OPEN-SOURCE SCRIPT
Zones by Rajesh
This T "Zones by Rajesh," creates a visual representation of high and low zones based on the Average Daily Range (ADR) for the past 5 and 10 days. This script can be useful for identifying potential support and resistance zones around the opening price for each trading day.
How to Use the Indicator:
Identify Support and Resistance Zones:
The filled zones visually show where the price might find support (green) or resistance (red) based on historical price action over the last 5 and 10 days.
Trading Strategies:
Range Bound Trading: When prices enter the filled zones, it can be a signal that price may encounter support or resistance.
Breakout Signals: Price breaking above or below these zones can indicate potential for a continued trend in that direction.
Risk Management:
The zones offer a reference for setting stop-loss and take-profit levels, as the ADR gives a statistically calculated boundary based on recent price movement.
This indicator is versatile for intraday trading setups, particularly for identifying potential reversal or breakout zones around the day's opening price.
How to Use the Indicator:
Identify Support and Resistance Zones:
The filled zones visually show where the price might find support (green) or resistance (red) based on historical price action over the last 5 and 10 days.
Trading Strategies:
Range Bound Trading: When prices enter the filled zones, it can be a signal that price may encounter support or resistance.
Breakout Signals: Price breaking above or below these zones can indicate potential for a continued trend in that direction.
Risk Management:
The zones offer a reference for setting stop-loss and take-profit levels, as the ADR gives a statistically calculated boundary based on recent price movement.
This indicator is versatile for intraday trading setups, particularly for identifying potential reversal or breakout zones around the day's opening price.
Скрипт с открытым кодом
В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения. Вы можете добавить этот скрипт в избранное и использовать его на графике.
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