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[e2] Absolute Retracement

Absolute Retracement is a tool to obtain support and resistance levels.
It is designed for macro-level support and resistance and should be used on daily, weekly or monthly timeframes.


Instructions
1. Define the Reference Point

There are 4 methods to define reference point and start initialization of the script:
 - All Time Low / All Time High : The script is looking for the lowest low / highest high on entire history
 - Manual Low / Manual High : The user should define the reference point manually using the Previous Reference Point option

IMPORTANT NOTE: The correct reference point is:
 - the level at which prices have not exceeded during past 12-18 months
 - the All Time High / Low level

2. Level Calculation
There are 3 methods of level calculation for All Time Low and Manual Low modes (Fibonacci, Tribonacci,Tetranacci Sequence Calculator)
 - Fibonacci  sequence with the initialization numbers: {1, 1.61803 (Fibonacci Constant)}
 - Tribonacci sequence with the initialization numbers: {0, 1, 1.83929 (Tribonacci Constant)}
 - Tetranacci sequence with the initialization numbers: {0, 0, 1, 1.92756 (Tetranacci Constant)} 

The All Time High and Manual High modes use the Fibonacci Retracement logic and calculates 7 levels derived from the Fibonacci Constant (Golden ratio - 1.61803) (Fibonacci slicer)

3. Visualization
 - Different gradient modes (Color Gradient Function)
 - Option to show the Sequence Details (Sequence's name and number, factor)
 - Option to change the Sequence's level color (white, black, gradient) and turn off the label background
 - Move the reference point's label to the latest bar

All Time Low and Manual Low examples:

All Time High examples:

Disclaimer
The DeMark Indicators® are a collection of registered trademarks protected by U.S. trademark law. They all belong to Market Studies, LCC .
This study makes no commercial use of the trademarks. This script is for educational use and the implementation of DeMark Indicators© concepts (such as TD Absolute Retracement) is based on my interpretation from the books “The New Science of Technical Analysis” and “DeMark on Day-Trading Options” by Tom Demark .
Catatan Pelepasan: Major Update:
- Option to show all 3 sequences simultaneously (All Time Low and Manual Low Modes).
- Option to show only 0.618 and 0.382 Retracements (All Time High and Manual High Modes).
- Updated styling options for reference point selector (Manual Low and Manual High Modes).
- 3 additional gradient options.
- Sequence details hidden in tooltips by default.
Catatan Pelepasan: .

Pisces swimming through the river
All their life against the stream
Searching for a hook to catch on
And see their sun beam
Then suffocate in painful tortures
On cutting tables of callous men
Under a knife of handsome butchers
Emeralds are ripped away
Skrip sumber terbuka

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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