Differences from Other Scripts:
Unlike many pivot point scripts, this one offers a greater degree of customization and flexibility, allowing users to determine how many ranges of pivot points they wish to plot (up to 10), as well as the number of the most recent ranges to display.
Furthermore, it allows users to restrict the plotting of pivot points to specific timeframes (15 minutes, 30 minutes, 1 hour, 4 hours, and daily) using a toggle input. This is useful for traders who wish to focus on these popular trading timeframes.
This script also uses the color.new function for a more transparent plotting, which is not commonly used in many scripts.
How to Use:
The script provides two user inputs:
"Number of Ranges to Plot (1-10)": This determines how many 10-bar ranges of pivot points the script will calculate and potentially plot.
"Number of Last Ranges to Show (1-?)": This determines how many of the most recent ranges will be displayed on the chart.
"Limit to specific timeframes?": This is a toggle switch. When turned on, the script only plots pivot points if the current timeframe is one of the following: 15 minutes, 30 minutes, 1 hour, 4 hours, or daily.
The pivot points are plotted as circles on the chart, with pivot highs in red and pivot lows in green. The transparency level of these plots can be adjusted in the script.
Market and Conditions:
This script is versatile and can be used in any market, including Forex, commodities, indices, or cryptocurrencies. It's best used in trending markets where supply and demand levels are more likely to be respected. However, like all technical analysis tools, it's not foolproof and should be used in conjunction with other indicators and analysis techniques to confirm signals and manage risk.
A technical analyst, or technician, uses chart patterns and indicators to predict future price movements. The "Supply and Demand" script in question can be an invaluable tool for a technical analyst for the following reasons:
Identifying Support and Resistance Levels: The pivot points plotted by this script can act as potential levels of support and resistance. When the price of an asset approaches these pivot points, it might bounce back (in case of support) or retreat (in case of resistance). These levels can be used to set stop-loss and take-profit points.
Timeframe Analysis: The ability to limit the plotting of pivot points to specific timeframes is useful for multiple timeframe analysis. For instance, a trader might use a longer timeframe to determine the overall trend and a shorter one to decide the optimal entry and exit points.
Customization: The user inputs provided by the script allow a technician to customize the ranges of pivot points according to their unique trading strategy. They can choose the number of ranges to plot and the number of the most recent ranges to display on the chart.
Confirmation of Other Indicators: If a pivot point coincides with a signal from another indicator (for instance, a moving average crossover or a relative strength index (RSI) divergence), it could provide further confirmation of that signal, increasing the chances of a successful trade.
Transparency in Plots: The use of the color.new function allows for more transparent plotting. This feature can prevent the chart from becoming too cluttered when multiple ranges of pivot points are plotted, making it easier for the analyst to interpret the data.
In summary, this script can be used by a technical analyst to pinpoint potential trading opportunities, validate signals from other indicators, and customize the display of pivot points to suit their individual trading style and strategy. Always remember, however, that no single indicator should be used in isolation, and effective risk management strategies should always be employed.
We are pleased to announce an update to our "Supply and Demand (Responsive)" script. The script is designed to identify pivot points in the market by analyzing historical data, and this recent update is aimed at enhancing the flexibility and customization of the indicator. Here's what's new:
More Ranges: We have increased the number of ranges the script can examine from four to ten. This allows you to go back up to 100 bars to find pivot points, thus providing a more comprehensive view of the market situation.
Specific Timeframes Toggle: We introduced a toggle that can limit the indicator to specific timeframes - 15 minutes, 30 minutes, 1 hour, 4 hours, or daily. The default setting for this toggle is false, meaning that the indicator will not be limited to any specific timeframe unless you decide to activate it.
Customization of Plotting: We have added an option to choose between plotting circles or lines. You can now decide if you want to plot circles for the last ranges, lines or both. In addition, you can specify the number of last ranges to be shown for circles.
Deleting Old Lines: In this update, old lines are deleted before new ones are drawn to keep your chart clean and readable. This is particularly useful when you have a large number of ranges plotted.
Here is how you use these new features:
You can control the number of ranges to plot using the ranges_to_plot input.
The candlesToPlot input determines the number of last ranges to be shown for circles.
You can toggle whether to limit the indicator to specific timeframes with the toggle input.
You can also decide whether to plot circles, lines or both using the plotCircles and plotLines inputs.
Please note that this update will not impact any existing setups unless you choose to take advantage of the new features.
We hope these updates will improve your experience with our script and help you to analyze the market more efficiently. We look forward to your feedback.
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