OPEN-SOURCE SCRIPT
Support or Resistance with Deviation - Candle Iron Core
The Support or Resistance with Deviation - Candle Iron Core indicator is designed to help traders visualize custom support and resistance zones by applying a percentage deviation around a user-defined reference price.
Unlike traditional support and resistance indicators, this tool does not automatically detect support or resistance levels. Instead, it gives traders complete freedom to choose the most relevant price level according to their own market analysis and trading methodology.
By allowing traders to manually define a key price level and instantly project percentage-based deviation zones around it, the indicator provides a structured framework for risk management and price reaction analysis.
Core Concept
The trader first selects a reference price that they consider important.
This reference may represent:
Once the reference price is selected, the indicator calculates upper and lower deviation levels based on a user-defined percentage.
Mathematically:
Deviation = Base Price × (Deviation % / 100)
Upper Level = Base Price + Deviation
Lower Level = Base Price − Deviation
The area between both levels creates a visual deviation zone that can be used as a framework for analyzing price behavior.
Base Price Modes
Current Asset Price
Automatically uses the latest market price of the current asset.
This mode was specifically designed to make the indicator immediately usable on any market without requiring manual adjustments. Traders can quickly apply the script to stocks, cryptocurrencies, futures, forex pairs, indices, or commodities and instantly obtain a deviation zone around the current market price.
Manual Price
Allows traders to manually specify any custom price level.
This mode is particularly useful when analyzing previously identified support or resistance levels, institutional zones, swing highs/lows, or any important market reference.
Indicator Components
Practical Applications
This tool can be used to:
Important Notes
The quality of the analysis depends entirely on the trader's ability to identify meaningful reference prices.
This script should be viewed as a visualization and risk management tool rather than a standalone trading system.
Why This Indicator Is Different
Many support and resistance tools attempt to automatically identify market levels using predefined algorithms.
This indicator takes a different approach.
Instead of forcing a specific interpretation of market structure, it allows traders to apply their own discretion while providing a precise and objective framework for measuring price deviation around any selected level.
This makes the indicator flexible enough to adapt to virtually any trading style, market, or timeframe.
Unlike traditional support and resistance indicators, this tool does not automatically detect support or resistance levels. Instead, it gives traders complete freedom to choose the most relevant price level according to their own market analysis and trading methodology.
By allowing traders to manually define a key price level and instantly project percentage-based deviation zones around it, the indicator provides a structured framework for risk management and price reaction analysis.
Core Concept
The trader first selects a reference price that they consider important.
This reference may represent:
- A major support level.
- A major resistance level.
- A supply or demand zone.
- A daily, weekly, or monthly opening price.
- A liquidity pool.
- A swing high or swing low.
- Any price level identified through the trader's own analysis.
Once the reference price is selected, the indicator calculates upper and lower deviation levels based on a user-defined percentage.
Mathematically:
Deviation = Base Price × (Deviation % / 100)
Upper Level = Base Price + Deviation
Lower Level = Base Price − Deviation
The area between both levels creates a visual deviation zone that can be used as a framework for analyzing price behavior.
Base Price Modes
Current Asset Price
Automatically uses the latest market price of the current asset.
This mode was specifically designed to make the indicator immediately usable on any market without requiring manual adjustments. Traders can quickly apply the script to stocks, cryptocurrencies, futures, forex pairs, indices, or commodities and instantly obtain a deviation zone around the current market price.
Manual Price
Allows traders to manually specify any custom price level.
This mode is particularly useful when analyzing previously identified support or resistance levels, institutional zones, swing highs/lows, or any important market reference.
Indicator Components
- Upper Deviation Level: Base Price + Deviation.
- Base Price: Central reference selected by the trader.
- Lower Deviation Level: Base Price − Deviation.
- Deviation Zone: The shaded area between the upper and lower levels.
Practical Applications
This tool can be used to:
- Visualize custom support and resistance zones.
- Define objective stop-loss areas.
- Estimate take-profit targets.
- Identify potential liquidity areas.
- Analyze market expansion and contraction.
- Measure acceptable price deviation around key levels.
- Build zone-to-zone trading frameworks.
- Evaluate risk-to-reward scenarios.
- Assist mean reversion and range-based trading strategies.
Important Notes
- This indicator does not automatically detect support levels.
- This indicator does not automatically detect resistance levels.
- This indicator does not generate buy or sell signals.
- This indicator does not predict future market direction.
The quality of the analysis depends entirely on the trader's ability to identify meaningful reference prices.
This script should be viewed as a visualization and risk management tool rather than a standalone trading system.
Why This Indicator Is Different
Many support and resistance tools attempt to automatically identify market levels using predefined algorithms.
This indicator takes a different approach.
Instead of forcing a specific interpretation of market structure, it allows traders to apply their own discretion while providing a precise and objective framework for measuring price deviation around any selected level.
This makes the indicator flexible enough to adapt to virtually any trading style, market, or timeframe.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.