Levels Strength Index [BigBeluga]

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Levels Strength Index provides a unique perspective on market strength by comparing price positions relative to predefined levels, delivering a dynamic probability-based outlook for potential up and down moves.

🔵 Idea:
The Levels Strength Index analyzes the price position against a series of calculated levels, assigning probabilities for upward and downward movements. These probabilities are displayed in percentage form, providing actionable insights into market momentum and strength. The color-coded display visually reinforces whether the price is predominantly above or below key levels, simplifying trend analysis.

🔵 Key Features:

• Dynamic Probability Calculation: The indicator compares the current price position relative to 10 predefined levels, assigning an "Up" and "Down" percentage. For example, if the price is above 8 levels, it will display 80% upward and 20% downward probabilities.
  
• Color-Coded Trend Visualization: When the price is above the majority of levels, the display turns green, signaling strength. Conversely, when below, it shifts to orange, reflecting bearish momentum.
  
• Clear Up/Down Probability Labels: Probabilities are displayed with directional arrows next to the price, instantly showing the likelihood of upward or downward moves.
  
• Probability-Based Price Line: The price line is color-coded based on the probability percentages, allowing a quick glance at the prevailing trend and market strength. This can be toggled in the settings.
  
• Customizable Transparency: Adjust the transparency of the levels to seamlessly integrate the indicator with your preferred chart setup.
  
• Fully Configurable: Control key parameters such as the length of levels and price color mode (trend, neutral, or none) through intuitive settings.
  

🔵 When to Use:
The Levels Strength Index is ideal for traders looking to:

• Identify strong upward or downward market momentum using quantified probabilities.
  
• Visualize price strength relative to key levels with intuitive color coding.
  
• Supplement existing level-based strategies by combining probabilities and market positioning.
  
• Gain instant clarity on potential market moves with percentage-based insights.
  

Whether you're trading trends or ranges, this tool enhances decision-making by combining level-based analysis with a dynamic probability system, offering a clear, actionable perspective on market behavior.