This script introduces a custom trading indicator named "GLP" tailored for the TradingView platform. It offers various price levels derived from Fibonacci calculations and other mathematical models, assisting traders in pinpointing potential overpriced and discounted price levels.
Key Features:
User Inputs: Users have the flexibility to select their desired timeframe, with options ranging from Weekly, Daily, Monthly, and more. Additionally, they can opt to showcase Fibonacci lines and the associated prices within these levels.
Price Level Calculations: - Employs constants such as the Golden Ratio (PHI) and Pi (PI) to extract various multipliers and factors. - Assesses if the current asset is a cryptocurrency and tweaks calculations accordingly. - Determines overpriced and discounted price levels, drawing from the current open price and past data.
Fibonacci Levels: - For each overpriced and discounted level, the script computes intermediary Fibonacci levels, including 23.6%, 38.2%, 50%, 61.8%, and 78.6% (the 3rd level is excluded due to plot limitations). - These levels are illustrated on the chart, granting traders a more detailed view of price targets.
Visual Elements: - Projects horizontal lines to the subsequent selected indicator interval for every calculated price level. - Exhibits potential percentage gains or losses at each tier, indicating the prospective price alteration upon reaching that level. - Differentiates overpriced (green) and discounted (red) levels using color codes. A neutral price is depicted in yellow.
Anticipated Close Calculation: Offers a projected closing price for the current timeframe, based on a myriad of factors.
This indicator is particularly effective with cryptocurrencies due to their inherent volatility. It's also compatible with stocks and is most efficient with tickers that provide volume data.
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Fixed issue with 8h not being mapped.
Improved Calculations for Stocks
Improved Labels
Formulations for timeframes under an hour improved.
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Removed Year interval. Pinescript doesn't support Year lookback.
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Updated Fib Plots. 78.6% is now available in level III
Fib Lines are now customizable.
Working on other unfinished features.
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Level 4 has been added.
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Removed duplicate Overpriced III plot.
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Fixed issue with Extended lines not displaying properly.
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Set Fib Lines as default true.
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More Intervals.
Cleaner Extension Lines.
Removed Unused Code.
Prevent Below Zero Values on Discounts.
Fixed Bug on Level Labels
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minor. Chart Update.
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Chart Update
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Just Chart Update
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Can now create an Alert on any cross of significant value/level.
Can now hide level labels from Input settings.
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New Adjustable Trend Line to make level moves more obvious.
New Adjustable Trend Line to make level moves more obvious. what about high low calculation?
Damayanthi
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What is the utilization of Hit mark level? plz explain Sir .
gggoaaat
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@Damayanthi, it's a guess as to where the price can go based on a fixes formula. It uses Highs, Previous High, Open, lows and some values exclusive to this script to come up with the value.
You'll see it hits often, but don't solely rely on it.
gggoaaat
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The lower times like the 5 min can produce some questionable stuff, but I’ve seen some hit. Lowest time frame I use is 12h on this indicator.