OPEN-SOURCE SCRIPT
Percentage S&R
This indicator can be used to provide "hidden" Support and Resistance levels, which can be useful for profit-taking and stop-loss levels on swing trades.
The middle white line is the midpoint of the range of the previous 60 candles.
The grey lines above equal the midpoint line +5%, +10%, +15% and +20%.
The grey lines below equal the midpoint line -5%, -10%, -15% and -20%.
This indicator is similar to a Moving Average Envelope, but without the lag.
Doesn't work as well on the extreme low or high time frames. 1 hour - Daily charts seem to be best.
The middle white line is the midpoint of the range of the previous 60 candles.
The grey lines above equal the midpoint line +5%, +10%, +15% and +20%.
The grey lines below equal the midpoint line -5%, -10%, -15% and -20%.
This indicator is similar to a Moving Average Envelope, but without the lag.
Doesn't work as well on the extreme low or high time frames. 1 hour - Daily charts seem to be best.
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