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Bjorgum Key Levels

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Key Levels Aims to capture 3 of the most significant points in price action

Breakouts
False Breakouts (Traps)
Back Checks

These 3 points alone, if properly identified, can be some of the most significant points of movement in the price history of an asset and bring significant gains to traders, if capitalized on. Here are a few examples of these setups

Breakouts

Breakouts can bring significant rallies as the market swings one sided after key levels are breached. This entry type can bring large trending runs to follow. Momentum is on your side, but the trade off is a higher entry.

False Breakouts

Also known as a bull trap or a bear trap, false breaks can lead to swift and significant reversals and potential for a large and sudden move to the opposite side. When a key level breakout fails to hold, parties entering to capitalize on the "epic breakout" can get left holding the bag forcing them to exit at a loss, which can double the force of pressure. Traps can bring swift gains from good entry prices. However, price is still in a larger trend against you so momentum is weak, so price action is susceptible to roll over.

Backchecks

Back checks are pull backs in trend that find middle ground to the 2 areas already described. Both momentum and entry price are decent, but risk is defined as a key level has flipped offering entry with stops below demand, or above supply.

Combining these 3 methods helps to diversify risk, understand trend development, and bring steady gains. This script helps to identify these points to traders with analysis of key levels, price structure, and trend direction, while providing visual signals and alerts for when they occur.

Best of luck in your coding and trading and thank you for your support

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Display image update

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Hey folks! Just a friendly reminder to set your chart to "Scale Price Chart Only" in the chart settings in the right margin when using this indicator as these setting prevents your chart from trying to scale to fit all of the detected zones to your screen! This will make everything more visually appealing, and keep everything the right size.

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A few notes to consider

An alternative way to use this script is to use it like a standard pivot point is formed. By selecting the source for the pivots to "high/low" and lowering max zone size, we can snap lines from significant points, rather than zones. In the image below I set the max zone size to .015%, and selected "High/Low" as the source. As you can see, these are still significant points of interest. A user may even decide to put 2 scripts on the screen - one for zones, one for high/low.

Also, I had a question on how a pivot is formed, so just providing a little more information on the script and how it is calculated.

Below is an informative picture displaying how the script looks left and right to establish a significant point.

Cheers, and take care

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Fixed typo in ToolTips, and altered aesthetics for visual appeal and softened colors

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Made the size of the arrows for breakouts a little bit bigger, and a little more noticeable. Too hard to see!

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Extend right is now available as a settings choice, which will extend currently relevant zones infinitely into the future. Please note that for ideal aesthetics box border transparency can be turned to 100 to eliminate the box border on the current candle if you so choose. Cheers.

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SUPER MEGA UPDATE

Key Levels has been revamped with ALL NEW signals to sharpen your trading.

With the integration of the BjCandlePatterns Library, pattern recognition is now available complete with visual and alerts. A multitude of popular reversal and continuation patterns has been incorporated with many custom filter selections to screen out more desirable setups. Please review the settings menu and the TOOL TIP (?) next to each setting for explanations.

Patterns can be highlighted with labels, or boxes, or both:

Additionally, also integrated is the power of the Bjorgum TSI indicator. To see the signal option, enable "Curl" arrow, which can show points of momentum change, or expose flag patterns at Key Levels as shown below:

Enjoy the new features!

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Extended the hammer and star minimum size filter to include long shadow patterns as the concept is the same. (To filter out tiny setups)

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SAY WHAAAAT!?

Just another "I can't believe its free" Update here!

Key Levels is now equipped with labels to help you prepare those orders ahead of time with numbers displayed in visual cues:

Lines are drawn if extend boxes is not enabled to connect the levels to the labels. The offset is also adjustable in the menu.

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Update to color selection in menu - Transparency for elements is now handled by the slider in the color wheel menu

Repainting control implemented for candle patterns. Option exists to wait for candle close before detection, or show potential patterns while they form