Adjustable Entry Price Levels by Sobhi v6

昨日

Adjustable Entry Price Levels", is designed to display customizable price levels on a chart, allowing traders to visualize key price zones relative to a chosen entry price. Here's a detailed breakdown of its functionality:
Purpose
The indicator helps traders create and manage equidistant price levels (both above and below a selected entry price). These levels can assist in planning trades, setting stop-loss and take-profit levels, or identifying key market zones for decision-making.

Features
Entry Price Input:

Users can specify a starting price (Entry Price) to base the levels on.
Adjustable Distance Between Levels:

Levels are spaced at a user-defined interval (Distance), creating equidistant horizontal lines.
Number of Levels:

Users can select how many levels to display above and below the entry price (Number of Levels).
Line Customization:

Style: Choose between Solid, Dotted, or Dashed lines.
Color: Customize the color for upward and downward levels (Line Color Up and Line Color Down).
Thickness: Adjust line thickness (Line Width).
Label Customization:

Visibility: Option to show or hide labels on each level (Show Labels).
Font Size: Set the size of the text for level labels (Label Font Size).
Colors: Separate customization for labels above (Label Color Up) and below (Label Color Down) the entry price.
Extended Line Display:

The lines extend backward (Extend Bars Back) and forward (Extend Bars Forward) to ensure visibility over a larger section of the chart.
Visualization
Upward Levels:

Represented by blue (default) horizontal lines above the entry price.
Labels display the price value of each level in the same color.
Downward Levels:

Represented by red (default) horizontal lines below the entry price.
Labels display the price value of each level in the same color.
Example Use Case
Scenario 1: Support and Resistance Planning

A trader can define a key level (Entry Price) and observe nearby support and resistance zones using the calculated price levels.
Scenario 2: Risk Management

The indicator helps in visualizing stop-loss and take-profit areas equidistant from the entry price.
Scenario 3: Breakout Targets

Traders can use the levels to anticipate potential breakout or breakdown targets.
Customization Options
This indicator is highly customizable, making it versatile for different trading strategies. Traders can tweak:

The visual appearance of the levels (style, color, width).
The number of levels and their spacing.
Whether labels are displayed and their style.