OPEN-SOURCE SCRIPT
Sweetspot Gold R4-22 - by JustUncleL
Updated
This upgrade I have attempted to improve the Automatic levels calculation and better automatic levels selections. It should now work better with exotic currencies, indices, commodities, and stocks.
The indicator plots the so called "round price levels" or "00" levels, which end on 00 and 50: for example, 1.4000, 1.4400, 1.4450. It automatically calculates the levels for based on your charts time frame. Alternatively you can manually select main level size (in pips) and/or the number of sub-levels (0, 1, 2, 3, 9). Generally speaking, the program tries to keep to 3 Digit "00" rounding for currencies and non-stocks, and 2 Digit "00" rounding for Stocks.
Use this indicator as a guidance to a better mapping of Support/Resistance levels on the chart. Next time you draw Support/Resistance lines, if they coincide with round price levels, especially "00", you have got a excellent S/R level to work with!
The indicator plots the so called "round price levels" or "00" levels, which end on 00 and 50: for example, 1.4000, 1.4400, 1.4450. It automatically calculates the levels for based on your charts time frame. Alternatively you can manually select main level size (in pips) and/or the number of sub-levels (0, 1, 2, 3, 9). Generally speaking, the program tries to keep to 3 Digit "00" rounding for currencies and non-stocks, and 2 Digit "00" rounding for Stocks.
Use this indicator as a guidance to a better mapping of Support/Resistance levels on the chart. Next time you draw Support/Resistance lines, if they coincide with round price levels, especially "00", you have got a excellent S/R level to work with!
Release Notes
...Minor update- Changed Sublevel input to an options list of specific numbers (0,1,3,4,9).
- Minor adjustment to automatic default sublevels.
- Removed Limit restrictions for major Levels.
- Added implied copyright notice.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
JustUncleL
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