Input Parameters The script has three input parameters:
· length: an integer input with a default value of 20, likely used for calculating moving averages or other indicators. · zoneSize: a decimal input with a default value of 1.5, likely used to define the size of the "holding zone". · entryZone: an integer input with a default value of 50, likely used to define the entry point for the strategy.
Calculate Holding Zone The script calculates two values:
· highs: the highest high over the last length bars. · lows: the lowest low over the last length bars.
Then, it calculates the zoneHigh and zoneLow values by subtracting/adding a fraction of the difference between highs and lows from/to highs and lows, respectively. This creates a "holding zone" between zoneHigh and zoneLow.
Plot Holding Zone Finally, the script plots two lines:
· zoneHigh with a blue color and a linewidth of 2. · zoneLow with a blue color and a linewidth of 2. ________________________________________________________________ For the 15 min timeframe I use the parameters 10 for the length, 0.5 for the zone size and 20 for the entry zone. this makes it more sensitive to price