OPEN-SOURCE SCRIPT
OT S/R Edge[roongee]
Here is the comprehensive guide for the OT S/R Edge [roongee] indicator, translated and organized for professional use.
1. Dashboard Overview (The Command Center)
The dashboard summarizes the market state in real-time, allowing you to assess the situation at a glance without cluttering your chart.
Resistance: Displays the nearest resistance price and its Touch Count (x). A high touch count (3x or more) suggests the level is significant or may soon break.
Support: Displays the nearest support price and its Touch Count (x).
Trend: Indicates the current "Momentum" based on the most recent breakout.
Bullish ↑: A resistance level was recently broken (Buying is favored).
Bearish ↓: A support level was recently broken (Selling is favored).
Active (x/5): Tracks the number of "Live Barriers" currently on the chart. This helps you identify if the market is in a clear "vacuum" or a congested area.
2. Decision Logic: The Break Score Framework
This indicator doesn't just watch price cross a line; it calculates the "Quality" of a breakout using a 3-layer filter:
The Gate (ADX Filter): If ADX is outside the 15–45 range, the system assumes there is either insufficient volatility to break or the move is already "overextended."
The Pressure (Touch Count): The more a level is tested, the higher the Break Score. Statistically, levels weaken after multiple hits.
The Momentum (ADX Rising & Last Break): If ADX is sloping upward and the direction aligns with the most recent trend, the probability of a successful break reaches High Probability (Score 4+).
3. Trading Strategies (Action Plan)
Strategy 1: Trend Following
Check Dashboard: If the Trend is Bullish ↑, look for Buy opportunities only.
Entry Point: Wait for a "Buy the Dip" scenario at an Active support level or a "flipped" level (Old Resistance turned New Support, shown as a gray dotted line).
Target: Take Profit (TP) at the next Resistance level shown on the Dashboard.
Strategy 2: Breakout Trading
The Signal: Look for a ↑ Break or ↓ Break label accompanied by a "High Probability Break" alert.
Entry Point: Enter a trade once the candle closes outside the designated Zone.
Key Indicator: If the Active count on the dashboard drops suddenly (e.g., from 4/5 to 1/5), it signals a major "clearing" of levels, often leading to a powerful price run.
Strategy 3: Range/Sideways Play
Check Dashboard: Use this when the Trend is Neutral and the Active count is high (4/5 or 5/5).
Entry Point: Sell at the Resistance ceiling and Buy at the Support floor.
Confirmation: Check the Touch Count. If it is low (1x or 2x), the level is more likely to "bounce" than "break."
4. Visual Guide (Color & Line Logic)
Solid Green/Red Lines: Active support/resistance. Increased line thickness represents longevity (the older the level, the more important it is).
Colored Zones: These represent "Areas of Interest." Markets rarely reverse at a precise decimal point; they reverse within a zone.
Gray Dotted Lines (Broken): Levels that have been breached. These often serve as Retest points.
Break Labels: Mark the exact point where momentum successfully overcame a barrier.
Pro Tip: Pay close attention to the Active count. When it drops to 1/5 or 2/5, the market is usually entering a "clean" state where a long-term trend can finally begin.
1. Dashboard Overview (The Command Center)
The dashboard summarizes the market state in real-time, allowing you to assess the situation at a glance without cluttering your chart.
Resistance: Displays the nearest resistance price and its Touch Count (x). A high touch count (3x or more) suggests the level is significant or may soon break.
Support: Displays the nearest support price and its Touch Count (x).
Trend: Indicates the current "Momentum" based on the most recent breakout.
Bullish ↑: A resistance level was recently broken (Buying is favored).
Bearish ↓: A support level was recently broken (Selling is favored).
Active (x/5): Tracks the number of "Live Barriers" currently on the chart. This helps you identify if the market is in a clear "vacuum" or a congested area.
2. Decision Logic: The Break Score Framework
This indicator doesn't just watch price cross a line; it calculates the "Quality" of a breakout using a 3-layer filter:
The Gate (ADX Filter): If ADX is outside the 15–45 range, the system assumes there is either insufficient volatility to break or the move is already "overextended."
The Pressure (Touch Count): The more a level is tested, the higher the Break Score. Statistically, levels weaken after multiple hits.
The Momentum (ADX Rising & Last Break): If ADX is sloping upward and the direction aligns with the most recent trend, the probability of a successful break reaches High Probability (Score 4+).
3. Trading Strategies (Action Plan)
Strategy 1: Trend Following
Check Dashboard: If the Trend is Bullish ↑, look for Buy opportunities only.
Entry Point: Wait for a "Buy the Dip" scenario at an Active support level or a "flipped" level (Old Resistance turned New Support, shown as a gray dotted line).
Target: Take Profit (TP) at the next Resistance level shown on the Dashboard.
Strategy 2: Breakout Trading
The Signal: Look for a ↑ Break or ↓ Break label accompanied by a "High Probability Break" alert.
Entry Point: Enter a trade once the candle closes outside the designated Zone.
Key Indicator: If the Active count on the dashboard drops suddenly (e.g., from 4/5 to 1/5), it signals a major "clearing" of levels, often leading to a powerful price run.
Strategy 3: Range/Sideways Play
Check Dashboard: Use this when the Trend is Neutral and the Active count is high (4/5 or 5/5).
Entry Point: Sell at the Resistance ceiling and Buy at the Support floor.
Confirmation: Check the Touch Count. If it is low (1x or 2x), the level is more likely to "bounce" than "break."
4. Visual Guide (Color & Line Logic)
Solid Green/Red Lines: Active support/resistance. Increased line thickness represents longevity (the older the level, the more important it is).
Colored Zones: These represent "Areas of Interest." Markets rarely reverse at a precise decimal point; they reverse within a zone.
Gray Dotted Lines (Broken): Levels that have been breached. These often serve as Retest points.
Break Labels: Mark the exact point where momentum successfully overcame a barrier.
Pro Tip: Pay close attention to the Active count. When it drops to 1/5 or 2/5, the market is usually entering a "clean" state where a long-term trend can finally begin.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
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Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.