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
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