OPEN-SOURCE SCRIPT
EvoORZ - Multi-Timeframe Optimal Retracement Zones
EvoORZ — Multi-Timeframe Optimal Retracement Zones
Disclaimer: EvoORZ is currently a prototype under active development. Despite extensive testing, the indicator may still contain errors, particularly in the detection or display of certain zones. All displayed results should therefore be verified before being used as part of any trading decision.
EvoORZ is a multi-timeframe indicator designed to automatically detect and display retracement zones based on significant market legs.
Its purpose is to make it easier to identify areas where price may retrace before potentially resuming the original directional move.
Several settings are available to adapt the detection process to different markets:
number of bars located to the left of the pivot;
number of bars required to confirm the pivot;
minimum leg size expressed as a multiple of ATR;
swing detection based on candlestick wicks or bodies.
The ATR filter helps reduce minor market fluctuations and prioritizes legs with more significant amplitude.
The indicator distinguishes between currently active zones and historical zones.
EvoORZ also allows users to customize:
the colors of bullish and bearish zones;
the transparency of active zones;
the transparency of historical zones;
the text displayed inside the zones;
the label size;
the visible timeframes;
the sensitivity of swing detection;
alerts triggered when a new zone is created or when price first interacts with a zone.
Important
EvoORZ is primarily a market-context tool.
A retracement zone does not, by itself, constitute a buy or sell signal. It should be analyzed in conjunction with market structure, the broader trend, liquidity, volatility, volume, and the other elements included in your trading plan.
Zones derived from higher timeframes can be used to establish the broader market context, while lower-timeframe zones may help refine trade execution.
This indicator does not predict future market movements and does not guarantee that price will react to any displayed zone. It should be used as an analytical aid and not as a standalone trading system.
Disclaimer: EvoORZ is currently a prototype under active development. Despite extensive testing, the indicator may still contain errors, particularly in the detection or display of certain zones. All displayed results should therefore be verified before being used as part of any trading decision.
EvoORZ is a multi-timeframe indicator designed to automatically detect and display retracement zones based on significant market legs.
Its purpose is to make it easier to identify areas where price may retrace before potentially resuming the original directional move.
Several settings are available to adapt the detection process to different markets:
number of bars located to the left of the pivot;
number of bars required to confirm the pivot;
minimum leg size expressed as a multiple of ATR;
swing detection based on candlestick wicks or bodies.
The ATR filter helps reduce minor market fluctuations and prioritizes legs with more significant amplitude.
The indicator distinguishes between currently active zones and historical zones.
EvoORZ also allows users to customize:
the colors of bullish and bearish zones;
the transparency of active zones;
the transparency of historical zones;
the text displayed inside the zones;
the label size;
the visible timeframes;
the sensitivity of swing detection;
alerts triggered when a new zone is created or when price first interacts with a zone.
Important
EvoORZ is primarily a market-context tool.
A retracement zone does not, by itself, constitute a buy or sell signal. It should be analyzed in conjunction with market structure, the broader trend, liquidity, volatility, volume, and the other elements included in your trading plan.
Zones derived from higher timeframes can be used to establish the broader market context, while lower-timeframe zones may help refine trade execution.
This indicator does not predict future market movements and does not guarantee that price will react to any displayed zone. It should be used as an analytical aid and not as a standalone trading system.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.