PROTECTED SOURCE SCRIPT
Retracement Levels 1.1
Updated
This indicator automatically draws the 50% retracement of large moves on a chart. The default setting is 200 bars.
Out of all the Fibonacci levels the simplest and the one I find most profitable is the 50% level. Very often price will respect this level and when combined with key Support/Resistance levels, other indicators, and/or price action study it can be a powerful tool for high probability trades.
The default blue dots follow price with a rolling median based on the major high and major low of the bar setting. The multiplier extends this evaluation even higher with grey and red levels that form on much higher timeframe 50% levels.
Look back on a chart to see how often price respects this key level! You'll never trade without knowledge of it once you've seen it!
Out of all the Fibonacci levels the simplest and the one I find most profitable is the 50% level. Very often price will respect this level and when combined with key Support/Resistance levels, other indicators, and/or price action study it can be a powerful tool for high probability trades.
The default blue dots follow price with a rolling median based on the major high and major low of the bar setting. The multiplier extends this evaluation even higher with grey and red levels that form on much higher timeframe 50% levels.
Look back on a chart to see how often price respects this key level! You'll never trade without knowledge of it once you've seen it!
Release Notes
5/22/2021 - Removed S/R match: It was an idea that I never found to be consistently useful.
- Added color for extended Retracements and Alerts: Signal that can be set by the user for number of consecutive bars with the same current Retracement Level to trigger a color change. Added Alert functionality for this feature. This can be used to add significance to a level as it represents a longer term Retracement level.
Release Notes
Updated demonstration chart with annotationsRelease Notes
Streamlined superfluous variables and plot names to avoid confusionRelease Notes
Updated annotated chart.See video idea for tutorial:
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This script is published closed-source and you may privately use it freely.
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Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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