levels are important in trading as we all know.
This version is beta, maybe sometimes it will plot wrong levels, but i will try to to eliminate these issues. And please note, that you should find your own ideal settings for every ticker you use.
This is the first script in Pine Community which plots levels using the last two points/ /fractals.
It also stops plotting levels when there is a breakout on the particular level.
- 1. Length - defines length. Using to find points where market is reversed. If you set lower value, there will be more points but less useful. As I said you should find your optimal parameters.
- 2. Inaccuracy in % - defines maximal possible inaccuracy between 2 .
- 3. Linewidth - width of line(level)
- 4. Start Calculations from - if you use low timeframe (1m - 30m) there are a lot of calculations, and PineScript can't process it. This parameter defines start date of calculations and now there are less data and Pine can process it better.
█ HOW IT WORKS
When a new appears, it draws invisible line starting in this . when the second gets created, it checks all lines in array. When inaccuracy is smaller than defined, the line becomes visible.
If price breaks trough the , the lines stop and a new cycle begins.
I hope that this script will be helpful in your trading🙂
- Added alerts
- Option to continuing broken levels
WARNING! If you have "the study references too many candles in history" error you should choose later date in setting.
On the Bitcoin chart, 15m intervals give an error saying "the study references too many candles in history", but 5m, 10m, 30m etc. work fine.