This is an indicator that draws support and resistance zones / levels based on price action in and around Keltner Channels.
There are 3 different modes;
Draw zones based on price breaking the upper band
Draw zones based on price breaking the lower band
Draw zones if price stays within the bands for a prolonged period of time.
You can also decide if you want the indicator to paint zones or levels. The Zones can grow rather large if there is a volatility shock since they are drawn using the true range around the trigger price.
Thanks for the script. I'll have a go but want to know if it works on breakouts on both sides. I am looking to highlight when it breaks the top band to the upside and when it retest the top band for support on its way down.
Also to apply the same logic to the bottom band.
The final script should be:
a. long when breaks at the top band and exit when it closes below the top band
b short when breaks below the bottom band and exit short when close above the bottom band
cheers bro.
shtcoinr
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@Rotuma, Glad you like it, let me know how your script works out.
Rotuma
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@shtcoinr, Thanks, bro. Trying to work this out but with very limited experience in scriptwriting, I am not sure how it would end. I would really appreciate if you could put something together.
cheers bro
edward_Z
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I find your scripts very useful
LDJP
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UNDERVALUED, big time.
CosmonautCalls
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Gonna look more at the script in a bit but at first glance I like how it works
Also to apply the same logic to the bottom band.
The final script should be:
a. long when breaks at the top band and exit when it closes below the top band
b short when breaks below the bottom band and exit short when close above the bottom band
cheers bro.