OPEN-SOURCE SCRIPT
Wicked Good S&R Zones
Updated
// Hello tradeurs, ChasinAlts here with a script you've DEFINITELY never seen before. Hope everyone is well. Ok, so heres the low-down...When a wick's
// % size is above the threshold set by the user it is plotted with light blue (these aren't really the significant ones) and are put into an array.
// These large wick lines are great S&R lines but we're looking to filter out to only the best ones. So, after all the large wicks are recorded for the
// chart and lines drawn, it then calculates the area between each of these lines in % (you can think of the lines as the upper and lower lines to a box
// if you'd like...ie. it is one of the ways to view the final BEST S&R lines). What we are want is the largest of ALL the % areas between lines and to
// use these as our ultimate S&R Areas. Depending on the Min % Wick size that is chosen, you will find price usually either bouncing between these levels or
// that price will keep bouncing off of the same level until a large spike (up or down) occurs in price and the price will finally breach the level its been
// testing over and over. Once this DOES occur the level that was just broken many times will be the furthest point back for the retest. Now, as stated
// before there are 2 ways to view the output data. Either way it will show the largest % area between the lines as it is developing down the line of
// progressing bars on the chart (that means it WILL change but usually a portion of the previous area/box will be used for the newer smaller box or that
// the area/box will jump back and forth between the same few areas every now and again). Viewing it as a box will show the updated largest box
// (as stated twice now) but viewing it in it's S&R Line form will draw a new S&R line at the top and bottom of where the box would be if it was selected
// EXCEPT that these lines will persist across bars and you will continuously see how these levels will continue to be revisited and constantly used
// as S&R Lines as time progresses. (SO box only show the largest area and lines draws line at the top and bottom of box and persists across bars).
// There is not repainting that can occur. I hope you all enjoy this as I've found it EXTREMELY beneficial bc it's rare that when price first gets to a
// printed S&R level that it will shoot through it so you can depend on it bouncing off the the levels often multiple times. I've included comments in all
// of the code for your convenience. Also, the higher subscription plan you have (thus the more bars/data you have access to...the more S&R Lines will be drawn).
// Wish you all the best in your endeavors and may the force be with your trades, and as ALWAYS...Peace and Love people....Peace and Love. -ChasinAlts out.
// % size is above the threshold set by the user it is plotted with light blue (these aren't really the significant ones) and are put into an array.
// These large wick lines are great S&R lines but we're looking to filter out to only the best ones. So, after all the large wicks are recorded for the
// chart and lines drawn, it then calculates the area between each of these lines in % (you can think of the lines as the upper and lower lines to a box
// if you'd like...ie. it is one of the ways to view the final BEST S&R lines). What we are want is the largest of ALL the % areas between lines and to
// use these as our ultimate S&R Areas. Depending on the Min % Wick size that is chosen, you will find price usually either bouncing between these levels or
// that price will keep bouncing off of the same level until a large spike (up or down) occurs in price and the price will finally breach the level its been
// testing over and over. Once this DOES occur the level that was just broken many times will be the furthest point back for the retest. Now, as stated
// before there are 2 ways to view the output data. Either way it will show the largest % area between the lines as it is developing down the line of
// progressing bars on the chart (that means it WILL change but usually a portion of the previous area/box will be used for the newer smaller box or that
// the area/box will jump back and forth between the same few areas every now and again). Viewing it as a box will show the updated largest box
// (as stated twice now) but viewing it in it's S&R Line form will draw a new S&R line at the top and bottom of where the box would be if it was selected
// EXCEPT that these lines will persist across bars and you will continuously see how these levels will continue to be revisited and constantly used
// as S&R Lines as time progresses. (SO box only show the largest area and lines draws line at the top and bottom of box and persists across bars).
// There is not repainting that can occur. I hope you all enjoy this as I've found it EXTREMELY beneficial bc it's rare that when price first gets to a
// printed S&R level that it will shoot through it so you can depend on it bouncing off the the levels often multiple times. I've included comments in all
// of the code for your convenience. Also, the higher subscription plan you have (thus the more bars/data you have access to...the more S&R Lines will be drawn).
// Wish you all the best in your endeavors and may the force be with your trades, and as ALWAYS...Peace and Love people....Peace and Love. -ChasinAlts out.
Release Notes
Updating the image to show some of the details expressed in the description. ***Don't forget to play the the Minimum % Wick Size to find the best setting for the asset you're looking at as different sized wicks rule different assets. I find they best tell of manipulation from the exchanges and assist in knowing where price will bounce/stop in its tracks/retrace for a bit. PeaceOpen-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.
Disclaimer
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