visualize a range of relevant levels.

Plotting Levels:

The loop for i = -bankLevelRange to bankLevelRange iterates through a range of levels, plotting horizontal dotted lines and placing labels at each level.