OPEN-SOURCE SCRIPT

R-HL-PDW

Updated

This script doesn't give buy or sell signals. It gives a reference point to the previous day's high and low as well as the previous week's high/low. This will be helpful for intraday trading decisions.

Release Notes

This script doesn't give buy or sell signals.

It gives the following references to make intraday trading decisions,

PDH - Previous day high
PDL - Previous day Low
PWH - Previous week High - Only gets printed when the difference between PWH and PDH is 2%
PWL - Previous week Low - Only gets printed when the difference between PWL and PDL is 2%
PMH - Previous month High - Only gets printed when the difference between PMH and PDH is 4%
PML - Previous month Low - Only gets printed when the difference between PML and PDL is 4%

CWH - Current week High - Only gets printed when the difference between CWH and PDH is 2%
CWL - Current week Low - Only gets printed when the difference between CWL and PDL is 2%
CMH - Current Month High - Only gets printed when the difference between CMH and PDH is 4%
CML - Current Month Low - Only gets printed when the difference between CML and PDL is 4%

Strong Zone or High Probability Zone - This is the zone where multiple high/low matches and painted with a different color and it doesn't mark with any text.

Release Notes

plotOnlyToday - If it is true then levels will be plotted for the current day. If not true then levels will be plotted for historical values.
monthlyPercentage - Difference between PDH/L to monthly falls on the percentage value then respective monthly levels get printed
weeklyPercentage - Difference between PDH/L to weekly falls on the percentage value then respective weekly levels get printed
valuetoCalcStrongZone - We can use atr value of the stock but I prefer a constant value if the levels fall within the range then they will be marked as a strong zone.
strongZoneColor - Color for strong zone
sessRange - your trading session timing

Note - this script works well with default values for Indian indices.

Release Notes

lookahead_on - Plot will not be printed in future area

Release Notes

Corrected few bugs introduced with barmerge.lookahead_on

Release Notes

Risk Disclosure: This indicator does not provide buy/sell signals and relies on past data, which may not accurately reflect future outcomes. We are not liable for any profits or losses incurred. Please assess and trade at your own risk.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

ramphoenix

Disclaimer

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