Quantumvest - Auto Levels
Author: Arthur Wayne
Description: This script automatically plots levels according to Primetime Trading Academy guidelines.
Directions:
Description: This script automatically plots levels according to Primetime Trading Academy guidelines.
Directions:
- On the monthly chart, you should select two significant monthly support/resistance levels and input them into the script. It is recommended to mark these levels with the price label tool.
- The script will then automatically plot 2 monthly 'wings' or additional monthly support/resistance levels above and below the original monthly high and low that are the same distance apart. Located half way in between the monthly levels, there will be weekly support/resistance levels. None of the values will go below 0. These levels should then be used on lower time-frames for technical analysis.
- There is the option to customize the number of monthly wings, the width of the box surrounds the monthly s/r levels, the x-position of the level labels, as well as the colors for everything.
- The biggest drawback is that levels will not save in between charts. This is a limitation of Pine Script and how TradingView does not offer the ability to create custom drawing tools, only indicators and strategies. This is why it is recommended to use the price label tool to keep track in between charts for different assets. Regardless, this script should make the process of drawing levels manually far more efficient than it was before.