OPEN-SOURCE SCRIPT

KATIK Anchor Levels

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1. This Pine Script, "KATIK Anchor Levels", automatically identifies recent swing highs and lows to define an active anchor zone on the chart.
2. It accepts three user inputs: `leftBars` and `rightBars` (pivot sensitivity) and `lookback` (how far to consider anchors).
3. Pivot points are detected with `ta.pivothigh()` and `ta.pivotlow()`, which confirm a pivot after the specified left/right bars.
4. The most recent confirmed pivot values are saved into `lastHigh` and `lastLow` (persisting across bars).
5. The script plots the recent swing high as a red line and the recent swing low as a green line for immediate visual reference.
6. It shades the area between those two lines with a yellow fill to highlight the current **anchor zone**.
7. Logical conditions `insideZone`, `breakAbove`, and `breakBelow` determine whether price is neutral, bullish, or bearish relative to the anchor.
8. Three `alertcondition()` calls let you create alerts for price entering the zone, breaking above, or breaking below the anchor.
9. Best used on intraday (15–60 min) or higher timeframes with `leftBars/rightBars` tuned (smaller values = more pivots, larger = stronger pivots).
10. Limitations: pivots require sufficient bars to confirm (so anchors can lag) and the simple method doesn’t use volume/VWAP—adjust sensitivity or combine with other indicators for higher confidence.

Penafian

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