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SK Zones & Signals [CLEVER]
This Pine Script indicator, named "SK Zones & Signals", is a customized version of the standard by Sk [1]. It is designed to visually highlight overbought and oversold conditions and generate explicit trading signals within a separate pane below the price chart (overlay=false) [1].
Key Components
SK Calculation: The core of the indicator is the SK, a momentum oscillator that measures the speed and change of price movements [1]. By default, it uses a 14-period length (skLength).
Zones and Levels: The script defines and visually emphasizes specific threshold levels:
Overbought (OB): The standard level is set at 70.
Oversold (OS): The standard level is set at 30.
Extreme Zones: A shaded "Extreme Overbought Zone" is defined between 80 and 100 (shaded red), and an "Extreme Oversold Zone" is defined between 0 and 20 (shaded lime green).
Midline: A horizontal line is drawn at 50 to indicate the centerline.
Signals: When enabled (showSignals = true), the indicator plots "Buy" and "Sell" labels directly on the chart based on specific crosses:
Buy Signal: Generated when the SK line crosses above the 30 (oversold) level.
Sell Signal: Generated when the SK line crosses below the 70 (overbought) level.
How to Use It
The indicator provides a clear visual representation of market momentum:
Momentum Reading: The aqua line (SK line) indicates current momentum. Readings above 70 suggest the asset may be overbought and due for a reversal, while readings below 30 suggest it may be oversold [1].
XAUUSD 
USOIL 
DXY 
EURUSD XAUUSD
Extreme Conditions: When the line enters the shaded 80-100 red zone or 0-20 green zone, it indicates potentially strong price movements that might exhaust soon [1].
Signal Interpretation: The "Buy" and "Sell" labels offer potential entry or exit points based on the SK returning from extreme conditions toward the neutral zone [1].
This script allows traders to easily identify standard and extreme momentum conditions and potential reversal points at a glance.
Key Components
SK Calculation: The core of the indicator is the SK, a momentum oscillator that measures the speed and change of price movements [1]. By default, it uses a 14-period length (skLength).
Zones and Levels: The script defines and visually emphasizes specific threshold levels:
Overbought (OB): The standard level is set at 70.
Oversold (OS): The standard level is set at 30.
Extreme Zones: A shaded "Extreme Overbought Zone" is defined between 80 and 100 (shaded red), and an "Extreme Oversold Zone" is defined between 0 and 20 (shaded lime green).
Midline: A horizontal line is drawn at 50 to indicate the centerline.
Signals: When enabled (showSignals = true), the indicator plots "Buy" and "Sell" labels directly on the chart based on specific crosses:
Buy Signal: Generated when the SK line crosses above the 30 (oversold) level.
Sell Signal: Generated when the SK line crosses below the 70 (overbought) level.
How to Use It
The indicator provides a clear visual representation of market momentum:
Momentum Reading: The aqua line (SK line) indicates current momentum. Readings above 70 suggest the asset may be overbought and due for a reversal, while readings below 30 suggest it may be oversold [1].
XAUUSD USOIL DXY EURUSD XAUUSD Extreme Conditions: When the line enters the shaded 80-100 red zone or 0-20 green zone, it indicates potentially strong price movements that might exhaust soon [1].
Signal Interpretation: The "Buy" and "Sell" labels offer potential entry or exit points based on the SK returning from extreme conditions toward the neutral zone [1].
This script allows traders to easily identify standard and extreme momentum conditions and potential reversal points at a glance.
Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya secara bebas dan tanpa apa-apa had – ketahui lebih di sini.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip dilindungi
Skrip ini diterbitkan sebagai sumber tertutup. Akan tetapi, anda boleh menggunakannya secara bebas dan tanpa apa-apa had – ketahui lebih di sini.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.