Loner S/R
Last updated
Last updated
ATR Length: Sets the period over which the Average True Range (ATR) is calculated, affecting volatility measurements.
Trade Style: Allows users to select between Scalping, Normal, and Swing trading styles. Each style adjusts the ATR factor, which in turn affects the calculation of support/resistance levels. Scalping uses a smaller ATR factor for tighter levels, while Swing opts for a larger factor to accommodate wider price movements.
S/R Ribbon Display: Toggles the visualization of a ribbon that indicates dynamic support and resistance levels.
Previous S/R Levels: Controls whether past support and resistance lines are displayed on the chart, helping traders to see historical price barriers.
Line Numbers and Candle Numbers: Determine how many lines represent S/R levels and over how many candles these levels should be calculated, providing flexibility in how support and resistance are visualized.
Exhaustion Signals: Identifies potential points of market exhaustion where a price movement could reverse, based on specific conditions like the number of bars moving in one direction followed by a sudden opposite move.
Moon Cycles: Optionally includes lunar phases as part of the analysis, suggesting that moon cycles may have an influence on market behavior.
Square Root Signals: Uses a unique method involving square root calculations to identify potential market turning points.
P9 Signals: Marks significant candlestick patterns (like the ninth candle in a sequence) that could indicate a strong buying or selling opportunity.
Trend Direction and Reversal: Uses ATR-based calculations to establish trend direction and identify potential reversal points. This section dynamically adjusts trailing stop levels based on the trend.
Buy/Sell Signals: Generates visual buy or sell signals on the chart when a potential trend reversal is identified, aiding in decision-making.
Dynamic Calculation: Calculates Fibonacci levels dynamically based on the current market conditions and trend, providing areas of potential support and resistance.
Ribbon Visualization: Displays a ribbon between two calculated Fibonacci levels, offering a visual representation of key areas to watch for price action.
Spot/Futures Spread: Analyzes the price difference between spot markets and various futures contracts. This can indicate market sentiment or arbitrage opportunities.
Spread Alerts: Generates alerts when the spread crosses certain thresholds, potentially signaling a trading opportunity.
Each section of this script contributes to a comprehensive analysis tool for traders, combining traditional technical analysis methods with unique indicators and visual aids to assist in decision-making across different market conditions and trading styles.
