OPEN-SOURCE SCRIPT

Margin selling pressure levels

Updated

Predicts local bottoms and support levels. Simply enter a strong resistance level (Settings > Liquidation Resistance Level), and this indicator shows you levels where margin selling pressure is likely to drop off. This is based off of the assumption that leveraged traders will likely want their liquidation point protected above a strong resistance level.

2x - blue
3x - green
4x - yellow
5x - orange
10x - red

Release Notes

Seems like a lot of users don't realize they need to enter a base resistance level before the pressure levels can be drawn. Added a message to help clarify, along with some tips for choosing a resistance level and using the tool (new table functionality is nice!)

Release Notes

Update to replace script chart.

Release Notes

Enhancements/fixes:
(1) Added 7x level
(2) Added ability to turn levels on/off
(3) Added ability to customize level color
(4) Properly defaulting level values

Release Notes

Added custom plot transparency

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.

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