This is a multi-feature strategy that combines technical analysis, volume tracking, and dynamic visual elements on the chart. Its purpose is to generate buy/sell signals, plot near-future price forecasts, and display important support/resistance zones. Additionally, it monitors buying versus selling volume to add further insight into potential market bias. Below is a detailed explanation of each component:
When RSI, Stoch, and MA-cross conditions align for bullish or bearish signals, the strategy triggers long or short entries accordingly.
2. Price Forecast Projection
It draws forecast lines and a forecast label on the chart to visualize where price might head over the next bars. The script ensures the forecast lines have reduced opacity for clarity and color-coded based on trend direction (green for bullish, red for bearish).
3. Support & Resistance
- Important S/R (Last 100 Bars) - Less Important S/R (Last 50 Bars)
4. Volume Tracking & Label The script sums buy volume (on up-close bars) and sell volume (on down-close bars) starting from the most recent time price touches an important S/R level (100-bar). Whenever price hits either the 100-bar support or 100-bar resistance, the cumulative volumes reset to 0 and start summing again. Near the forecast label, the script displays a single additional label indicating “BUY” or “SELL” based on which volume sum (buy vs. sell) is larger:
If sumBuyVol > sumSellVol, the label is green with text “BUY.”
Otherwise, it is red with text “SELL.” This gives quick insight into whether bulls or bears have dominated since the last major support/resistance touch.
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