Support Resistance

6 thg 8This indicator was written in pine script code, inspired by the [blackcat] L3 Banker Fund Flow Trend Oscillator indicator whose link I gave below.

This indicator is designed to track the flow of banker funds in the market by analyzing price movements and generating entry signals based on specific criteria. It uses a combination of custom functions and moving averages to identify potential points where bankers might be entering the market.

Key Features:
Fund Flow Trend Calculation:

The indicator calculates the fund flow trend using a combination of weighted moving averages. This helps in identifying the overall trend and potential reversals.
Bull Bear Line:

A key component of the indicator is the Bull Bear Line, which is derived from the typical price, lowest low, and highest high over a specified period. This line helps in determining the strength and direction of the market trend.
Banker Entry Signal:

The indicator generates a banker entry signal when the fund flow trend crosses above the Bull Bear Line, and the Bull Bear Line is below 25. This condition is indicative of a potential entry point for bankers.
Visual Representation:

Entry prices and indices for the last five banker entry signals are stored and used to draw dashed lines on the chart, representing these significant levels.
A dynamic rectangle is drawn between the last two entry prices, which extends to the right until the specified conditions are met. The rectangle's color changes from red to green if the price crosses above it by at least one bar, indicating a potential support zone.
Usage:
Trend Identification:
Use the fund flow trend and Bull Bear Line to identify the prevailing market trend and potential reversal points.
Entry Signals:
Pay attention to the banker entry signals as potential points of entry based on institutional fund flow.
Support and Resistance:
The dynamic rectangle can act as a support zone. Monitor price action relative to this rectangle for potential trading opportunities.
This indicator is a powerful tool for traders looking to align their trades with the movements of large institutional players. By understanding and tracking the flow of banker funds, traders can gain valuable insights into market dynamics and make more informed trading decisions.