Compared to all the Indicators available on Trading View Public Library, this Floor Indicator differentiates itself in two major original ways:
- Dilates the Levels into Bands based on
- Displays the S/R Levels Dynamically, that is, only those levels will be shown that are close enough to the price resulting in much cleaner looking charts.
- Showing at the same time (not possible due to Pine Script’s limitation on the ‘Max Number of Outputs’)
- Automatic Detection of highly profitable Double Hot Zones ( DPZ ), also due to the ‘Max Number of Outputs’ limit
GENERAL USER INPUTS:
Most of the settings are self-explanatory, however, a few of them need some explanation:
- Show Floor Dynamically – This will turn ON the dynamic levels, please note that this function will work ONLY IN INTRADAY timeframes.
- Dynamic ATR Period – Period over which the ATR value is calculated to show the dynamically.
- ATR Threshold for Dynamic Floor – Simply put, the indicator will start displaying Levels if they fall within the 2*ATR distance (default value) of the price. You can increase this number if the increases and vice-versa.
- Use ATR to Dilate Intraday Levels – This will turn ON Floor Dilation, turning ‘lines’ into ‘bands’.
- ATR Dilation Factor – This number decides the width of the bands. Larger this number, thicker the bands. Typically, high stocks will require a higher number.
- ATR Period – Same as Dynamic ATR Period, but for Level Dilation.
INDICATOR USAGE EXAMPLES:
This indicator works great in conjunction with my Pivot Boss Scanner indicator.
There are a lot of optimizations I have done in the code, although it looks trivial at first glance, but it's fairly complex.
Feel free to use it and modify it as you wish.
Here are a few examples where the indicator has shown great entries and exits, with the default settings:
NIFTY 5m Chart
Reliance 5m Chart
Tesla 5m Chart
Bitcoin-USDT 15m Chart
- Please understand that I have Cherry Picked the examples to showcase the capability of the indicator and its usage.
- DO NOT conflate the accuracy of examples with the accuracy of this indicator.
- Once you start using floor , you will realize that a lot of days simply don’t give any high probability setups and you will simply sit out of the market and do nothing (which is a good thing).
- If you really want to learn how to use , read the book ’Secrets of a Boss’. This book can change your life.
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