Higher/Lower, Equals, Lines of Interest, Divergences by BULL┃NET

The B | N HELD (Level of interest HH HL – EQH EQL – DIVERGENCE by Bull | NET )
indicator provides traders with important price levels on a chart. Those are the average price (poor or weak equilibrium), traditional pivot levels, moving averages as well as support and resistance levels. This powerful indicator shows you the current Market Struktur and EQH/EQL (Equal highs/Equal lows). This shares style and customization features with every other B|N indicator and has some nice additional features.

█ ⚠️ DISCLAIMER – READ BEFORE YOU USE ⚠️


█ FEATURES

— SUPPORT AND RESISTANCE LINES

The settings in this section control how support and resistance lines appear on the chart.

● Resistance
By default horizontal resistance lines are enabled but you can disable them for whatever reason you might have.

● Line
● Style
● Label
● Text
● Size
With this five settings you control the color and style of the line, label and the text color as well as the size of the text.

● Support
By default horizontal support lines are enabled but you can disable them for whatever reason you might have.

● Line
● Style
● Label
● Text
● Size
With this five settings you control the color and style of the line, the label and text color and the size of the text.

● Show price in label
● Show title in label
By default a label contains the price and a shortcut (SUP for support and RES for resistance). For a less noisy chart you can remove both parts individually from the label.

● Bar shift
The label for a line is placed left from the current bar to avoid overlapping with information on the right side from B | N HELD and other B | N indicators. In addition you can shift the label up to 5 bars to left. The default is 2.

— LABEL COSMETICS

The settings in this section control how lines and labels in the Pivotlevels and Moving Average sections get positioned on the chart and which information the labels show.

● Bar Offset
The bar offset controls the horizontal distance to the last bar on the chart where lines end. The default it is “15” bars to the right to avoid overlapping of labels from my other indicators. You can increase and decrease this value to your liking.

● Bar Anchor
The bar anchor controls where lines start. Default is “lastbar”.
Lastbar sets the start of lines to the last bar of the chart. This provides a very clean chart without lines crossing bars to the left.
With Origin as bar anchor all lines start at the bar of origin which is when the line gets calculated. I.e. daily pivot levels lines will start at the beginning of the day while hourly levels will start at the beginning of a new hour.

● Label Distance Divisor
This setting is used to calculate the minimum vertical distance of labels in means of price points. The internal formular takes the day close price and divides it by the number entered in this field. If i.e. the daily closing price was 5000 the minimum vertical distance would become 1 price point if you enter 5000 for this setting. If the price difference of two events would then be less than 1 the labels would be positioned higher and lower to prevent overlapping. Change the divisor to your likings or as needed to set the trigger for repositioning labels.

● Distance Modifier
This setting is used to control the vertical shift of the label. The default of Zero disables the setting and activates an internal function which makes a decision based on the used timeframe on the chart (0.1 less than m30, 0.5 from m30 to h4, 0.75 above h4 and 1 for daily). The logic takes the minimum vertical distance and multiplies it by the distance modifier.
In the example above for the label distance divisor a label would shift by 0.5 price points on a 30 minute chart if two lines trigger the minimum vertical distance. On the upper line the label moves up and on the lower line it moves down. If three lines are too close to each other the label in the middle does not get moved. If more lines break the minimum distance some labels will overlap until the price is advancing.
Labels with equal price will get lined up (stacked) horizontally.
While this cosmetical corrections have limits overlapping can be reduced to a minimum.

● Show Price
Choose to display the price in front of a label. The price will be displayed by default.

● Enable Tooltip
If you decide to hide the price on the label it can be useful to get this information in a tooltip while hovering with the mouse over the label. On the contrary it might become annoying with labels popping up if you have a nervous mouse finger. The feature is disabled by default.

● Equalize Label Size
The size of labels is one of the most discussed issues. Some say it is too small other say it is too big. Label size matters on different devices. “Normal” labels can be too large on a smartphone and to small on a 4k display. And the size is crucial for the automatic horizontal stacking of labels. You simply can’t line up a small, normal and large label in Pine Script (the programming language at TradingView). The stacking is done by prepending labels with spaces to shift them to the right.

This setting overloads all individual size settings for labels and activates the automatic horizontal stacking of labels with equal price. It is a convenient way to change the size of all labels with one click in case you have different layouts for different devices.
If you disable this feature you can set the label size individually but you lose the horizontal stacking. This can be useful for traders who display only a few price events or for educational purpose where you want to point out a special event.

 
— AVERAGE PRICE

Because we do not have access to the order book we don’t know about the true equilibrium, which is the price where supply and demand is equal. Therefore the indicator displays the average price of the current and past day. Some people call this the poor or weak equilibrium. By default this feature is enabled.

● Line
● Style
● Label
● Text
● Size
With this five settings you control the color and style of the line, the label and text color as well as the size of the text.

— PIVOTLEVELS

● Timeframe
By default the setting follows my (BullNet) logic. In timeframes below 30 minute the indicator will display the hourly pivot levels. In timeframes between 30 minutes and one day you will see the daily pivot levels. Above daily timeframe you get the pivot levels of the chosen timeframe. If you don’t like it you can change this setting to always show the pivot level of the timeframe.

● Line
● Style
● Label
● Text
● Size
With this five settings you control the color and style of the line, the label and text color as well as the size of the text.

— MOVING AVERAGE

● Timeframe
By default the setting follows my (BullNet) logic. In timeframes below 30 minute the indicator will display the hourly moving averages. In timeframes between 30 minutes and one day you will see the daily moving averages. Above daily timeframe you get the moving averages of the chosen timeframe. If you don’t like it you can change this setting to always show the moving averages of the timeframe.

You can display up to four moving averages in parallel on the chart. By default all four are enabled to display the EMA 20, 50 ,100 and 200 as plain price level to the right of the last bar. Feel free to customize all settings to your liking or needs.

Each of the four moving averages has the same options, which are:

● Plot
If enabled the moving average will be drawn as a stepped curve on the chart. Although this is what most people expect from displaying a moving average it is disabled by default to keep the chart clean and follow the look and feel of all my other indicators. In my opinion a moving average is just another level of interest and as long as two moving averages are not in danger to cross each other (death cross, white cross) there is no need to fill the chart with additional noise. Once two important moving averages narrow to each other you can change this settings to plot the curves to be able to estimate the point they might cross.

● Plain
This setting is enabled by default and draws the moving average like a pivot level with a line at the current moving average price and a label showing the details you have chosen in the label cosmetics section. The chart keeps clean and you can perfectly determine the support and resistance level of the moving average.

● MA Type
You can choose between EMA and SMA. By default EMA is enabled.

● Length
In this field you enter the length of the moving average, which is the amount of bars used to calculate it.

● Line
● Style
● Label
● Text
● Size
With this five settings you control the color and style of the line or curve, the label and text color as well as the size of the text.


— DISPLAY OPTIONS

● 2 Decimals
To streamline the appearance of prices they are set to display two decimals only. Numbers get rounded! However, trading currency pairs or crypto assets might need to display the full amount of decimals. In this case simply disable the setting “2 Decimals”.
 
█DIVERGENCE

- The system checks for divergences on each candle between the current price and the values of the last 10 pivot points for the selected indicators.
- Divergences are searched for across the chosen indicators, such as RSI, MACD, MACD Histogram, Stochastic, CCI, Momentum, MFI, OBV, VWMACD, CMF, and any external indicators.
- It looks for divergences within the last 100 bars based on the 10 pivot points for each indicator.
- **Types of Divergences:**
- Regular Positive Divergence
- Regular Negative Divergence
- Hidden Positive Divergence
- Hidden Negative Divergence
- For **Positive Divergence**, the system first checks if the current closing price is higher than the previous closing price and if the indicator value is higher than the previous one. If both conditions are true, it starts searching for a divergence.
- For **Negative Divergence**, it first checks if the current closing price is lower than the previous closing price and if the indicator value is also lower than the previous value. If these conditions hold, it starts looking for a divergence.

█Settings:
- Pivot Period: You can set the pivot period to any value you prefer. You can also view the pivot points by enabling the "Show Pivot Points" option.
- Source for Pivot Points: Choose whether you want to use the Close ore High, or Low as the source for the pivot points.
- Divergence Type: Select the type of divergence to display, including "Regular," "Hidden," or "Regular/Hidden."
- Show Indicator Names: You can choose to display the full indicator names, only their first letter, or not show them at all.
- Show Divergence Number: This option allows you to display the number of indicators showing divergence.
- Show Only Last Divergence: If enabled, this option will only show the most recent positive and negative divergences.
- External Indicator Integration: You can include external indicators for divergence detection. To do this, enable the "Check External Indicator" option and select the external indicator from the list. The external indicator will be displayed as "Extrn." The relevant external indicator must be added before enabling this option.

Customization Options:
- Adjust the colors, line width, and line style for different types of divergences.

Alerts:
The following alerts are available:
- Positive Regular Divergence Detected
- Negative Regular Divergence Detected
- Positive Hidden Divergence Detected
- Negative Hidden Divergence Detected

█HH HL LL LH

This indicator is a powerful tool, and I’m excited to explain how it works. It identifies Higher Highs (HH), Higher Lows (HL), Lower Highs (LH), and Lower Lows (LL), which represent trend structure points on the chart.

Higher Highs, Higher Lows, Lower Highs, and Lower Lows:

For those who find it difficult to identify these points, this indicator can be extremely helpful. By showing HH and HL in sequence, it helps identify an uptrend. When the trend weakens, the indicator will highlight a LH, signaling that the trend might be losing strength. For a downtrend, the indicator shows LH and LL in sequence, and when the trend weakens, it will show HL, indicating a potential reversal.

This indicator is also great for drawing trend lines. For example, it can help you draw a trend line in an uptrend by connecting the LL of the first candle to the HL of the second candle. Similarly, for a downtrend, the trend line can be drawn by connecting the HH to the LH.

These HH, HL, LH, and LL points can also be used to place stop losses, which will be explained later in the stop loss section.

Label Color Changes Based on RSI:

An important feature is that the **HH** and **LL** labels change color based on the RSI indicator. When the RSI is overbought, the **HH** label will change to a specific color (e.g., red), signaling a potential reversal or weakness in the uptrend. Similarly, when the RSI is oversold, the **LL** label will change to another color (e.g., green), indicating a potential reversal in the downtrend. This adds an additional layer of insight, helping to identify potential exhaustion points in the market.

DT, DB, and EQH/EQL:

Additionally, the **DT** (Double Top), **DB** (Double Bottom), and **EQH/EQL** (Equal High/Equal Low) patterns are displayed by the indicator to help identify significant reversal patterns, making it even more effective for trend analysis and decision-making.

You can change the Color, the Line Width and the Line Style under the
“EQH/EQL OPTIONS”.

Under the section “PATTERN OPTIONS” you can enable the function to visualize the EQH/EQL


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Disclaimer BullNet: The information provided in this document is for educational and informational purposes only and does not constitute financial, investment, or trading advice. Any use of the content is at your own risk. No liability is assumed for any losses or damages resulting from reliance on this information. Trading financial instruments involves significant risks, including the potential loss of all invested capital. There is no guarantee of profits or specific outcomes. Please conduct your own research and consult a professional financial advisor if needed.

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Version 1.0 04.03.2025