The Skynet levels + trend + entry/exit has the following features.
1>>> The SKYNET LEVELS : There are 3 Skynet levels namely "Upper Pivot" represented by color aqua/blue, "Lower Pivot" represented by the color pink/purple and "Pivot levels" represented by color yellow. The Skynet levels are calculated based on the OHLC data of the past 20 candles.
1.a> The "Upper Pivot" acts as the first resistance for the price and a breakout at the "Upper Pivot" indicates strong upward momentum.
1.b> The "Lower Pivot" acts as the first support for the price and a breakdown at the "Lower Pivot" indicates strong downward momentum.
1.c> The "Pivot level" acts as the median line for the price and the price behavior at the "Pivot level" should be given great significance.
***The "Upper Pivot" and "Lower Pivot" also displays the range of the price action for the past 20 candles. A narrow range indicates volatility suppression and possibility of a big price movement in the future.
Similarly, a wide range indicates volatility expansion which is usually followed by a sideways price movement.
The Skynet levels can be turned ON/OFF from the indicator settings.
2>>> The SKYNET TRENDS : The Skynet trend is a visual trend displayed to make it easy to identify the trend and change in trends.
The trends are identified using the movement of customized exponential moving averages and the price movement itself.
The green/lime color indicates a bullish trend and the red/maroon color indicates a bearish trend.
The darker shade of the green/lime color indicates a stronger bullish momentum and also indicates that the price is too far away from its mean level and there is a likely chance of mean reversion.
Similarly, the darker shade of the red/maroon color indicates a stronger bearish momentum and also indicates that the price is too far away from its mean level and there is a high chance of mean reversion.
3>>> Entry/Exit points : Entry/Exit points are represented by "Green up triangle" and "Red down triangle" respectively.
These labels are generated on the basis of the movement of the price in reference to its "Anchorline". The "Anchorline" is calculated by using the OHLC data of the past 20 candles.
****This "Anchorline" is different from the earlier mentioned "Pivot level". Both are derived from OHLC data of the past 20 candles but with different calculations.
Disclaimer: This indicator is not 100% accurate and false signals are generated from time to time. Trading in the markets involves huge risks and one should always do his/her own research before making any trading decisions. This indicator is only designed to help you make a trading decision.
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** Calculations for Skynet levels have been updated to give more weightage to recent price change.
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** Entry/Exit labels are updated with more defining colors.
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** Skynet Trend can now be turned ON/OFF from the indicator settings.