i've been talking about margin buying/selling pressure levels a lot lately. why? because they're a simple and effective tool for predicting tops/bottoms and support/resistance levels. if you're trading crypto and you're ignoring these levels, you're putting yourself at a disadvantage.
just take a look at this simple example from bitcoin's recent volatile price action.
the levels are simple to calculate, and most traders probably at least have the 2x/3x levels in mind, but i published public scripts that will plot them on your chart for anyone who is interested. all you need to do is input the support/resistance level. would be better as a drawing tool (i.e. like fib extension, or something like that), but as far as i know there's no way for regular users to develop TV tools (please let me know if there is!).
shout out to CryptoStackers (youtube) for pointing out how well these levels work.
just take a look at this simple example from bitcoin's recent volatile price action.
the levels are simple to calculate, and most traders probably at least have the 2x/3x levels in mind, but i published public scripts that will plot them on your chart for anyone who is interested. all you need to do is input the support/resistance level. would be better as a drawing tool (i.e. like fib extension, or something like that), but as far as i know there's no way for regular users to develop TV tools (please let me know if there is!).
shout out to CryptoStackers (youtube) for pointing out how well these levels work.
Note
FYI - new versions of the "Margin Buying Pressure Levels" and "Margin Selling Pressure Levels" scripts are now available. If you had previously starred/favorited the scripts, you'll need to do that again to pick up the latest version. Enhancements/fixes:
(1) Added 7x level
(2) Added ability to turn levels on/off
(3) Added ability to customize level color
(4) Properly defaulting level values
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.