This is a simple indicator that aids the trader in being able to visualise each trading day of the week;
Key Features
Weekly Open Line
Daily Open Line
Option for Background Lines
Weekly & Daily Open Lines
Information ℹ️
These are vertical lines that are anchored to the hour of the Weekly Open and the hour of each Daily Candle Open. The settings...
Indicator draws several most important weekly levels on the lower timeframe: last week high/low, halfback, week close and current week open. These levels often act as support/resistance for price movements. Also, they can help to assess week character and control of power.
Indicator can be used on any timeframe, lower than weekly, for any type of instrument,...
Did you know there is a simple line you can place on your chart to immediately make the weeks price action more understandable? Its called the Weekly Open Line. And its the opening price of the trading week. It was created by The Inner Circle Trader (ICT) and incorporates another one of his concepts called Power 3.
The Weekly Power 3 indicator takes the idea of...
This indicator draws key level lines such as daily open, weekly open, monthly open, yearly open, previous daily open, previous weekly open, previous monthly open, previous yearly open, monday daily high and monday daily low to chart. This lines can act either support or resistance but it is just possibility. This lines will help you to find buy and sell places.
My take on Key Levels script that plots:
- Daily Open
- Weekly Open
- Monthly Open
- Day of Week Range (i.e. Monday Range)
- Initial Balance
Open levels are not visible on higher time frames, such as Daily Open is not visible on Weekly Open nor Monthly Open.
Initial Balance is not visible on the following timeframes: 2H, 4H, 6H, 8H, 1D, 1W and 1M. All other time...
Shows static and dynamic levels which can act as support/resistance. These are important as there is a lot of users who are interested in buying/selling at these prices.
Static Levels include -
Daily/Weekly/Monthly/Yearly Open (changes color depending on if below or above price)
Previous Daily/Weekly/Monthly/Yearly Open
Previous day's High/Low
Dynamic Levels...
This script plots the current daily, weekly and monthly opens (all enabled by default).
Here are some additional info about the drawing behavior:
Daily open is shown only on intraday timeframes
Weekly open is shown only on timeframes < weekly
Monthly open is shown only on timeframes < monthly
I modify existing scripts about Daily High/Low, Daily Open, Previous Daily Close, etc.
Daily High = red color
Daily Low = green color
Daily Mid = blue color
Daily Open = purple color
Previous Daily Close = black color
