OPEN-SOURCE SCRIPT
PClose Levels 2.0
Updated
This script plots the levels generated via a combination of SPX 2Y Quartiles for everyday, red days, and green days. It is intended for use solely with SPX.
These quartiles are also sorted by VIX averages into bands that expand and contract with VIX.
It gives us an idea of what levels to potentially expect resistance/support fairly well, but is designed to be used in conjunction with other indicators and macroeconomic information.
Green Dashed is your Expected Max Range (EMR+) based on Green Day averages.
Green Dotted is your Expected Range (ER+) based on full dataset averages.
Green solid lines are POS2 and POS1, based on Green Day averages.
White Dotted is your Expected Move (EM), based on full dataset averages.
Red solid lines are NEG1 and NEG2, based on Red Day averages.
Red Dotted is your Expected Range (ER-) based on full dataset averages.
Red Dashed is your Expected Max Range (EMR-) based on Red Day averages.
These quartiles are also sorted by VIX averages into bands that expand and contract with VIX.
It gives us an idea of what levels to potentially expect resistance/support fairly well, but is designed to be used in conjunction with other indicators and macroeconomic information.
Green Dashed is your Expected Max Range (EMR+) based on Green Day averages.
Green Dotted is your Expected Range (ER+) based on full dataset averages.
Green solid lines are POS2 and POS1, based on Green Day averages.
White Dotted is your Expected Move (EM), based on full dataset averages.
Red solid lines are NEG1 and NEG2, based on Red Day averages.
Red Dotted is your Expected Range (ER-) based on full dataset averages.
Red Dashed is your Expected Max Range (EMR-) based on Red Day averages.
Release Notes
It was brought to my attention that the previous version didn't work properly with Heikin Ashi candles. Implemented what appears to be a fix for that issue. The code is kicking out an error now, but the levels appear to be set appropriately for regular candlesticks and Heikin Ashis now. Also updated the percentage move values based on the latest data.Release Notes
Updated values since April.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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