Key Levels (Daily Percentages)

20 Ogo 2023

OVERVIEW
This indicator automatically identifies and progressively draws daily percentage levels, normalized to the first market bar.

Percentages are one of the most common ways to measure price movement (outside price itself). Being able to visually reference these levels helps contextualize price action, in addition to giving us a glimpse into how algos might "see" the market.

This script is most useful on charts with smaller time frames (1 to 5 minutes). This is not ideal for medium or larger time frames (greater than 5 minutes).


INPUTS
You can configure:
• Line size, style, colors and maximum length
• Label colors and visibility
• Fractional and intra level visibility
• Bidirectional zone parameters (custom range and extended anomalies)
• Normalization source
• Price Proximity features
• Market Hours and Time Zone


INSPIRATION
Broad Assumptions:
• +/- 70% of days move 1%, 20% of days move 1-2%, and 10% of days have moves exceeding 2%.
• +/- 10-20% of days trend, with moves ≥ 1%.
• All trading strategies are effectively scalping, mean reversion, or trend.
• Humans program algos to capitalize on these assumptions, using percentages to mange / execute trades.

20 Ogo 2023

Nota Keluaran

• Added script URL to top comment.

25 Ogo 2023

Nota Keluaran

• Removed unnecessary var declarations to reduce performance penalties.

14 Okt 2023

Nota Keluaran

• Added ability to set the normalized source to be either Todays Open or Yesterdays Close.
• Added Eighths as an incremental level option.
• Added ability to set the labels to be either Percentage, Basis Points, or Value Delta.

12 Dis 2023

Nota Keluaran

• Added ability to set the normalized source to be Each New Session.
• Added tooltips to display the value of each level when you hover over a given label.
• Added ability to set the normalized source interval to always 1 Minute regardless of the current charts interval, or always the Same Interval as Chart. Selecting 1 Minute will show the same zero / scale values regardless of timeframe, and selecting Same Interval as Chart will adjust the zero / scale values based on the charts timeframe.

14 Dis 2023

Nota Keluaran

• Bug Fix: Yesterdays Close was referencing the close from 2 days ago. It now references the close from 1 day ago (aka. yesterday).

14 Dis 2023

Nota Keluaran

• Changed the default Time Zone from America/New_York to syminfo.timezone to make switching between securities that do not share time zones easier.

15 Dis 2023

Nota Keluaran

• Updated to support sub 1 minute timeframes.

12 Jan

Nota Keluaran

• Added 1D Chart Open and Close as a Norm. Source option
  
• Removed support for seconds timeframes to simplify logic
  
• Other minor enhancements
  
• Converted to Pine Script v6

13 Jan

Nota Keluaran

• Bug fix
  

1 Mac

Nota Keluaran

• Incorporated Utility Library for shared logic across scripts.
  
• Other minor enhancements.
  

5 Mac

Nota Keluaran

• Updated `for` loops to make them compatible with the latest Pine Script changes affecting counter boundaries.