Oculus Quantum Range

Oculus Quantum Range

The Oculus Quantum Range is a sophisticated indicator designed to track dynamic support and resistance levels, based on market volatility and price action. It uses the Average True Range (ATR) to define a dynamic range, giving traders powerful breakout and breakdown targets for more informed decision-making.

Key Features:

Dynamic Support & Resistance Levels: The indicator calculates key dynamic levels using the highest high and lowest low over a user-defined period (default: 20 bars). These levels adjust according to market volatility, helping to reflect current market conditions.

Breakout & Breakdown Targets: The system calculates breakout and breakdown targets based on the ATR, adding flexibility to the classic support and resistance levels. The targets are plotted above and below the dynamic range.

Volume Confirmation: The breakout and breakdown targets are confirmed when there is a spike in volume, enhancing the reliability of these trade signals.

Pivot Levels: The middle level (pivot) is plotted as the average of the highest high and the lowest low over the range period, offering an additional reference point for traders.

How to Use:

Breakout Entry:

When the price crosses above the Dynamic Top Line (Resistance), a breakout is considered. The breakout target is calculated and plotted above the resistance level.

A confirmed breakout is when the price crosses the resistance with volume higher than the 20-period volume average.

Breakdown Entry:

When the price crosses below the Dynamic Bottom Line (Support), a breakdown is considered. The breakdown target is calculated and plotted below the support level.

A confirmed breakdown is when the price crosses the support with volume higher than the 20-period volume average.

Pivot Zone:

The middle level (pivot) acts as a reference zone, showing potential areas where price action may pause or reverse before continuing toward breakout or breakdown targets.

Alert Conditions:

Breakout Alert: Triggered when the price crosses above the dynamic top line (resistance).

Breakdown Alert: Triggered when the price crosses below the dynamic bottom line (support).

Visualization:

The Dynamic Top Line (Resistance) is plotted in red.

The Middle Level (Pivot) is plotted in blue.

The Dynamic Bottom Line (Support) is plotted in green.

Breakout Targets are plotted in purple above the resistance, and Breakdown Targets are plotted in orange below the support.

Confirmed Breakout/Breakdown are marked with green and red lines respectively, and the background will change to green or red for a visual cue.

This indicator is perfect for traders looking to make timely decisions based on price action, volatility, and volume. It’s ideal for identifying potential breakout and breakdown opportunities with clear, dynamic targets.