OPEN-SOURCE SCRIPT
Simple Test
Purpose: This indicator identifies potential liquidity zones and grabs based on the previous week's price action.
Key Components:
Tracks previous week's high and low prices
Plots these levels as dotted lines (red for high, green for low)
Detects "liquidity grabs" when price exceeds these levels but closes back within them
Logic Explained:
prevWeekHigh and prevWeekLow are updated at the start of each new week using the highest high and lowest low of the past 7 periods
A "Bear Trap" (red triangle up) appears when price exceeds the previous week's high but closes below it
A "Bull Trap" (green triangle down) appears when price falls below the previous week's low but closes above it
Visualization:
Red dotted line: Previous week's high
Green dotted line: Previous week's low
Red triangle up: Bearish liquidity grab
Green triangle down: Bullish liquidity grab
Key Components:
Tracks previous week's high and low prices
Plots these levels as dotted lines (red for high, green for low)
Detects "liquidity grabs" when price exceeds these levels but closes back within them
Logic Explained:
prevWeekHigh and prevWeekLow are updated at the start of each new week using the highest high and lowest low of the past 7 periods
A "Bear Trap" (red triangle up) appears when price exceeds the previous week's high but closes below it
A "Bull Trap" (green triangle down) appears when price falls below the previous week's low but closes above it
Visualization:
Red dotted line: Previous week's high
Green dotted line: Previous week's low
Red triangle up: Bearish liquidity grab
Green triangle down: Bullish liquidity grab
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