Dynamic 50% Line [Daily and Weekly Range]

This indicator automatically plots the 50% retracement level (midpoint) of the daily and weekly trading ranges. It helps traders identify key support/resistance zones where price may react, offering insights into potential reversal or continuation areas.

Auction Market Theory & the 50% Level

At its core, this indicator is built on Auction Market Theory (AMT), which views price movement as an ongoing auction process where buyers and sellers compete to establish value. The 50% midpoint represents fair value—the equilibrium where price is most likely to balance before continuing its trend or reversing.

When price deviates too far from this level, it often returns to balance (mean reversion) or accepts new value (breakout). By tracking the daily and weekly 50% lines, traders can:

• Identify high-probability reversal zones (where price may reject fair value).
  
• Spot trend continuation areas (where price accepts higher/lower value).
  
• Align with institutional order flow, as large players often use these levels for execution.
  

This makes the indicator particularly powerful for traders who follow volume profile, order flow, or ICT concepts, as it visually maps the market’s ongoing auction process.

Features:
✅ Automated Daily & Weekly Midpoints – Calculates the 50% level from the high/low of each session.
✅ Customizable Line Styles – Choose between solid, dotted, or dashed lines for better visibility.
✅ Clear Labeling – Optional text labels show "50% Level" or custom text at your preferred position (left, middle, or right).
✅ Flexible Styling – Adjust line colors, thickness, and text size to match your chart theme.

How It Works:

1. Daily 50% Line: Resets at 6 PM NY time (new trading day).
   
2. Weekly 50% Line: Resets on Sunday at 6 PM NY time (new trading week).
   
3. The midpoint is calculated as:
   
4. (High + Low) / 2
   
5. Lines extend 500 bars forward for easy visibility.
   

Why Use This Indicator?
Unlike static Fibonacci tools, this dynamic indicator auto-updates the 50% level as new highs/lows form, saving time and improving accuracy. Whether you trade forex, stocks, or crypto, these levels often act as strong magnets for price action.