Chronos Trend Level Oracle (CTLO)The Chronos Trend Level Oracle (CTLO) is a powerful technical analysis tool designed to identify significant trend levels that can act as support and resistance, helping traders navigate market trends and potential reversal points.
Key Components:
Setup Identification:
Bullish Setup: 9 consecutive closes lower than the close 4 bars earlier.
Bearish Setup: 9 consecutive closes higher than the close 4 bars earlier.
CTLO Support Level:
Established when a Bullish Setup completes.
Represents the lowest low of the CTLO Period (default 9 bars) preceding the Setup completion.
CTLO Resistance Level:
Established when a Bearish Setup completes.
Represents the highest high of the CTLO Period (default 9 bars) preceding the Setup completion.
Level Persistence:
A CTLO level remains active until an opposite Setup completes.
When a new Setup completes, it clears the opposite level.
Visual Representation:
Support levels are displayed as green circles.
Resistance levels are displayed as red circles.
Both use translucency for better chart visibility.
How to Use the CTLO:
Trend Identification:
The presence of a CTLO Support level suggests an underlying bullish trend.
The presence of a CTLO Resistance level suggests an underlying bearish trend.
The absence of either level indicates a possible trend transition or consolidation.
Support and Resistance:
Use CTLO levels as potential support (green) or resistance (red) areas.
These levels often act as price reaction points where bounces or rejections may occur.
Breakouts and Breakdowns:
A decisive close above a CTLO Resistance level could signal a bullish breakout.
A decisive close below a CTLO Support level could signal a bearish breakdown.
Use the optional alerts to be notified of these events.
Trend Continuation:
Price respecting a CTLO Support level can be seen as bullish, suggesting potential long entries.
Price respecting a CTLO Resistance level can be seen as bearish, suggesting potential short entries.
Reversal Anticipation:
As price approaches a CTLO level, watch for signs of reversal (e.g., candlestick patterns, divergences).
Failed breakouts/breakdowns at CTLO levels can lead to strong moves in the opposite direction.
Multiple Timeframe Analysis:
Apply CTLO on different timeframes for a more comprehensive market view.
Higher timeframe CTLO levels often carry more significance.
Combine with Price Action:
Look for candlestick patterns or chart formations near CTLO levels for higher probability setups.
Double tops/bottoms or other reversal patterns at CTLO levels can be particularly significant.
Risk Management:
Use CTLO levels to set stop-loss orders or profit targets.
For breakout trades, consider using the CTLO level as a new stop-loss after the breakout occurs.
Resistanceandsupport
UV IndicatorUV Indicator (Ultimate VWAP Indicator) is using Volume Weighted Average Price to find Direction of the Trend, and Resistance & Support.
- Circle and Square shapes represent the point of Resistance and Support.
- Teal and Maroon background colors represent Uptrend and Downtrend of the Market.
- Numbers represent the Spread Percentages.
Bars Counter + Daily/Weekly Highs/Low highlight.Hey!
This script is a remake from other's devs scripts.
The * makes a signal if there is a higher high or lower low , RED( I don't know why looks orange )/LIME for WEEKLY and AQUA/YELLOW for a 36 hs WINDOW.
You can change this parameter as u wish.
The bar counter is simple.
Let me know ur feedback.
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