OPEN-SOURCE SCRIPT
Monday's Range Superpowerkyu
🔔 Settings
You can customize the colors and toggle ON/OFF in the indicator settings.
Works on daily, hourly, and minute charts.
Easily visualize Monday’s high, low, and mid-line range.
📌 1. Support & Resistance with Monday’s Range
Monday High: Acts as the first resistance of the week.
◽ Example: If price breaks above Monday’s high after Tuesday, it signals potential bullish continuation → long setup.
Monday Low: Acts as the first support of the week.
◽ Example: If price breaks below Monday’s low, it signals bearish continuation → short setup.
📌 2. Mid-Line Trend Confirmation
Monday Mid-Line = average price of Monday.
Price above mid-line → bullish bias.
Price below mid-line → bearish bias.
Use mid-line breaks as entry confirmation for long/short positions.
📌 3. Breakout Strategy
Break of Monday’s High = bullish breakout → long entry.
Break of Monday’s Low = bearish breakout → short entry.
Place stop-loss inside Monday’s range for a conservative approach.
📌 4. False Breakout Strategy
If price breaks Monday’s high/low but then falls back inside Monday’s range, it is a False Breakout.
Strategy: Trade in the opposite direction.
◽ False Breakout at High → short.
◽ False Breakout at Low → long.
Stop-loss at the wick (extreme point) of the failed breakout.
📌 5. Range-Based Scalping
Use Monday’s high and low as a trading range.
Sell near Monday’s High, buy near Monday’s Low, repeat until breakout occurs.
📌 6. Weekly Volatility Forecast
Narrow Monday range → higher chance of strong trend later in the week.
Wide Monday range → lower volatility expected during the week.
📌 7. Pattern & Trend Analysis within Monday Range
Look for candlestick patterns around Monday’s High/Low/Mid-Line.
◽ Example: Double Top near Monday’s High = short setup.
◽ Repeated bounce at Mid-Line = strong long opportunity.
✅ Summary
The Monday’s Range (Superpowerkyu) Indicator helps traders:
Identify weekly support & resistance
Confirm trend direction with Mid-Line
Trade breakouts & false breakouts
Apply range scalping strategies
Forecast weekly volatility
⚡ Especially, the False Breakout strategy is powerful as it captures failed moves and sudden sentiment reversals.
You can customize the colors and toggle ON/OFF in the indicator settings.
Works on daily, hourly, and minute charts.
Easily visualize Monday’s high, low, and mid-line range.
📌 1. Support & Resistance with Monday’s Range
Monday High: Acts as the first resistance of the week.
◽ Example: If price breaks above Monday’s high after Tuesday, it signals potential bullish continuation → long setup.
Monday Low: Acts as the first support of the week.
◽ Example: If price breaks below Monday’s low, it signals bearish continuation → short setup.
📌 2. Mid-Line Trend Confirmation
Monday Mid-Line = average price of Monday.
Price above mid-line → bullish bias.
Price below mid-line → bearish bias.
Use mid-line breaks as entry confirmation for long/short positions.
📌 3. Breakout Strategy
Break of Monday’s High = bullish breakout → long entry.
Break of Monday’s Low = bearish breakout → short entry.
Place stop-loss inside Monday’s range for a conservative approach.
📌 4. False Breakout Strategy
If price breaks Monday’s high/low but then falls back inside Monday’s range, it is a False Breakout.
Strategy: Trade in the opposite direction.
◽ False Breakout at High → short.
◽ False Breakout at Low → long.
Stop-loss at the wick (extreme point) of the failed breakout.
📌 5. Range-Based Scalping
Use Monday’s high and low as a trading range.
Sell near Monday’s High, buy near Monday’s Low, repeat until breakout occurs.
📌 6. Weekly Volatility Forecast
Narrow Monday range → higher chance of strong trend later in the week.
Wide Monday range → lower volatility expected during the week.
📌 7. Pattern & Trend Analysis within Monday Range
Look for candlestick patterns around Monday’s High/Low/Mid-Line.
◽ Example: Double Top near Monday’s High = short setup.
◽ Repeated bounce at Mid-Line = strong long opportunity.
✅ Summary
The Monday’s Range (Superpowerkyu) Indicator helps traders:
Identify weekly support & resistance
Confirm trend direction with Mid-Line
Trade breakouts & false breakouts
Apply range scalping strategies
Forecast weekly volatility
⚡ Especially, the False Breakout strategy is powerful as it captures failed moves and sudden sentiment reversals.
Skrip sumber terbuka
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Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.