OPEN-SOURCE SCRIPT
gann fib levels
Description of gann fib Levels
Input Value Level:
Purpose: This level is the starting point for calculating support and resistance. Users can input a specific high or low price value that serves as the foundation for subsequent calculations.
Visual Representation: A bold blue line indicates this level prominently on the chart, making it easy to identify. Additionally, a horizontal magenta line provides a reference to this initial price level.
Support Levels:
Definition: Support levels are price points where a downtrend can be expected to pause due to buying interest. They act as a floor that prevents the price from falling further.
Calculation: Support levels are derived by calculating the square root of the input value, adjusting it downward by a defined step (0.25), and squaring the result to find potential support points.
Visual Representation: Each support level is plotted with a red line when the current price is below the support level and changes to green when the price is above it. Every fourth support level is depicted with a bolder line for emphasis.
Resistance Levels:
Definition: Resistance levels are price points where an uptrend can be expected to pause due to selling interest. They serve as a ceiling that prevents the price from rising further.
Calculation: Resistance levels are calculated similarly to support levels, using the square root of the input value but adjusting it upward by the defined step (0.25) before squaring the result.
Visual Representation: Each resistance level is plotted with a green line when the current price is below the resistance level and turns red when the price is above it. Like support levels, every fourth resistance line is bolded for easier identification.
Dynamic Behavior:
Crossing Logic: When the current market price crosses above a resistance level, that level transforms into a support level, effectively changing its role. Conversely, if the price crosses below a support level, it transforms into a resistance level. This dynamic behavior reflects real-time market sentiment and helps traders identify potential reversal points.
Summary
This Pine Script provides a visual representation of dynamic support and resistance levels based on a user-defined input price. With distinct color coding and bold lines for significant levels, traders can quickly assess market conditions, identify potential buy or sell signals, and make informed trading decisions. The system's adaptability allows it to reflect the latest market movements, enhancing its utility as a trading tool.
Input Value Level:
Purpose: This level is the starting point for calculating support and resistance. Users can input a specific high or low price value that serves as the foundation for subsequent calculations.
Visual Representation: A bold blue line indicates this level prominently on the chart, making it easy to identify. Additionally, a horizontal magenta line provides a reference to this initial price level.
Support Levels:
Definition: Support levels are price points where a downtrend can be expected to pause due to buying interest. They act as a floor that prevents the price from falling further.
Calculation: Support levels are derived by calculating the square root of the input value, adjusting it downward by a defined step (0.25), and squaring the result to find potential support points.
Visual Representation: Each support level is plotted with a red line when the current price is below the support level and changes to green when the price is above it. Every fourth support level is depicted with a bolder line for emphasis.
Resistance Levels:
Definition: Resistance levels are price points where an uptrend can be expected to pause due to selling interest. They serve as a ceiling that prevents the price from rising further.
Calculation: Resistance levels are calculated similarly to support levels, using the square root of the input value but adjusting it upward by the defined step (0.25) before squaring the result.
Visual Representation: Each resistance level is plotted with a green line when the current price is below the resistance level and turns red when the price is above it. Like support levels, every fourth resistance line is bolded for easier identification.
Dynamic Behavior:
Crossing Logic: When the current market price crosses above a resistance level, that level transforms into a support level, effectively changing its role. Conversely, if the price crosses below a support level, it transforms into a resistance level. This dynamic behavior reflects real-time market sentiment and helps traders identify potential reversal points.
Summary
This Pine Script provides a visual representation of dynamic support and resistance levels based on a user-defined input price. With distinct color coding and bold lines for significant levels, traders can quickly assess market conditions, identify potential buy or sell signals, and make informed trading decisions. The system's adaptability allows it to reflect the latest market movements, enhancing its utility as a trading tool.
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