AUTO SUPPORT AND RESISTANCE FROM OPTIONS STRIKE PRICES WITH PERCENTAGE GAPS
This is an auto support and resistance level indicator that uses options strike prices or psychological numbers as the relevant levels. Set your starting level or strike price and input the options strike price gaps for that ticker and 15 lines in either direction will automatically populate on the chart. It also has a table in the bottom right corner that tells you how far the current price is from the next closest support and resistance levels.
Everything is easily customizable in the indicator input settings including turning the lines on/off, turning the percentage gaps table on/off, setting the options strike price gaps, setting the starting level, setting the position of the percentage gaps table, changing support and resistance line colors all at once and updating the linewidth of all of the support and resistance lines at once.
***HOW TO USE*** First, go into the indicator settings and set the starting level to use. If you are trading SPY and it is near 450, then set your starting level at 450. If you are trading SQQQ and it is near 38, set your starting level to 38. If you are trading crypto, set your levels to the nearest psychological or round number such as 40,000 for BTC or 2,500 for ETH or 16.50 for LINK.
Second, set your options strike price gaps. If you are trading SPY, this will be 2.5. If you are trading SQQQ this number would be 1. If you are trading crypto, try using psychological price levels instead of strike prices, such as 500, 1000 or 5000 for BTC and 100, 250 or 500 for ETH. For small priced cryptos, use decimals such as .25, .50, etc.
Once these inputs are filled in, 15 levels in each direction will automatically populate on the chart for you.
If price is above a level, it will paint green. If price is below a level it will paint red. These colors represent support and resistance visually for you on the chart and will change dynamically as price moves above or below these levels. These colors can be customized in the indicator input settings to change all lines by only updating one color.
There is a table of percentage gap updates that will tell you in real time how far away the price is from the nearest support and resistance lines so you always know your risk to reward ratios. Each label will also be colored the same as the corresponding support or resistance line as a visual aid.
***MARKETS*** This indicator can be used as a signal on all markets, including stocks, crypto, futures and forex.
***TIMEFRAMES*** This support and resistance indicator can be used on all timeframes.
***TIPS*** Try using numerous indicators of ours on your chart so you can instantly see the bullish or bearish trend of multiple indicators in real time without having to analyze the data. Some of our favorites are our Auto Fibonacci, Directional Movement Index, Volume Profile, Momentum and Money Flow Index in combination with this auto support and resistance indicator. They all have real time Bullish and Bearish labels as well so you can immediately understand each indicator's trend.
Nota Keluaran
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Added alerts, major levels for high open interest strike prices with percentage updates if set, added extendable lines, added customization options
@BGRYT, Yes, just set your starting price and gap amount within the indicator settings for it to work properly.
vdekiv
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Hey, I cant seem to find where to enter current price as per your instructions? I dont see a box for that anywhere in the settings
FriendOfTheTrend
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@vdekiv, It's for options strike prices and the gaps between each strike price. Current price is not an option to set as that changes constantly. Go to the gear icon next to the indicators name on the top left of your chart and set your strike price levels and gaps there.
chiragvakharia
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How to use for stocks like Amzn Google nvidia what spread should we keep it
FriendOfTheTrend
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@chiragvakharia, Look at the options strike prices on your broker and put those levels in. If the nearest strike price is $400 and each strike price is $5 apart, use those numbers accordingly. Each stock will be different. Read the description of the indicator for examples and an in depth description on how to use this indicator.
chiragvakharia
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@FriendOfTheTrend, thanks for the reply. When I am trying to go to your website and check out other indicators. Nothing happens seems the website is froze. Also some of the indicators mentioned in website I don’t see them on the trading view Please let me know what I am doing wrong.
FriendOfTheTrend
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@chiragvakharia, The website is still under construction. It will be finished soon, sorry for the confusion.