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Ratio S/RRatio S/R - Intraday Support & Resistance Levels Introduction This script identifies key intraday support and resistance (S/R) levels where price tends to reverse frequently. It is designed specifically for intraday trading and aims to help traders find high-probability reversal zones. The logic behind the script revolves around logarithmic returns, historical volatility, and ratio-based price levels. The script dynamically calculates price ranges using standard deviation-based volatility and applies preset ratio levels to determine potential support and resistance zones. How It Works Dynamic Range Calculation The script calculates the price range based on the previous day’s logarithmic return volatility. The range is then used to project different levels of price movement. Reference Price You can choose whether the reference price is from today’s open or yesterday’s close (oporcl setting). This helps adapt the levels based on market behavior. Ratio-Based Levels The script applies specific ratios to the calculated range: 0.0833 (Minor Reversal Zone) 0.25 & 0.38 (Primary Reversal Zones) 0.62 & 0.75 (Significant Reversal Zones) 1.0 & 1.25 (Extreme Reversal Zones) These levels act as potential support and resistance points. Disclaimer: This is just for educational purpose . Trading is risky activity and how you use this tool is your own responsibility. The publisher of this tool does not make any claims.
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由Pratik_4Clover提供