Ever looked at a trading chart and thought, "Hmm, my toddler's doodles have more structure"? Fear not, brave financial explorer! We've unearthed a tool that might just make sense of those cryptic squiggles. Introducing the Twisted S & R Levels indicator – your personal Rosetta Stone for the hieroglyphs of the trading world.
Picture this: you're sailing the choppy seas of the stock market, when suddenly, amidst the waves of price fluctuations, you spot land! Well, not land, per se, but green and red lines marking the sandbars and lighthouses of your charted territory. These aren't just any lines; they're your support and resistance levels, the bread and butter of trading strategies, now served with a twist.
//@version=5
indicator("Simple Support and Resistance", shorttitle="Twisted S & R Levels", overlay=true)
// Input for lookback periods to define significant highs and lows
CheckBackPeriod = input.int(5, title="Check Back Period", minval=1)
// Function to find significant highs and lows
significantHigh = ta.pivothigh(CheckBackPeriod, CheckBackPeriod)
significantLow = ta.pivotlow(CheckBackPeriod, CheckBackPeriod)
// Plotting significant highs as resistance
if (significantHigh)
line.new(bar_index[CheckBackPeriod], high[CheckBackPeriod], bar_index, high[CheckBackPeriod], width=2, color=color.red)
// Plotting significant lows as support
if (significantLow)
line.new(bar_index[CheckBackPeriod], low[CheckBackPeriod], bar_index, low[CheckBackPeriod], width=2, color=color.green)
What's the magic, you ask? By peering through the Twisted S & R Levels spyglass, you can spot where the market's treasure might be buried. Green lines shout, "Buy, Batta!" as they reveal support levels where prices could bounce higher. Red lines warn, "Sell, ya Batta!" marking resistance points where prices might take a plunge.
This isn't just a tool; it's your first mate in navigating the treacherous waters of trading. It whispers secrets of when to hoist your sails (buy) and when to batten down the hatches (sell), all with the whimsy of a pirate's adventure.
So, whether you're a greenhorn trader or a seasoned captain of the financial seas, the Twisted S & R Levels indicator offers a glimpse into the market's murky depths with the clarity of a calm Caribbean bay. Why sail blindly when you can chart your course with confidence.
And, before you set sail on your trading voyage, remember this nugget from your trusty crew at Twisted Finance: our musings and tools, including the Twisted S & R Levels indicator, are for educational and entertainment purposes only – not to be taken as financial advice. Chart your own course, savvy?
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