OPEN-SOURCE SCRIPT
Price Reaction Zones
Price Reaction Zones identifies price levels created when a confirmed candle changes direction from bearish to bullish or from bullish to bearish.
Each level is drawn from the opening price of the candle that confirms the color change. Active levels remain solid. A level becomes dashed only when a later candle opens on one side of the level and closes on the opposite side. Wick-only touches do not invalidate the level.
Users can select the calculation timeframe, trading-day lookback, maximum number of levels, line extension, colors, width, and whether broken levels remain visible.
Optional reference levels include the previous day, week, and month highs and lows. These are calculated from the regular New York trading session between 9:30 AM and 4:00 PM.
This indicator is designed to highlight areas where price may react, reject, consolidate, or change direction. It is intended as a market-context tool and should not be used as a standalone entry or exit signal.
Each level is drawn from the opening price of the candle that confirms the color change. Active levels remain solid. A level becomes dashed only when a later candle opens on one side of the level and closes on the opposite side. Wick-only touches do not invalidate the level.
Users can select the calculation timeframe, trading-day lookback, maximum number of levels, line extension, colors, width, and whether broken levels remain visible.
Optional reference levels include the previous day, week, and month highs and lows. These are calculated from the regular New York trading session between 9:30 AM and 4:00 PM.
This indicator is designed to highlight areas where price may react, reject, consolidate, or change direction. It is intended as a market-context tool and should not be used as a standalone entry or exit signal.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.