PROTECTED SOURCE SCRIPT
MTF Bitfinex Longs vs. Shorts Support/Resistance [checkm8]
Updated
Hello and welcome to my multi-timeframe support and resistance indicator based on margin longs and shorts on Bitfinex :D
The premise of the script is simple. It draws support and resistance levels based on large margin movements (effectively showing the break-even points of those positions), where:
You can select your desired timeframe for the script to show the levels on. The script draws two sets of lines, one based on medium-sized movements and another based on large movements, where you can also manually input the size of the movements for it to track. By default, the script is optimized for 1-hour timeframes on BTCUSD, where the medium sized movements are set to bullish/bearish pressures of over 500 BTC, and large movements based on pressures of over 1000 BTC.
If you choose to use a different currency pair (ex. LTCUSD, ETCUSD, EOSUSD, etc..) you must adjust the volume that the script tracks, as tracking something like a 500 margin long in XRPUSD is useless. This also applies to timeframes, as timeframes lower than 1 hour may require smaller input values, while larger timeframes will require larger movements.
In addition, there is an input for the source. I recommend leaving this setting at hlc3 [(high+low+close)/3], because this will capture a more appropriate break-even points for the S/R levels.
A few tips:
Happy trading and feel free to reach out with feedback and suggestions! :D
Special thanks goes to oh92 for his input and feedback on the idea. Check out his profile and his vast selection of indicators in the links below!
tradingview.com/u/oh92/
depthhouse.com/
The premise of the script is simple. It draws support and resistance levels based on large margin movements (effectively showing the break-even points of those positions), where:
- Longs opening and shorts closing is bullish pressure
- Longs closing and shorts opening is bearish pressure
You can select your desired timeframe for the script to show the levels on. The script draws two sets of lines, one based on medium-sized movements and another based on large movements, where you can also manually input the size of the movements for it to track. By default, the script is optimized for 1-hour timeframes on BTCUSD, where the medium sized movements are set to bullish/bearish pressures of over 500 BTC, and large movements based on pressures of over 1000 BTC.
If you choose to use a different currency pair (ex. LTCUSD, ETCUSD, EOSUSD, etc..) you must adjust the volume that the script tracks, as tracking something like a 500 margin long in XRPUSD is useless. This also applies to timeframes, as timeframes lower than 1 hour may require smaller input values, while larger timeframes will require larger movements.
In addition, there is an input for the source. I recommend leaving this setting at hlc3 [(high+low+close)/3], because this will capture a more appropriate break-even points for the S/R levels.
A few tips:
- If the current price is under a bullish support/resistance level, this implies that the bullish margin positions are underwater (the price is below their long break-evens), ie. shorts closed at the top or longs were entered at the top
- If the current price is above a bullish support/resistance level, this implies that the bullish margin positions are in profit and will act as support (they will support their long break-even points)
- If the current price is under a bearish support/resistance level, this implies that the bearish margin positions are in profit and will act as resistance (the price is below their short break-evens)
- If the current price is above a bearish support/resistance level, this implies that the bearish margin positions are underwater (the price is above their short break-evens), ie. shorts entered at the bottom or longs were closed at the bottom
Happy trading and feel free to reach out with feedback and suggestions! :D
Special thanks goes to oh92 for his input and feedback on the idea. Check out his profile and his vast selection of indicators in the links below!
tradingview.com/u/oh92/
depthhouse.com/
Release Notes
Added option to disable the MTF function.Note: The highlighted areas and arrows shown in the snapshot are purely for explanatory purposes, they are not a part of the script.
Release Notes
Update to fix snapshot.
Disclaimer
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