Author states:
ATR Fib Levels are 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.
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.
Original Tradingview code
https://www.tradingview.com/script/LlrDgKpB-AutoLevels/
Must scroll down to the next post to get the new ThinkOrSwim code
ATR Fib Levels are 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.
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.
Original Tradingview code
https://www.tradingview.com/script/LlrDgKpB-AutoLevels/
Must scroll down to the next post to get the new ThinkOrSwim code
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