Equilibrium Zones

Equilibrium Zones

This script identifies equilibrium zones within a specified range of bars, providing valuable insights into potential support and resistance levels. By analyzing the highest and lowest prices over a user-defined range, the script calculates the equilibrium price and additional levels around it to highlight demand, supply, and resistance/support zones.

Features:
Equilibrium Zone:

Calculates the equilibrium price as the midpoint between the range's highest and lowest prices.
Highlights key levels around the equilibrium, such as primary and secondary support/resistance levels.
Visual Representation:

Displays horizontal lines for each level with customizable colors and styles.
Adds descriptive labels next to the lines for better clarity on the chart.
User Inputs:

Range Length: Specify the number of bars to analyze for calculating the range.
Offset: Adjust the label placement for better visibility.
Dynamic Updates:

Automatically updates lines and labels to keep the chart clean and focused.
How to Use:
Add the script to your chart.
Customize the Range Length and Offset inputs to fit your analysis style.
Observe the equilibrium zones and use them to identify potential breakout, reversal, or consolidation areas.