Supply & Demand Limited [DOSALGO]

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The Supply & Demand Limited [DOSALGO] indicator is a powerful tool designed to automatically identify and plot significant supply and demand zones on your chart. Based on the core principles of price action, this indicator pinpoints areas where buying or selling pressure has historically been strong enough to cause a substantial shift in the market. By visualizing these key institutional levels, traders can gain a clearer perspective on potential turning points, support/resistance areas, and high-probability trade setups.

This "Limited" version is specifically optimized for higher timeframe analysis and will function exclusively on Daily and Weekly charts, helping traders focus on the most significant market structure.

Key Features
Automatic Zone Detection: The indicator's internal calculation method scans the price action to detect valid supply and demand zones, saving you the time and effort of manual charting.

Identifies Key Patterns: It recognizes classic supply and demand patterns, including Rally-Base-Drop (RBD), Drop-Base-Rally (DBR), and continuation patterns like Rally-Base-Rally (RBR) and Drop-Base-Drop (DBD).

Dynamic Zone Interaction: Zones are not static. The indicator tracks price interaction, changing a zone's color once it has been touched. It can also automatically remove zones that have been significantly penetrated, keeping your chart clean and relevant.

"Level on Level" (LoL) Detection: A unique feature that identifies when new zones form within or overlapping existing ones. These "stacked" zones can often indicate particularly strong areas of confluence.

Built-in Alerts: Never miss an opportunity. Set up custom alerts to notify you the moment a new supply or demand zone is formed or when the price touches an existing zone.

Fully Customizable: Tailor the indicator to your exact trading style with extensive customization options. Adjust everything from the zone definition and colors to the number of zones displayed on your chart.

How to Use This Indicator
The primary goal of this indicator is to highlight potential areas where the market may reverse or pause.

Identify Potential Reversal Points: A supply zone (red) above the current price may act as resistance, presenting a potential area for short entries. A demand zone (green) below the current price may act as support, offering a potential area for long entries.

Confirm with Other Tools: For best results, use these zones in conjunction with your existing trading strategy. Confirm signals with other indicators, trend analysis, or fundamental factors to increase confidence.

Set Stop-Loss and Take-Profit: The boundaries of the zones can serve as logical guides for placing stop-loss orders (e.g., just above a supply zone or just below a demand zone) and for setting profit targets.

Settings Explained
Zone Definition
Show "Level on Level" (LoL) Labels: Toggles the "(LoL)" text on zones that are stacked on top of each other.

Include Continuation Patterns?: Choose whether to display only reversal patterns (RBD, DBR) or also include continuation patterns (RBR, DBD).

Zone Type: Select how zones are drawn.

Wider: Uses the full high/low of the base candles for a larger zone.

Preferred: Uses a more precise calculation to define the zone, often resulting in a tighter, more refined area.

Max Base Candles in Zone: Sets the maximum number of consolidation (base) candles allowed for a valid zone to be formed.

Zone Display & Limits
Limit Supply/Demand Zones: Toggle on or off to limit the number of zones displayed.

Max Supply/Demand Zones: When the limit is on, this sets the maximum number of the most relevant supply or demand zones to show on the chart.

Zone Interaction
Delete Zone on Deep Wick Penetration?: If enabled, the indicator will automatically remove a zone from the chart if the price penetrates it by a significant amount.

Remove Tested Zone %: Defines how much the price must penetrate a zone (as a percentage of the zone's height) to be considered "deep" and trigger its removal.

Colors & Style
Full customization over the colors for fresh and touched supply and demand zones, as well as the appearance of the zone labels.

Alerts
Alert on New Zone Creation?: Enable to receive an alert when a new zone is confirmed.

Alert on Zone Touch?: Enable to receive an alert when the price first enters an existing zone.

Disclaimer: This indicator is a tool for technical analysis and should not be considered financial advice. All trading involves risk. Always conduct your own research and analysis before making any trading decisions. Past performance is not indicative of future results.

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