OPEN-SOURCE SCRIPT
Layering Plots
Lets say you want to layer into a position and you'd like to see it turn around. The study lets you set a baseline and increments above and below that baseline. A green cross is plotted ever time the price crosses above one of the increments, and red when crossing below that increment.
In the example I set the baseline to $22.1, and Layer increments to $0.50. So it will plot a cross every 50 cents above and below the baseline. This can be used on any chart period (daily, hourly, 5min...), but is limited to 9 layers above and below the baseline.
NOTES...
Lime = when price crosses above a layer that is above the baseline
Green = when price crosses above a layer below the baseline
Pink = when price crosses below a layer that is above the baseline
Red = when price crosses below a layer below the baseline
IMPORTANT...
This does not plot sometimes. I'm using a crossover crossunder function, and if a candle gaps open below and ends above a layer, this will not plot. It is not in error, just the way that function works. I will be looking to improve this study, wanted to share what I have for now.
In the example I set the baseline to $22.1, and Layer increments to $0.50. So it will plot a cross every 50 cents above and below the baseline. This can be used on any chart period (daily, hourly, 5min...), but is limited to 9 layers above and below the baseline.
NOTES...
Lime = when price crosses above a layer that is above the baseline
Green = when price crosses above a layer below the baseline
Pink = when price crosses below a layer that is above the baseline
Red = when price crosses below a layer below the baseline
IMPORTANT...
This does not plot sometimes. I'm using a crossover crossunder function, and if a candle gaps open below and ends above a layer, this will not plot. It is not in error, just the way that function works. I will be looking to improve this study, wanted to share what I have for now.
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.
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