Here I propose a method to view only relevant decision-making zones for intraday and at that particular time. It is probably one of the cleanest ways to do this and have entire S/R system built-in without having clutter on the chart. This is great for discretionary traders to avoid confusion.
I'm here linking you examples of today;
As you can see, it only displays what is relevant at that particular time and helps you to make a decision in your trade according to it.
This script is for educational purposes only, any past performance is not an assurance of future success and the author does not take responsibility of your actions.
Can you please explain a bit more logic behind dotted lines (white and purple). What are they based on?
Thanks!
Pratik_4Clover
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@Linktind, That's a propitiatory calculation formula and not a public domain knowledge. You can treat them as major S/R or similar to CPR zones in pivot system.
Linktind
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@Pratik_4Clover, ok I see. Anyway thanks for a prompt reply and for sharing this script.
@Nfaizan, Think of it as intraday S/R, you just have to decide what to do depending on price reaction/interaction with that S/R zone. Price generally reacts to them, so as a trader we can utilize them in a number of ways, entry/exit/scale in or out etc.