TRND_C - Gold 20-Pip Levels
This indicator draws horizontal price levels every X pips from a chosen entry price.
It is designed specifically for Gold (XAUUSD).
Default logic:
1 pip = 0.10
Levels every 20 pips
So each level = $2.00 move
Example if entry = 2650
Levels become:
2652 (+20 pips)
2654 (+40 pips)
2656
2658
2660
...
and
2648 (-20 pips)
2646
2644
2642
2640
...
Main parts of the script
1️⃣ Entry line
It draws a solid yellow line at your entry.
Example:
ENTRY 2650
Code:
line.new(bar_index - lineLength, adjustedEntry, bar_index + 10, adjustedEntry)
It also places a label next to the line.
2️⃣ Pip levels above entry
Loop:
for i = 1 to levelsAbove
Each level is calculated:
levelPrice = entry + (pipValue * i)
If:
pipValue = 2
then levels become:
+20p
+40p
+60p
+80p
...
These lines are green dotted lines.
3️⃣ Pip levels below entry
Same logic but subtracting:
levelPrice = entry - (pipValue * i)
These are red dotted lines.
4️⃣ Spread adjustment
You can shift the entry slightly:
+0.33 for buys
-0.33 for sells
Example:
entry = 2650
spread = +0.33
adjusted entry = 2650.33
All pip levels are then calculated from that.
5️⃣ Price scale labels
It optionally prints prices on the right side of the chart.
Example:
2652
2654
2656
This is controlled by:
showPriceScale
6️⃣ Important design feature
Everything only draws on the last bar:
if barstate.islast
This keeps the chart clean and prevents thousands of lines from being created.
The script also deletes previous objects:
line.delete(...)
label.delete(...)
So it constantly refreshes the grid.
What this script is useful for
This is actually very good for gold scalping or session trading, because it shows:
20 pip targets
distance from entry
quick TP / SL reference
Example:
Entry: 2650
TP1: 2652
TP2: 2654
TP3: 2656
or
SL: 2648
SL2: 2646
It is designed specifically for Gold (XAUUSD).
Default logic:
1 pip = 0.10
Levels every 20 pips
So each level = $2.00 move
Example if entry = 2650
Levels become:
2652 (+20 pips)
2654 (+40 pips)
2656
2658
2660
...
and
2648 (-20 pips)
2646
2644
2642
2640
...
Main parts of the script
1️⃣ Entry line
It draws a solid yellow line at your entry.
Example:
ENTRY 2650
Code:
line.new(bar_index - lineLength, adjustedEntry, bar_index + 10, adjustedEntry)
It also places a label next to the line.
2️⃣ Pip levels above entry
Loop:
for i = 1 to levelsAbove
Each level is calculated:
levelPrice = entry + (pipValue * i)
If:
pipValue = 2
then levels become:
+20p
+40p
+60p
+80p
...
These lines are green dotted lines.
3️⃣ Pip levels below entry
Same logic but subtracting:
levelPrice = entry - (pipValue * i)
These are red dotted lines.
4️⃣ Spread adjustment
You can shift the entry slightly:
+0.33 for buys
-0.33 for sells
Example:
entry = 2650
spread = +0.33
adjusted entry = 2650.33
All pip levels are then calculated from that.
5️⃣ Price scale labels
It optionally prints prices on the right side of the chart.
Example:
2652
2654
2656
This is controlled by:
showPriceScale
6️⃣ Important design feature
Everything only draws on the last bar:
if barstate.islast
This keeps the chart clean and prevents thousands of lines from being created.
The script also deletes previous objects:
line.delete(...)
label.delete(...)
So it constantly refreshes the grid.
What this script is useful for
This is actually very good for gold scalping or session trading, because it shows:
20 pip targets
distance from entry
quick TP / SL reference
Example:
Entry: 2650
TP1: 2652
TP2: 2654
TP3: 2656
or
SL: 2648
SL2: 2646
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 TradingView. Read more in the Terms of Use.
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 TradingView. Read more in the Terms of Use.