PCH & PCL Indicator with Bias and Target Table

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PCH & PCL Indicator with Bias and Target Table

Description:

The "PCH & PCL Indicator with Bias and Target Table" is designed to help traders identify critical price levels and understand market bias. This indicator focuses on Previous Candle High (PCH) and Previous Candle Low (PCL) to determine potential breakouts and reversals, providing valuable insights for various market conditions.

Key Features:

PCH and PCL Levels:
The indicator calculates the high and low of the previous candle to establish PCH and PCL levels, which are essential for identifying potential support and resistance zones.
These levels are visually represented on the chart through rays and labels extended to the right for easy reference.

Market Bias Detection:
The indicator evaluates market bias based on the closing price relative to PCH and PCL levels:
Bullish Bias: Triggered when the closing price exceeds the previous high.
Bearish Bias: Triggered when the closing price drops below the previous low.
Neutral Bias: Indicated when there are no significant breakouts or reversals.

Reversal Conditions:
The indicator checks for potential reversal patterns:
Reversal Up: Occurs when the low dips below the previous low, but the closing price recovers above it.
Reversal Down: Occurs when the high surpasses the previous high, but the closing price falls below it.
These conditions help traders anticipate potential trend changes.

Bias and Target Table:
A table is displayed at the bottom-right corner of the chart, summarizing the current market bias, PCH, and PCL values.
The table provides a quick and comprehensive view of the market state, aiding in prompt decision-making.

Customization:
Traders can choose to show or hide labels for PCH and PCL levels.
Label positions can be customized using X and Y offset inputs to fit individual preferences and chart setups.

How It Works:

The indicator updates the previous high and low values at the close of each candle. It then evaluates the market bias based on the relationship between the closing price and the previous high/low levels. If a breakout or reversal condition is met, the indicator updates the bias status and reflects it in the bias and target table.

Use Cases:

Trend Following: Identify and follow significant breakouts above PCH or below PCL levels to capitalize on momentum.
Reversal Trading: Detect potential reversal points using reversal up/down conditions to enter trades counter to the prevailing trend.
Support and Resistance: Utilize PCH and PCL levels as dynamic support and resistance levels for setting stop-loss and take-profit targets.

Unique Value Proposition:

The "PCH & PCL Indicator with Bias and Target Table" stands out by integrating critical price levels with dynamic market bias detection, providing traders with a comprehensive tool for analyzing market trends and reversals. Its customizable features and easy-to-interpret visuals make it an indispensable addition to any trader's toolkit.

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