This script detects recent huge volume areas to help you finding out good support and resistance levels.
For each of the3 periods (defaults : 100, 200, 500) a new line will be drawn from the last time the volume amount exceeded n%(default 99%) of the highest volume on the same period, to the next occurence.
Most of time, these lines represent strong support and resistance levels which can be helpful in your technical analysis.
Options:
Volume trigger level: represents the minimum % of the highest volume within the given period on which you want to draw a new price level. (But higher this % is, stronger the levels will be)
Periods: The reference periods for high volume detection.
Show period: Enable/Disable the use of any period.
Period Color: Select a color correspondig to each period.
Show current levels only: Disable drawing of previous levels, to display current levels only.
Extend last level: Extend current lines to right/left/both or none sides of your chart.
Notes: * Sometimes, the last detected level from every periods can be the same at the same moment. In this situation, you'll only see one or two of the lines instead of three. * I'd like to figure out how to continuously draw every interesting levels without making the chart unreadable. Of course this script will be updated if I find a good way to do it. * Feel free to suggest any improvements/modifications.
Example:
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Demo chart updated. Previous levels drawn
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Corrected mistyped short title
A "Ghost lines" option that extend 3rd period price lines has been added (activated by default)
Previous levels are now colored in gray
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Fix wrong operator in the previous update 1min (ago)
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fix: old lines corresponding to 3rd price level still in red instead of gray when ghost lines are disabled
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fix: tiny display bug for period1 line fix: removing useless empty lines fix: any line width is now fixed to 3
Simple yet great indicator. Have great success using fibonacci retracment on candle displacing into volume point. Thx again.
MaciejM29
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fantastic! Thank you for this great script.
drexdis
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Hi, period you mean like number of candles? If for nr 1 is 100 and i am on the 5 minute that means 100 candles of 5 and if i am on 1 minute it means 100 of them? Thanks
trailblazerr
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Hi can you add the option to show the lines on the price scale not sure how much you update. But i notice all my indicators have that besides this one
vensonom
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Is it possible to make them zones instead of lines ?
capital_flight
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Great indicator. Can you make the ghost lines extend to the right only?
appaseeni146
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Thanks for your service
albertoand
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Thnx! It's looking good! Would be possible to add an option to lock it to a TF? Like 1h TF.
noop-noop
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@albertoand, Thanks dude. I keep it in mind, good idea. I'll manage to do that soon