OPEN-SOURCE SCRIPT
Basic Echo Ray Draggable Anchor
This is a price deviation / echo / replication band tool built in Pine Script v6, centered around a user-draggable vertical anchor line (time-based starting point).Main idea:You choose one anchor point in time (drag the vertical dashed blue line)
At that exact moment the indicator "freezes" / snapshots selected moving averages (of high/low/close)
It then creates a grid of horizontal rays extending to the right, based on symmetrical echo/deviation distances calculated from that snapshot
The echo size can grow or shrink either linearly (percentage mode) or via repeated square-root compression (very popular in some harmonic / fib-like crypto & forex setups)
Core calculation modesMode
Echo / deviation formula
Typical character
Common use-case feeling
Square Root
scale × √(√MA)
very compressed at higher prices
crypto, logarithmic feel, mean-reversion
Percentage
scale × start% × MA
classical linear percentage bands
stocks, forex, more traditional range
Most important levels drawn as rays (from anchor)u0 / l0 → frozen lowMA / highMA themselves (thick yellow)
u0.5, u1, u2, u3, …, u14 → upper deviations (mostly red)
l0.5, l1, l2, …, l14 → lower deviations (mostly green)
thicker lines at ±4, ±8, ±12 (more visual weight)
mid (50%), mid25, mid75 (customizable quartiles-ish)
Typical use cases (2024–2026 trading context)Anchor-based mean reversion / range trading
→ Drag anchor to recent swing high/low / news event / session open
→ Trade fades / reversals when price reaches u2–u4 or l2–l4 rays
→ Very common on BTC, ETH 1h–4h–1D after big moves
"Echo" continuation / breakout filter
→ After strong trend starts from anchor, price walking along u4–u8 or l4–l8 rays is considered continuation
→ Break & close beyond u12 / l12 often treated as exhaustion or very strong acceleration
Square-root mode as poor-man's log-scale bands
→ On assets that show parabolic / exponential behavior (crypto, some small-caps, meme coins)
→ Square-root compression creates bands that feel "logarithmic-ish" without changing chart scaling
Session / news / event replay analysis
→ Place anchor at FOMC, NFP, ETF approval tweet, halving, etc.
→ See how price respected / ignored the echo grid in following days/weeks
Visual "magnet" & confluence finder
→ Combine with VWAP, volume profile, order blocks, fibs
→ Many traders watch when multiple rays + other levels cluster together
Quick summary – when people usually add this indicatorYou want custom-time-period fixed deviation bands (not rolling like regular Bollinger)
You like draggable anchor VWAP-style tools but want more levels / different math
You trade crypto or high-vol instruments where classical % bands become too wide too quickly
You want to quickly visualise "where would price be if it continued the same volatility pattern from X moment"
In short: draggable time anchor + snapshot MA + square-root or %-based deviation rays
→ modern evolution of fixed-level fib / ATR / percent bands with very strong community usage in 2024–2026 crypto & index futures spaces.
At that exact moment the indicator "freezes" / snapshots selected moving averages (of high/low/close)
It then creates a grid of horizontal rays extending to the right, based on symmetrical echo/deviation distances calculated from that snapshot
The echo size can grow or shrink either linearly (percentage mode) or via repeated square-root compression (very popular in some harmonic / fib-like crypto & forex setups)
Core calculation modesMode
Echo / deviation formula
Typical character
Common use-case feeling
Square Root
scale × √(√MA)
very compressed at higher prices
crypto, logarithmic feel, mean-reversion
Percentage
scale × start% × MA
classical linear percentage bands
stocks, forex, more traditional range
Most important levels drawn as rays (from anchor)u0 / l0 → frozen lowMA / highMA themselves (thick yellow)
u0.5, u1, u2, u3, …, u14 → upper deviations (mostly red)
l0.5, l1, l2, …, l14 → lower deviations (mostly green)
thicker lines at ±4, ±8, ±12 (more visual weight)
mid (50%), mid25, mid75 (customizable quartiles-ish)
Typical use cases (2024–2026 trading context)Anchor-based mean reversion / range trading
→ Drag anchor to recent swing high/low / news event / session open
→ Trade fades / reversals when price reaches u2–u4 or l2–l4 rays
→ Very common on BTC, ETH 1h–4h–1D after big moves
"Echo" continuation / breakout filter
→ After strong trend starts from anchor, price walking along u4–u8 or l4–l8 rays is considered continuation
→ Break & close beyond u12 / l12 often treated as exhaustion or very strong acceleration
Square-root mode as poor-man's log-scale bands
→ On assets that show parabolic / exponential behavior (crypto, some small-caps, meme coins)
→ Square-root compression creates bands that feel "logarithmic-ish" without changing chart scaling
Session / news / event replay analysis
→ Place anchor at FOMC, NFP, ETF approval tweet, halving, etc.
→ See how price respected / ignored the echo grid in following days/weeks
Visual "magnet" & confluence finder
→ Combine with VWAP, volume profile, order blocks, fibs
→ Many traders watch when multiple rays + other levels cluster together
Quick summary – when people usually add this indicatorYou want custom-time-period fixed deviation bands (not rolling like regular Bollinger)
You like draggable anchor VWAP-style tools but want more levels / different math
You trade crypto or high-vol instruments where classical % bands become too wide too quickly
You want to quickly visualise "where would price be if it continued the same volatility pattern from X moment"
In short: draggable time anchor + snapshot MA + square-root or %-based deviation rays
→ modern evolution of fixed-level fib / ATR / percent bands with very strong community usage in 2024–2026 crypto & index futures spaces.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Mã nguồn mở
Theo đúng tinh thần TradingView, tác giả của tập lệnh này đã công bố nó dưới dạng mã nguồn mở, để các nhà giao dịch có thể xem xét và xác minh chức năng. Chúc mừng tác giả! Mặc dù bạn có thể sử dụng miễn phí, hãy nhớ rằng việc công bố lại mã phải tuân theo Nội quy.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.