OPEN-SOURCE SCRIPT
Quarter Theory Lines
Updated
This script draws lines on the chart. The inspiration for this was the use of round numbers as levels of support and resistance also referred in the book The Quarters Theory by Ilian Yotov.
Please note that you must input a round number near current price so the lines are drawn above and below current price and not off in space. The spread between lines can be adjusted for lines on the quarters or just whole numbers. This input must also be adjusted for JPY pairs.
For example if current price is 1.2354 set the Input for "Enter nearest round number to current price" to 1.2
To get lines on the quarts of a non-JPY pair enter 0.025 for ""Enter space between lines"
For a JPY pair enter 2.5
Please note that you must input a round number near current price so the lines are drawn above and below current price and not off in space. The spread between lines can be adjusted for lines on the quarters or just whole numbers. This input must also be adjusted for JPY pairs.
For example if current price is 1.2354 set the Input for "Enter nearest round number to current price" to 1.2
To get lines on the quarts of a non-JPY pair enter 0.025 for ""Enter space between lines"
For a JPY pair enter 2.5
Release Notes
Quarter theory lines with Butter ZonesEnter the nearest whole number to price.
For non JPY pairs 1.10000; 1.60000, 0.90000 etc
Set Space between lines to 0.025
For JPY pairs 125.000, 110.000, 98.000 etc
Set Space between lines to 0.25
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
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