Signal Algo - Elephant Edge

Description
Signal Algo - Advance Elephant Edge is a rule-based, intraday detection system that combines candle-pattern logic with session-driven support and resistance zones. creating a clean confluence-based signal that removes noise.
This tool is designed for traders who prefer structured rules over subjective drawing, and want clear, event-driven alerts without unrealistic promises or over-optimized behavior.

What This Script Does (Short & Simple)

1. Hammer-Type Candle Detection
The script looks for long-wick hammer or inverted hammer candles using your wick-ratio setting. It also checks candle size, body size, and doji conditions so that only clean and meaningful rejection candles are highlighted.

2. Session-Based Percentile Support & Resistance
The indicator calculates percentile levels from previous sessions and plots up to four upper and lower S/R lines around the daily open. These levels act as dynamic zones where price often reacts.

3. Optional Strike-Price Zones
For symbols that move around round numbers or strike intervals, the script can draw strike-based S/R lines (like 50 or 100 points) You can choose solid or dotted lines and select how many zones to show.

4.Higher-Timeframe Trend Background
A light green or red background shows the overall trend direction. Green = bullish bias, Red = bearish bias.

🔶 USAGE & EXAMPLES Elephant Support & Resistance



Elephant Support & Resistance creates intraday support and resistance levels using percentile data from previous sessions. Instead of drawing lines manually, calculates how far price usually moves above and below previous sessions. and then plots those levels automatically.

Each percentile pair (Level 1–4) gives one upper line and one lower line. These lines represent price zones where the market has reacted many times in the past. When price reaches these levels, it often pauses, reverses, or shows rejection candles.

🔶USAGE & EXAMPLES Strike Price Support & Resistance



Strike Price Zones are plotted because most markets naturally react around fixed strike levels. Every index, stock, or international market has its own commonly traded strike prices. These levels attract large traders and institutions, who often build positions around them.

When price moves toward one of these strike levels, big players frequently defend or reject that zone. As a result, price may pause, reverse, or show strong reactions at or near these strikes.

Because of this behavior, Strike Price Zones work as practical intraday support and resistance levels. They help traders see where important reactions can occur, where momentum may slow down, and where potential reversals may form.

These zones are not buy/sell signals by themselves, but they provide a simple, objective roadmap of key levels that the market respects during the session.

🔷 FEATURES
1. Hammer-Based Rejection Signals
2. Candle Size Filtering
3. Elephant Percentile Support & Resistance
4. Strike Price Support & Resistance Zones
5. Combined Confluence Logic
6. Higher-Timeframe Trend Background
7. Clean Visual Layout
8. Yellow Highlight Candle
9. Intraday Session Handling
10. Built-In Alerts
11. Fully Customizable Inputs
12. Lightweight & Rule-Driven Design

🔴 RISK DISCLAIMER
Trading is risky & most day traders lose money. All content, tools, scripts, articles, & education provided by Signal Algo are purely for informational & educational purposes only. Past performance does not guarantee future results.