Grids

Grid feature

We added the "Grid" feature to help identify and visualize key price levels based on historical price pivots. This feature is particularly useful in understanding the market's range and potential reversal points, which can be crucial for making informed trading decisions.

The Grid feature uses the highest and lowest price points over a specified period to determine these levels. The script calculates an average range from these pivots and uses it to establish multiple grid levels above and below the current price.

These levels are then plotted on the chart, providing visual cues for potential support and resistance zones. The script dynamically adjusts these grid levels as the price moves, ensuring that traders have up-to-date information.

Optimizing Grids

You can optimize the Grid feature by adjusting the period length used to calculate the pivots, tailoring it to the specific asset and timeframe they are trading.

For example, shorter periods might be more suitable for intraday trading, while longer periods could be better for swing trading. Traders can also combine the Grid feature with other indicators, such as moving averages or volume analysis, to confirm signals and enhance their trading strategies.

How Zeiierman Uses Grids

Sometimes, we use the Grid feature in conjunction with Fibonacci retracement levels to identify confluence zones, where multiple indicators suggest a strong support or resistance level.

It can also be used as a viable breakout strategy - entering trades when the price breaks through a grid level with significant volume, indicating a potential continuation of the trend.

A common misconception about the Grid feature is that it provides absolute levels where the price will reverse. Do not forget that these levels are potential areas of interest and should be used in conjunction with other analysis methods.