Turtle Zone

2024년 12월 28일

Turtle Zone indicator helps to visually determine support and resistance zones of the price movement.

Displays a channel with zones located symmetrically around the moving average of the price.

Width of the channel is determined by the current volatility computed as average true range which makes the channel width adaptable to the volatility.

Touching of the zones from inside of the channel can be interpreted as a signal of potential reversal.
Breaking outside of the outer boundary of the zones can be interpreted as a signal of a potential continuation of price movement.

Parameters

• Price Source - Component of the bar for computation. Default is ‘hlc3’. Other reasonable values, such as ‘ohlc4’, ‘open’ or’ close’ can be used by advanced users.

• Lookback period - Amount of bars used in moving average computation. Default is 200.

• Inner Amplitude - Relative width of the inner channel. Default is 5.6.

• Outer Amplitude - Relative width of the outer channel. Default is 9.6.

Available plots for notifications
There are five plots on the graph comprising the channel: four boundaries of the channel bands and one hidden mean line of the channel:

Upper Zone Upper Line
Upper Zone Lower Line
Mean
Lower Zone Upper Line
Lower Zone Lower Line

All of the plots can be used to set up notifications.

Notes
All computations are performed in logarithmic price scale which makes this indicator useful on large timeframes.

Credits
This script uses Ehlers_Super_Smoother library by KevanoTrades

2024년 12월 28일

릴리즈 노트

Turtle Zone indicator helps to visually determine support and resistance zones of the price movement.

Displays a channel with zones located symmetrically around the moving average of the price.

Width of the channel is determined by the current volatility computed as average true range which makes the channel width adaptable to the volatility.

Touching of the zones from inside of the channel can be interpreted as a signal of potential reversal.
Breaking outside of the outer boundary of the zones can be interpreted as a signal of a potential continuation of price movement.

Parameters

• Price Source - Component of the bar for computation. Default is ‘hlc3’. Other reasonable values, such as ‘ohlc4’, ‘open’ or’ close’ can be used by advanced users.

• Lookback period - Amount of bars used in moving average computation. Default is 200.

• Inner Amplitude - Relative width of the inner channel. Default is 5.6.

• Outer Amplitude - Relative width of the outer channel. Default is 9.6.

Available plots for notifications
There are five plots on the graph comprising the channel: four boundaries of the channel bands and one hidden mean line of the channel:

Upper Zone Upper Line
Upper Zone Lower Line
Mean
Lower Zone Upper Line
Lower Zone Lower Line

All of the plots can be used to set up notifications.

Notes
All computations are performed in logarithmic price scale which makes this indicator useful on large timeframes.

Credits
This script uses Ehlers_Super_Smoother library by KevanoTrades

2024년 12월 29일

릴리즈 노트

Minor bug fix:
Correctly name Lower Zone Upper Line and Lower Zone Lower Line

2024년 12월 29일

릴리즈 노트

Update chart with default settings

2024년 12월 29일

릴리즈 노트

This update makes the inner boundaries of the zone bands visible.
Those boundaries are supposed to serve as primary signal lines which are touched by the price more often than the rest of the zone.