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Demandlevel

Demand Supply Zone AlertsDemand Supply Zone Alert Indicator This indicator functions as a scanner/screener and is designed to identify symbols with potential demand and supply zones and generate alerts based on your customized settings. It does not visually plot anything on the chart but is used to place alerts. Key Features: 1. Demand Supply Zone Patterns: - Drop Base Rally - Rally Base Rally - Rally Base Drop - Drop Base Drop 2. Zoning Methods: - Wick to Wick: In a demand zone, this method uses the highest high of the basing as the proximal line. For supply zones, it uses the lowest low of the basing. - Body to Wick: In a demand zone, this method uses the highest body of the basing as the proximal line. For supply zones, it uses the lowest body of the basing. 3. Legin Methods: - Candle Type: Based on the candle's bullish or bearish structure. - Candle Color: Uses the candle color to determine the legin, with green indicating a rally and red indicating a drop. 4. Additional Zone Options: - Follow Through Pattern: Zones with one legout followed by another legout, based on user-defined strength settings. - Overnight Gap Zones: Zones formed due to overnight gaps after the basing. - All Demand Supply Zone Structures: Includes all zones, even if they are not considered quality zones. 5. Zone Settings: - Number of Candles in Basing: Customize the number of candles in the basing phase. For example, setting it to 3 will only identify zones with 3 or fewer basing candles. - Legout Strength for Single Legout Pattern: Defines how strong a legout candle must be to qualify as a zone. - Legout Strength for Follow-Through Pattern: Specifies the strength required for two consecutive legout candles to qualify as a follow-through pattern. Functionality: The indicator identifies zones based on a three-component structure: legin, basing, and legout. It uses an algorithm that categorizes candles as legin, basing, or legout based on their range compared to the average candle on the chart. Quality zones are defined by legout candles that are significantly larger than the average candle, while basing candles are smaller. Once a valid zone structure is identified, the indicator will generate an alert from the list of symbols provided in the settings. Alerts will notify users according to their alert notification settings. Usage Recommendations: - This indicator works as a real-time scanner or screener to shortlist symbols when a valid zone is formed based on user settings. - It aids in identifying potential demand and supply zones, but does not provide explicit buy or sell signals. - Users should integrate this tool with their own trading plan and thoroughly evaluate any identified symbols before making trades. Limitations: This indicator does not provide explicit buy or sell signals. It is intended to aid in identifying symbols where demand and supply zones are being created. Users should use this tool in conjunction with their own trade plan and thoroughly evaluate any identified symbols before making any trades. Disclaimer: Please ensure you thoroughly evaluate and qualify any identified symbols according to your individual trade plan before making any trades.
Pine Script™ indicator
by SurjeetKakkar
Supply and DemandOur Indicator “Supply and Demand” offers an insight into the structure of any given Instrument applied to. Understanding Supply and Demand is essential for using this Indicator. If you are familiar with the concept, then you will most likely find this indicator useful in your trading. If you are unfamiliar with the concept and are interested then continue reading a “Brief Concept of Supply and Demand” at the end of the description, where we will provide some informational Links. This description will provide a High Level description of how our Indicator identifies and visualizes Supply and Demand, followed by how to use the Indicator in your trading. At the end we would like to introduce our team and experience. High Level Description of “Supply and Demand”: Our indicator searches for price zones where the current Instrument has experienced a significant liquidity imbalance in the recent relative past. Our indicator uses a Multi timeframe approach to identify these areas. These Zones will be referred to as “Active Zones” from now on. When Price exceeds the outer boundary of the Active Zones, then this Supply or Demand Zone will be identified as “Expired”, and the zone is no longer in play. These Zones will be referred to as “Expired Zones” from now on. Visualisation: What do the Boxes mean: Our Indicator visualises active Supply and Demand Zones. Supply zones are red and Demand Zones are green. Furthermore, our indicator shows a brief history of Expired Supply and Demand Zones. These Zones have the same color as the active Supply and Demand Zones, just with a higher color transparency so that you can distinguish between active and Expired Zones. The boxes start at the time where the supply/demand has occurred historically, providing a simple method to review the Market reaction to the historic supply/demand event. History: Due to the high calculation effort, the history is limited to 20 Zones in total. All zones prior to that will not be displayed. Important: All Zones will not be repainted. That being said, once our indicator has started displaying a Zone, then it will be visible until it exceeds the 20 Zone history limit and “falls of” the chart. How to use it: Approaching an Active Supply/Demand Zone: When price is approaching or entering an active Supply/Demand Zone, look for reversal patterns you are familiar with. It is important that you have a tested method behind your entry and exit strategy. Please note, that the indicator itself just presents price areas where there is a potential for a price reversal, and that these levels should not be traded blindly. Expired Supply/Demand Zones: Expired Supply and Demand Zones are mainly just to provide a small History of Supply and Demand Zones to you. There are more advanced concepts for also using Expired Supply and Demand Zones in your Trading, but this is not the focus of this Indicator. Time frame: This indicator is programmed to be used on all Timeframes. Instruments: This indicator aims to visualize areas of where Market price has the potential to reversal, hence this is a mean reverting Indicator. Taking this statement to account, it is recommended to apply this Indicator to Instruments with a mean reverting character. Examples of mean reverting markets could be for example … ...all FOREX instruments, as FOREX is considered a mean reverting Market. ...an instrument that is in a consolidation, or which you are expecting to enter a period of consolidation. Indicator settings and configuration: The Indicator has no functional parameters, to reduce User error, and only has visual parameters. The color of the Supply and Demand Zones can be tailored to your liking. Brief concept of Supply and Demand: Supply and Demand is a concept that has been around for a very long time. Following links are helpful to get a grasp of the concept: en.wikipedia.org www.investopedia.com www.investopedia.com Our Team: We are a team of 3 Traders with a combined experience of 40 years. We are using our experiences from the market to create Indicators to Visualize the most relevant Patterns to us in our trading today. Our goal is to reconstruct these patterns to match our understanding of the market and to simplify the process of creating reproducible trading Strategies.
Pine Script™ indicator
by account_closed
106
[PX] Exhaustion LevelHello guys, I love to play around with different methods for detecting support and resistance level. So today here is a new approach, which could be interesting to a few of you. I call it exhaustion level. I'll give a brief introduction on how the indicator works and leave the testing/applying to you. How does it work? The method is basically very simple. The indicator constantly keeps track of the difference between the current close and the VWAP. The detected value will then be normalized and therefore put into comparison to it's previous "n" candles. (You decide yourself which value will be used for "n" by setting the "Length" -parameter in the settings tab.) Once the normalized value equals "1", the price movement is considered to be somewhat overheated and the indicator starts plotting a level at the current high. The level will continually change until the movement goes the opposite way. Then it will settle and change its color. The same approach takes place when the normalized value reaches "0", this time plotting a level at the low. I hope some of you will find it useful and if so, please leave a " like " :) Have fun, happy trading and merry Christmas :)))
Pine Script™ indicator
by paaax
8