OPEN-SOURCE SCRIPT
Zen [LTW] v0.5
📊 Zen [LTW] v0.5
Zen (禪) translates to "Seon" (Line) in Korean. Inspired by homonyms that share the same pronunciation but have different meanings, this is an indicator that automatically draws lines by directly identifying meaningful points—the fundamental condition for drawing a line—specifically between two or more highs, or two or more lows.
When candles touch the created line 3 times, the line transforms into a plane (zone). This makes it easier to flexibly manage stop losses caused by psychological fluctuations that rely purely on intuition based on a single, baseless thin line.
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⚙️Key Features
▪️Drag & Drop Time Range
You do not need to complexly count the number of candles. By specifying the 'Start Point' and 'End Point' times in the settings window, you can extract the S/R (Support/Resistance) within your desired specific session.
▪️Min Pivot Confirmation
If it receives support/resistance at least N times within a margin of error, rather than being an accidentally formed high/low, it can become a strong resistance zone. However, if it breaks through only with a large candle without trading volume, a sweeping movement may occur, absorbing liquidity and pushing retail investors attempting breakout trading out of their positions beyond the line. Such lines are formed into planes (zones) according to the set number of Pivot values (e.g., 3). Counter-trend trading can also be executed as long as the price does not deviate from this plane area.
▪️Info Icons
Markers are displayed at the start and end points, respectively, allowing you to grasp the analysis section at a glance. If the End Point is unchecked, the end point becomes the currently forming candle, so the marker will only appear at the manually selected start point.
Hovering the mouse cursor over the icon allows you to check detailed information via a tooltip, such as the number of bars in that section and the number of identified support/resistance pivots.
▪️3 Independent Analysis Zones
Provides a total of 3 independent systems: Zen 1, Zen 2, and Zen 3. You can simultaneously analyze short-, medium-, and long-term trends or support/resistance of different periods on a single chart and express them in different colors.
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📌 Settings Guide
1. Drag Start Point / End Point: Sets the reference times to start and end the analysis.
2. Pivot Strength: The number of left and right candles that serve as a standard when identifying pivots (highs/lows). The higher the number, the larger the swing highs/lows it finds.
3. Min Pivot Confirmation: The minimum number of touches (confirmations) required for the identified virtual line to be recognized as a support/resistance zone. The higher the number, the stricter the conditions, outputting only highly reliable lines.
4. Icon Vertical Gap: Adjusts the height to float the analysis start/end marker icons so they do not overlap with the candles.
5. Right Extension Bars: Determines how many more candles to the right to extend and draw the identified support/resistance zone based on the current candle. This is useful for capturing future entry/exit timing points.
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🔥 Practical Trading Tips (Cautions)
This indicator does not provide standalone entry signals (Buy/Sell) like those used by indicator sellers. Please use it as a basis for Breakout or Bounce trading strategies by combining it with price action (candle patterns like pin bars, engulfing, etc.) or volume indicators near the identified support/resistance zones.
Zen (禪) translates to "Seon" (Line) in Korean. Inspired by homonyms that share the same pronunciation but have different meanings, this is an indicator that automatically draws lines by directly identifying meaningful points—the fundamental condition for drawing a line—specifically between two or more highs, or two or more lows.
When candles touch the created line 3 times, the line transforms into a plane (zone). This makes it easier to flexibly manage stop losses caused by psychological fluctuations that rely purely on intuition based on a single, baseless thin line.
---
⚙️Key Features
▪️Drag & Drop Time Range
You do not need to complexly count the number of candles. By specifying the 'Start Point' and 'End Point' times in the settings window, you can extract the S/R (Support/Resistance) within your desired specific session.
▪️Min Pivot Confirmation
If it receives support/resistance at least N times within a margin of error, rather than being an accidentally formed high/low, it can become a strong resistance zone. However, if it breaks through only with a large candle without trading volume, a sweeping movement may occur, absorbing liquidity and pushing retail investors attempting breakout trading out of their positions beyond the line. Such lines are formed into planes (zones) according to the set number of Pivot values (e.g., 3). Counter-trend trading can also be executed as long as the price does not deviate from this plane area.
▪️Info Icons
Markers are displayed at the start and end points, respectively, allowing you to grasp the analysis section at a glance. If the End Point is unchecked, the end point becomes the currently forming candle, so the marker will only appear at the manually selected start point.
Hovering the mouse cursor over the icon allows you to check detailed information via a tooltip, such as the number of bars in that section and the number of identified support/resistance pivots.
▪️3 Independent Analysis Zones
Provides a total of 3 independent systems: Zen 1, Zen 2, and Zen 3. You can simultaneously analyze short-, medium-, and long-term trends or support/resistance of different periods on a single chart and express them in different colors.
---
📌 Settings Guide
1. Drag Start Point / End Point: Sets the reference times to start and end the analysis.
2. Pivot Strength: The number of left and right candles that serve as a standard when identifying pivots (highs/lows). The higher the number, the larger the swing highs/lows it finds.
3. Min Pivot Confirmation: The minimum number of touches (confirmations) required for the identified virtual line to be recognized as a support/resistance zone. The higher the number, the stricter the conditions, outputting only highly reliable lines.
4. Icon Vertical Gap: Adjusts the height to float the analysis start/end marker icons so they do not overlap with the candles.
5. Right Extension Bars: Determines how many more candles to the right to extend and draw the identified support/resistance zone based on the current candle. This is useful for capturing future entry/exit timing points.
---
🔥 Practical Trading Tips (Cautions)
This indicator does not provide standalone entry signals (Buy/Sell) like those used by indicator sellers. Please use it as a basis for Breakout or Bounce trading strategies by combining it with price action (candle patterns like pin bars, engulfing, etc.) or volume indicators near the identified support/resistance zones.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.