OPEN-SOURCE SCRIPT
Golden Level Predictions v1.0
Updated
Golden Level Predictions (GLP) Trading Indicator
This script introduces a custom trading indicator named "GLP" tailored for the TradingView platform. It offers various price levels derived from Fibonacci calculations and other mathematical models, assisting traders in pinpointing potential overpriced and discounted price levels.
Key Features:
User Inputs: Users have the flexibility to select their desired timeframe, with options ranging from Weekly, Daily, Monthly, and more. Additionally, they can opt to showcase Fibonacci lines and the associated prices within these levels.
Price Level Calculations:
- Employs constants such as the Golden Ratio (PHI) and Pi (PI) to extract various multipliers and factors.
- Assesses if the current asset is a cryptocurrency and tweaks calculations accordingly.
- Determines overpriced and discounted price levels, drawing from the current open price and past data.
Fibonacci Levels:
- For each overpriced and discounted level, the script computes intermediary Fibonacci levels, including 23.6%, 38.2%, 50%, 61.8%, and 78.6% (the 3rd level is excluded due to plot limitations).
- These levels are illustrated on the chart, granting traders a more detailed view of price targets.
Visual Elements:
- Projects horizontal lines to the subsequent selected indicator interval for every calculated price level.
- Exhibits potential percentage gains or losses at each tier, indicating the prospective price alteration upon reaching that level.
- Differentiates overpriced (green) and discounted (red) levels using color codes. A neutral price is depicted in yellow.
Anticipated Close Calculation: Offers a projected closing price for the current timeframe, based on a myriad of factors.
This indicator is particularly effective with cryptocurrencies due to their inherent volatility. It's also compatible with stocks and is most efficient with tickers that provide volume data.
This script introduces a custom trading indicator named "GLP" tailored for the TradingView platform. It offers various price levels derived from Fibonacci calculations and other mathematical models, assisting traders in pinpointing potential overpriced and discounted price levels.
Key Features:
User Inputs: Users have the flexibility to select their desired timeframe, with options ranging from Weekly, Daily, Monthly, and more. Additionally, they can opt to showcase Fibonacci lines and the associated prices within these levels.
Price Level Calculations:
- Employs constants such as the Golden Ratio (PHI) and Pi (PI) to extract various multipliers and factors.
- Assesses if the current asset is a cryptocurrency and tweaks calculations accordingly.
- Determines overpriced and discounted price levels, drawing from the current open price and past data.
Fibonacci Levels:
- For each overpriced and discounted level, the script computes intermediary Fibonacci levels, including 23.6%, 38.2%, 50%, 61.8%, and 78.6% (the 3rd level is excluded due to plot limitations).
- These levels are illustrated on the chart, granting traders a more detailed view of price targets.
Visual Elements:
- Projects horizontal lines to the subsequent selected indicator interval for every calculated price level.
- Exhibits potential percentage gains or losses at each tier, indicating the prospective price alteration upon reaching that level.
- Differentiates overpriced (green) and discounted (red) levels using color codes. A neutral price is depicted in yellow.
Anticipated Close Calculation: Offers a projected closing price for the current timeframe, based on a myriad of factors.
This indicator is particularly effective with cryptocurrencies due to their inherent volatility. It's also compatible with stocks and is most efficient with tickers that provide volume data.
Release Notes
- Fixed issue with 8h not being mapped.
- Improved Calculations for Stocks
- Improved Labels
- Formulations for timeframes under an hour improved.
Release Notes
Removed Year interval. Pinescript doesn't support Year lookback.Release Notes
- Updated Fib Plots. 78.6% is now available in level III
- Fib Lines are now customizable.
- Working on other unfinished features.
Release Notes
Level 4 has been added.Release Notes
Removed duplicate Overpriced III plot.Release Notes
Fixed issue with Extended lines not displaying properly.Release Notes
Set Fib Lines as default true.Release Notes
- More Intervals.
- Cleaner Extension Lines.
- Removed Unused Code.
- Prevent Below Zero Values on Discounts.
- Fixed Bug on Level Labels
Release Notes
minor. Chart Update.Release Notes
Chart UpdateRelease Notes
Just Chart UpdateRelease Notes
- Can now create an Alert on any cross of significant value/level.
- Can now hide level labels from Input settings.
Release Notes
- New Adjustable Trend Line to make level moves more obvious.
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.
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.