Hezy Levels {Darkoexe}

2024年12月29日

This indicator plots area's of hesitation as price levels on the chart or at least perceived areas of hesitation. I call them "hezy levels". Area's of hesitation are defined as being price levels where price usually has trouble displacing through. Either price will displace through them with hesitation or price will reject off that level.

Each hezy level starts with an attribute "chance" when they are first formed that has the value 3. If price breaks clean through a hezy level, the hezy levels integrity will decrease which will decrement chance by 1. If price rejects off a hezy level, the hezy levels integrity will increase which will increment chance by 1. All hezy levels start orange. If chance reaches a value of 5, it's corresponding hezy level will be changed to blue, if chance reaches a value of 1 its corresponding hezy level will be changed to pink, and if chance reaches a value of 0, the hezy level will be deleted with all its attributes.

Creating a hezy level:

After a candle close, if the script detects a clean rejection at a price point it will search up to 5000 bars back for the most recent area of rejection that happened at that same relative price point. If the script does find rejection at that price point, then the script will ensure that the potential hezy level is valid between the past rejecting price point and the current rejecting price point. If it is valid, the script then ensures the hezy level does not already exist at the relative specified price point, if it does no hezy level will be added. If it does not already exist, if there's a hezy level close to the price point, a new hezy level will be created between the price point and the hezy level and the upper, lower or both hezy level will be deleted.

Factors:

ATR same price factor is the range from a hezy level that is considered the same price level. The factor is multiplied with the ATR to determine the range.

ATR same hezy factor is the range from a hezy level that is considered the same hezy level. This means if there's another hezy level in that range, they are considered the same hezy level and will be merged. The factor is multiplied with the ATR to determine the range.

ATR same break hezy factor is the range from a hezy level where if the close of a candle and the open of a candle are outside the range, then the hezy level will have been considered broken. The factor is multiplied with the ATR to determine the range.

Hammer Ratio:

This indicator considers hammers/shooting stars for hesitation, so if one of these types of candles form near a hezy level, that hezy levels integrity may increase. The ratio is based on the size of the body compared to the entire candle top to bottom. If the body is entirely contained on one side of the candle with a margin of error of the ratio, then that candle will be considered a hammer or shooting star.