ZoPC: Zones of Price Concentration
The ZoPC script calculates the highest high and lowest low for X days back and breaks the range up into 16 zones. Each zone has a counter that tallies the number of times price closes within its zone. The higher the count, the deeper the color. The loopback in days as well as the counter threshold parameters can be adjusted in the inputs section.
In the chart below of XMRBTC. You can see 2 distinct zones; one of which XMTBTC is currently falling below. These ZoPC's should act as resistance.
Here is another example of ZoPC at work for DOGEBTC and SCBTC. You can see the support (for SCBTC) and resistance (for DOGEBTC) levels indicated by the most concentrated zones.
Feel free to leave a message below or DM me for a trial. If this script helps inform your trades, you have the option of purchasing a permanent license. Please let me know if you have any questions.
Happy trades,
Sim
In the chart below of XMRBTC. You can see 2 distinct zones; one of which XMTBTC is currently falling below. These ZoPC's should act as resistance.
Here is another example of ZoPC at work for DOGEBTC and SCBTC. You can see the support (for SCBTC) and resistance (for DOGEBTC) levels indicated by the most concentrated zones.
Feel free to leave a message below or DM me for a trial. If this script helps inform your trades, you have the option of purchasing a permanent license. Please let me know if you have any questions.
Happy trades,
Sim
Versionsinformation:
Updated to separate price range into more zones and to filter out low zone hit counts which will not print a colored band.
Versionsinformation:
Fixed a transparency issue with the coloring. Shout out to ballofpaper for the help!