OPEN-SOURCE SCRIPT
Untested Levels Dynamic Timeframes
Updated
**WORKS BEST ON 30M TIMEFRAME**
This indicator, titled "Untested Levels with Timeframes" is designed to identify and visualize price levels within different timeframes that have not been tested recently. Here's a breakdown of its benefits and usage:
Identifying Untested Price Levels: The indicator helps traders identify support and resistance levels that haven't been tested for a specified period within different timeframes. This can be valuable because untested levels may represent potential areas where price could reverse or encounter significant movement.
Customizable Timeframes: The indicator allows users to specify different timeframes (e.g., 30 minutes, 1 hour, 4 hours, daily) for analyzing untested levels. This flexibility enables traders to adapt the tool to their trading style and preferences.
Visual Representation: Untested levels are plotted on the chart as rays extending to the right. This visual representation makes it easy for traders to identify and assess these levels at a glance, enhancing their chart analysis process.
Dynamic Management: The indicator dynamically manages untested and tested levels over time, ensuring that traders focus on the most relevant price levels within each timeframe. This feature helps prevent clutter on the chart and maintains the indicator's effectiveness.
Potential Trading Opportunities: By identifying untested levels, traders may uncover potential trading opportunities, such as entering trades near untested support or resistance levels or waiting for confirmation of a breakout or reversal at these levels.
Risk Management: Understanding untested levels can also assist in risk management by providing traders with additional context when setting stop-loss levels or determining the risk-reward ratio for a trade.
Overall, this indicator can be a valuable tool for traders seeking to enhance their technical analysis and identify potential trading opportunities based on untested price levels across different timeframes. However, like any trading tool, it's essential to combine it with other analysis techniques and thoroughly backtest it to assess its effectiveness within your trading strategy.
This indicator, titled "Untested Levels with Timeframes" is designed to identify and visualize price levels within different timeframes that have not been tested recently. Here's a breakdown of its benefits and usage:
Identifying Untested Price Levels: The indicator helps traders identify support and resistance levels that haven't been tested for a specified period within different timeframes. This can be valuable because untested levels may represent potential areas where price could reverse or encounter significant movement.
Customizable Timeframes: The indicator allows users to specify different timeframes (e.g., 30 minutes, 1 hour, 4 hours, daily) for analyzing untested levels. This flexibility enables traders to adapt the tool to their trading style and preferences.
Visual Representation: Untested levels are plotted on the chart as rays extending to the right. This visual representation makes it easy for traders to identify and assess these levels at a glance, enhancing their chart analysis process.
Dynamic Management: The indicator dynamically manages untested and tested levels over time, ensuring that traders focus on the most relevant price levels within each timeframe. This feature helps prevent clutter on the chart and maintains the indicator's effectiveness.
Potential Trading Opportunities: By identifying untested levels, traders may uncover potential trading opportunities, such as entering trades near untested support or resistance levels or waiting for confirmation of a breakout or reversal at these levels.
Risk Management: Understanding untested levels can also assist in risk management by providing traders with additional context when setting stop-loss levels or determining the risk-reward ratio for a trade.
Overall, this indicator can be a valuable tool for traders seeking to enhance their technical analysis and identify potential trading opportunities based on untested price levels across different timeframes. However, like any trading tool, it's essential to combine it with other analysis techniques and thoroughly backtest it to assess its effectiveness within your trading strategy.
Release Notes
Purpose:
This script is designed to identify and plot untested support and resistance levels across multiple timeframes on a trading chart. It helps traders visualize potential price levels that have not yet been retested, which can be significant for making trading decisions.
How It Functions:
The script operates by analyzing price data across different timeframes and identifying the highest high and lowest low over a defined lookback period. These identified levels are then categorized as "untested" until the price revisits them, at which point they are marked as "tested."
Key Features:
Multi-Timeframe Analysis:
The script analyzes price levels on four different timeframes: 30 minutes, 1 hour, 4 hours, and 1 day (8 hours).
Lookback Periods:
Defines how many bars to look back to identify the highest high and lowest low for each timeframe:
30 minutes: 10 bars
1 hour: 24 bars
4 hours: 30 bars
1 day (8 hours): 21 bars
Maximum Lines:
Limits the number of untested levels (lines) plotted on the chart to avoid clutter:
30 minutes: 4 lines
1 hour: 4 lines
4 hours: 3 lines
1 day (8 hours): 2 lines
Color Coding:
Uses different colors for each timeframe to distinguish the levels:
30 minutes: Green
1 hour: Yellow
4 hours: Orange
1 day (8 hours): Red
Line Extension Options:
Allows the user to choose whether the lines extend to the right, left, or both using checkboxes:
extend_right: Checkbox to extend lines to the right.
extend_left: Checkbox to extend lines to the left.
How to Use the Indicator:
Add the Script to Your Chart:
In TradingView, add the script to your chart by pasting it into the Pine Script editor and clicking "Add to Chart."
Adjust Settings:
In the indicator settings, adjust the checkboxes to control how the lines extend:
Check "Extend Lines Right" to extend the lines to the right.
Check "Extend Lines Left" to extend the lines to the left.
Check both to extend lines in both directions.
Interpret the Lines:
The script will plot untested levels as colored lines based on the timeframe:
Green lines for 30-minute untested levels.
Yellow lines for 1-hour untested levels.
Orange lines for 4-hour untested levels.
Red lines for 1-day (8-hour) untested levels.
These lines represent potential support and resistance levels that have not been revisited since they were identified.
Trading Decisions:
Use the untested levels to make informed trading decisions. For example:
Entry Points: Consider entering trades when the price approaches an untested support or resistance level, anticipating a potential bounce or reversal.
Exit Points: Use the levels to set profit targets or stop-loss orders, as these levels may act as significant barriers.
Confirmation: Combine the levels with other technical indicators or patterns to confirm trade signals.
Example Use Case:
Trend Reversal:
Identify a trend reversal when the price approaches an untested resistance level in a downtrend or an untested support level in an uptrend.
Enter a trade in the direction of the reversal, using the untested level as a reference point for setting your stop-loss.
Breakout Trading:
Watch for breakouts when the price breaches an untested level with high volume.
Enter a trade in the direction of the breakout, using the untested level as a reference point for setting your stop-loss or trailing stop.
Range Trading:
Identify potential trading ranges between untested support and resistance levels.
Enter trades near the support level and exit near the resistance level, or vice versa.
Release Notes
Purpose:This script is designed to identify and plot untested support and resistance levels across multiple timeframes on a trading chart. It helps traders visualize potential price levels that have not yet been retested, which can be significant for making trading decisions.
How It Functions:
The script operates by analyzing price data across different timeframes and identifying the highest high and lowest low over a defined lookback period. These identified levels are then categorized as "untested" until the price revisits them, at which point they are marked as "tested."
Key Features:
Multi-Timeframe Analysis:
The script analyzes price levels on four different timeframes: 30 minutes, 1 hour, 4 hours, and 1 day (8 hours).
Lookback Periods:
Defines how many bars to look back to identify the highest high and lowest low for each timeframe:
30 minutes: 10 bars
1 hour: 24 bars
4 hours: 30 bars
1 day (8 hours): 21 bars
Maximum Lines:
Limits the number of untested levels (lines) plotted on the chart to avoid clutter:
30 minutes: 3 lines
1 hour: 3 lines
4 hours: 2 lines
1 day (8 hours): 2 lines
Color Coding:
Uses different colors for each timeframe to distinguish the levels:
30 minutes: Green
1 hour: Yellow
4 hours: Orange
1 day (8 hours): Red
Line Extension Options:
Allows the user to choose whether the lines extend to the right, left, or both using checkboxes:
extend_right: Checkbox to extend lines to the right.
extend_left: Checkbox to extend lines to the left.
How to Use the Indicator:
Add the Script to Your Chart:
In TradingView, add the script to your chart by pasting it into the Pine Script editor and clicking "Add to Chart."
Adjust Settings:
In the indicator settings, adjust the checkboxes to control how the lines extend:
Check "Extend Lines Right" to extend the lines to the right.
Check "Extend Lines Left" to extend the lines to the left.
Check both to extend lines in both directions.
Interpret the Lines:
The script will plot untested levels as colored lines based on the timeframe:
Green lines for 30-minute untested levels.
Yellow lines for 1-hour untested levels.
Orange lines for 4-hour untested levels.
Red lines for 1-day (8-hour) untested levels.
These lines represent potential support and resistance levels that have not been revisited since they were identified.
Trading Decisions:
Use the untested levels to make informed trading decisions. For example:
Entry Points: Consider entering trades when the price approaches an untested support or resistance level, anticipating a potential bounce or reversal.
Exit Points: Use the levels to set profit targets or stop-loss orders, as these levels may act as significant barriers.
Confirmation: Combine the levels with other technical indicators or patterns to confirm trade signals.
Example Use Case:
Trend Reversal:
Identify a trend reversal when the price approaches an untested resistance level in a downtrend or an untested support level in an uptrend.
Enter a trade in the direction of the reversal, using the untested level as a reference point for setting your stop-loss.
Breakout Trading:
Watch for breakouts when the price breaches an untested level with high volume.
Enter a trade in the direction of the breakout, using the untested level as a reference point for setting your stop-loss or trailing stop.
Range Trading:
Identify potential trading ranges between untested support and resistance levels.
Enter trades near the support level and exit near the resistance level, or vice versa.
Release Notes
updated scriptOpen-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
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.