Auto Levels is a Work in progress. It is based on the previous days ATR and the current days opening tick. It takes that info and uses Fibonacci to automatically draw key levels for the day. I have added the BULL BAR ( Green bar ) and Bear Bar ( Red Bar ) to signal as a Go Long / Go Short line in the sand. The Tan bars are also proven key "Take Profit" levels. These are, on average, major points of reversals, dip buys or consolidation.
I use this on the 5min timeframe and a close above or below a key level is my signal and direction. Auto Levels have proven to be a great indicator of major support and resistance.
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AutoLevels is a script based on the Opening Price , Previous days ATR and Fibonacci Levels to get current days possible price action reversals, take profit zones, points of contention and Go Long Go Short triggers. ( working on labeling alerts next )
**HOW I USE THIS INDICATOR**
I use the 5m timeframe and generally wait to trade after the 3rd tick closes for direction. If I get a 5min candle closing ABOVE the green "Bull Bar" I go long. If it closes BELOW the Red Bear Bar, I go short. I do not trade in the area below the green and red bars. That is a chop zone. It has to leave that zone to count as a tradeable move. ( of course if I get a solid rejection at the bull or bear bar Ill scalp the reversal inside the chop zone )
The tan filled bars are, on average, Take Profit zones. These are likely points of contention, consolidation or areas most will close longs or shorts. You can see accumulation around these bars as buyers and sellers fight to see what the next direction is.
This indicator works great on all major commodities. The more an Algo is involved, the more accurate it can be.
I am working on labeling for easier alerts as well as a quicker load at open and only current day potting. Until then backtest the levels for any prior day for accuracy on your favorite ticker. Please hit me up on Twitter or just view my tweets to see how I use it. Feedback welcome. This is my first script. I only know what I have learned with this one.
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Fixed the lower levels below the Bear Bar that were not extending.
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For real this time.. smh
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Formatting consistency.
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Added Labels for each level and zone ( Bull / Bear Bar, Contention/Reversal Zone etc ) to use in Alerting. Added in an input to select a custome Previous Day ATR. Default 14. Input script courtesy of @bigbang74 on Twitter
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Added in High Relative Volume candles. These can be turned off in the "Style" tab in settings. These candles will highlight Green or Red if the volume is higher than average. They will remain hollow ( or whatever color you select ) if volume is below average. The % can also be adjusted. This has proven to be a great indicator of when price action is going to break THROUGH the next level as well as follow through into the next levels resistance. It also saves an indicator if you are using Volume or Relative Volume to help you with price action.
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Added in the ability to choose Timeframes to generate AUTOLEVELS for. Weekly, Monthly, etc. Testing being done currently. Take care with the data and levels if you are using them for levels beyond Same Day. Open to any feedback you may have! Will also have to work on the aesthetic and phantom generated levels for prior days via the box. Thanks for the script additions Twitter Handle @bigbang74 !
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Added in 2 configurable EMA lines. They can be removed in the settings as well as changed. Cheers!
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This Version of Auto Levels has been stripped down to the bare GO LONG GO SHORT trigger levels. Please grab the updated script AutoLevels 3.0 which includes EMA Clouds, RSI indicators, Volume Candles and customizable Level Extensions. Thank you to everyone for your feedback! This script will no longer be upated.
Sir When we use heiken ashi charts values of green and red zones vary quite a lot. Is there any solution so that we can use this autolevel indicator perfectly even when we are working with heiken ashi charts. I will be grateful if you can do it.
MRjeet34
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Sir Add 4 EMA to this indicator. Add the ATR line also. 21EMA, 35 EMA - Small EMA cross above log EMA, color fill green, Small EMA cross below log EMA, color fill red.
steven_eth
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@MRjeet34, there are 2 EMAs added. You can change them to whatever you want. Adding in ATR, More EMAs etc makes this a trending indicator, and it isn’t. Once a certain amount of resistance or support levels are breached however you do need a trendline. That is why I added two.
steven_eth
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@MRjeet34, Next update adding in 4EMAS, lines or clouds can be selected.
@MRjeet34, New version released under AUTOLEVELS3.0
steven_eth
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Thanks to everyone that took the time to check this script out. It is my first script and it is based off an excel spreadsheet that I would generate these levels off of each AM. This does it automatically, exact same process and math. I would love to hear about anyone's experience using this script. What strat you use, is it beneficial, does it make sense? Thanks again!
steven_eth
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This Version of Auto Levels has been stripped down to the bare GO LONG GO SHORT trigger levels. Please grab the updated script AutoLevels 3.0 which includes EMA Clouds, RSI indicators, Volume Candles and customizable Level Extensions. Thank you to everyone for your feedback! This script will no longer be upated.
When we use heiken ashi charts values of green and red zones vary quite a lot. Is there any solution so that we can use this autolevel indicator perfectly even when we are working with heiken ashi charts.
I will be grateful if you can do it.