PROTECTED SOURCE SCRIPT
AutoLevels3.0
Updated
AutoLevels is a script based on the ATR ( Average True Range ) of price action over the past 14 days. It calculates those and includes Fibonacci Extensions to create Levels that are Automatically created each morning. These are not based on past price action but are well respected and easily show patterns throughout the day.
Levels are made up of a BULL BAR, a BEAR BAR ( Go long above Bull, short below Bear Bar ) and the various extensions beyond them. Common Liquidity areas are also highlighted as tan/yellow bars. These are common reversal and contention levels should price action approach them.
Also included are 4 EMAs that have been transformed into 2 separate EMA clouds. These clouds will change color when bearish / bullish and crossing and signal up and downtrends and compress during chop. They are 100% customizable with your own EMA preference. Colors as well.
The Candles are Volume Based Candles. They default to Hollow candles when Volume is below the 24 moving average ( customizable ) and are filled solid when the volume for that time period has HIGH RELATIVE VOLUME. These are GREAT SIGNALS as price action approaches the levels that the AUTOLEVEL indicator generate. When a candle is filled and approaching a level it is likely to break through or attempting to. Low volume candles, hollow, show low conviction in price movement.
Aside from the Fibonacci Levels generated, the EMA Clouds and the Volume Candles you can also select how full or minimal your chart is. ( more levels to only a few ) Also you can extend all levels to the right for future charting or leave that selection off to only generate the static daily levels a few bars ahead.
You can also adjust the timeframe the Autolevels are generating levels for. 1 day is the current day. 1 month plots out a month of levels and is best used with the 1D timeframe.
You can look up my Twitter account for hundreds of examples of daily use.
Levels are made up of a BULL BAR, a BEAR BAR ( Go long above Bull, short below Bear Bar ) and the various extensions beyond them. Common Liquidity areas are also highlighted as tan/yellow bars. These are common reversal and contention levels should price action approach them.
Also included are 4 EMAs that have been transformed into 2 separate EMA clouds. These clouds will change color when bearish / bullish and crossing and signal up and downtrends and compress during chop. They are 100% customizable with your own EMA preference. Colors as well.
The Candles are Volume Based Candles. They default to Hollow candles when Volume is below the 24 moving average ( customizable ) and are filled solid when the volume for that time period has HIGH RELATIVE VOLUME. These are GREAT SIGNALS as price action approaches the levels that the AUTOLEVEL indicator generate. When a candle is filled and approaching a level it is likely to break through or attempting to. Low volume candles, hollow, show low conviction in price movement.
Aside from the Fibonacci Levels generated, the EMA Clouds and the Volume Candles you can also select how full or minimal your chart is. ( more levels to only a few ) Also you can extend all levels to the right for future charting or leave that selection off to only generate the static daily levels a few bars ahead.
You can also adjust the timeframe the Autolevels are generating levels for. 1 day is the current day. 1 month plots out a month of levels and is best used with the 1D timeframe.
You can look up my Twitter account for hundreds of examples of daily use.
Release Notes
Fixed some transparency issues. Release Notes
A few more quick aesthetic fixes. Release Notes
Added in RSI Overbought, oversold indicators that will appear above or below the candle that crossed that territory. Overbought/sold levels are customizable. Working on this being a defaulted "off" option. Looking for feedback on this as being useful. Also cleaned up the INPUT menu so it was clear what inputs did to what parts of this indicator.
Thanks all! Feedback on Twitter always appreciated as well.
Release Notes
User Input changes
- Made overbought and Oversold indicators able to be turned off via Input Menu
Made EMA clouds able to be turned off and default to just EMA lines via Input Menu
Changed Chart Views to
- Minimal - : just open with go long / go short / take profit lines.
Minimal + : Minimal lines plus shaded areas
1st Extension: Shows first Fib Extensions ( 1.382, 1.618 etc )
2nd Extension: Shows second fib extensions off open/atr/ etc ( 2.382,2.618 etc )
3rd Extensions : " "
Release Notes
Last update likely this week. Apologies if anyone is trying to get used to the new set up. Added another Input to remove both groups of EMAs or just one group of EMAs to suit your use and trading style.
Only two remaining changes to come.
1- Add a second color for RSI overbought oversold to denote WILDLY overbought or Oversold. ( orange for > 70, Red for > 80 etc )
2- Toggle to remove the previous days plots to clean up your entire chart template. ( big lift apparently )
Thanks all!
Release Notes
A few naming changes. Flip Flopped Slow and Fast EMA in Input.
Release Notes
Apologies. I realized every update wipes out any "Default Settings" you might have. I am still working to make this super functional and useful as well as customizable.
Updates
Added simple tick box to disable the High Volume candles. Candles can be personal. You should have a choice. But knowing when volume is above average REALLY helps knowing what it does around levels. ( You'll notice high Relative Volume is usually in play when a level is being taken out. )
Added another condition for Oversold RSI. Yellow = <20 Green = <30. This should help time an entry on a sell off reversal. ( as shown in Chart above )
Changed some Input verbiage and made the code a little more efficient.
Updated Chart with some text to explain how it can be used.
Release Notes
Fixed the issue causing EMA clouds to show behind the Bull and Bear Bar and some other layering issues. I will still go in and tweak the default colors to help when EMAs and Long and Shot bars spend a lot of time over each other. Chop days will hurt your eyes for real.
Thanks for reaching out on Twitter @2StockShakur_ !!
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