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Absolute Retracement is a tool to obtain support and resistance levels.
It is designed for macro-level support and resistance and should be used on daily, weekly or monthly timeframes.
Instructions
1. Define the Reference Point
There are 4 methods to define reference point and start initialization of the script:
- All Time Low / All Time High : The script is looking for the lowest low / highest high on entire history
- Manual Low / Manual High : The user should define the reference point manually using the Previous Reference Point option
IMPORTANT NOTE: The correct reference point is:
- the level at which prices have not exceeded during past 12-18 months
- the All Time High / Low level
2. Level Calculation
There are 3 methods of level calculation for All Time Low and Manual Low modes (Fibonacci, Tribonacci,Tetranacci Sequence Calculator)
The All Time High and Manual High modes use the Fibonacci Retracement logic and calculates 7 levels derived from the Fibonacci Constant (Golden ratio - 1.61803) (Fibonacci slicer)
3. Visualization
- Different gradient modes (Color Gradient Function)
- Option to show the Sequence Details (Sequence's name and number, factor)
- Option to change the Sequence's level color (white, black, gradient) and turn off the label background
- Move the reference point's label to the latest bar
All Time Low and Manual Low examples:
All Time High examples:
Disclaimer
The DeMark Indicators® are a collection of registered trademarks protected by U.S. trademark law. They all belong to Market Studies, LCC .
This study makes no commercial use of the trademarks. This script is for educational use and the implementation of DeMark Indicators© concepts (such as TD Absolute Retracement) is based on my interpretation from the books “The New Science of Technical Analysis” and “DeMark on Day-Trading Options” by Tom Demark .
It is designed for macro-level support and resistance and should be used on daily, weekly or monthly timeframes.
Instructions
1. Define the Reference Point
There are 4 methods to define reference point and start initialization of the script:
- All Time Low / All Time High : The script is looking for the lowest low / highest high on entire history
- Manual Low / Manual High : The user should define the reference point manually using the Previous Reference Point option
IMPORTANT NOTE: The correct reference point is:
- the level at which prices have not exceeded during past 12-18 months
- the All Time High / Low level
2. Level Calculation
There are 3 methods of level calculation for All Time Low and Manual Low modes (Fibonacci, Tribonacci,Tetranacci Sequence Calculator)
- Fibonacci sequence with the initialization numbers: {1, 1.61803 (Fibonacci Constant)}
- Tribonacci sequence with the initialization numbers: {0, 1, 1.83929 (Tribonacci Constant)}
- Tetranacci sequence with the initialization numbers: {0, 0, 1, 1.92756 (Tetranacci Constant)}
The All Time High and Manual High modes use the Fibonacci Retracement logic and calculates 7 levels derived from the Fibonacci Constant (Golden ratio - 1.61803) (Fibonacci slicer)
3. Visualization
- Different gradient modes (Color Gradient Function)
- Option to show the Sequence Details (Sequence's name and number, factor)
- Option to change the Sequence's level color (white, black, gradient) and turn off the label background
- Move the reference point's label to the latest bar
All Time Low and Manual Low examples:
All Time High examples:
Disclaimer
The DeMark Indicators® are a collection of registered trademarks protected by U.S. trademark law. They all belong to Market Studies, LCC .
This study makes no commercial use of the trademarks. This script is for educational use and the implementation of DeMark Indicators© concepts (such as TD Absolute Retracement) is based on my interpretation from the books “The New Science of Technical Analysis” and “DeMark on Day-Trading Options” by Tom Demark .
Release Notes:
Major Update:
- Option to show all 3 sequences simultaneously (All Time Low and Manual Low Modes).
- Option to show only 0.618 and 0.382 Retracements (All Time High and Manual High Modes).
- Updated styling options for reference point selector (Manual Low and Manual High Modes).
- 3 additional gradient options.
- Sequence details hidden in tooltips by default.
- Option to show all 3 sequences simultaneously (All Time Low and Manual Low Modes).
- Option to show only 0.618 and 0.382 Retracements (All Time High and Manual High Modes).
- Updated styling options for reference point selector (Manual Low and Manual High Modes).
- 3 additional gradient options.
- Sequence details hidden in tooltips by default.
Release Notes:
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Pisces swimming through the river
All their life against the stream
Searching for a hook to catch on
And see their sun beam
Then suffocate in painful tortures
On cutting tables of callous men
Under a knife of handsome butchers
Emeralds are ripped away
All their life against the stream
Searching for a hook to catch on
And see their sun beam
Then suffocate in painful tortures
On cutting tables of callous men
Under a knife of handsome butchers
Emeralds are ripped away
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