Previous Day High and Low + Separators Daily/Weekly RTH

14 godzin temu

Description:
This script displays the high and low points from the previous trading day along with daily and weekly separators. It is designed to help traders quickly identify critical price levels and session breaks, which can provide insights into support and resistance zones based on past trading behavior.

Functionality and Usage
Previous Day High/Low: This indicator captures and marks the high and low of the previous day’s regular trading hours (RTH) and extends these lines into the current trading day. This allows traders to monitor how current prices interact with these previous levels, which often serve as key areas of support and resistance.
Daily/Weekly Separators:
Daily Separator: Marks the start of each new trading day with a vertical line. Users can customize the line color, width, and style (solid or dotted). The script also places labels showing the day of the week and date at the bottom of each separator for better readability.
Weekly Separator: Marks the start of each new trading week with a distinct vertical line to help traders quickly identify weekly sessions and evaluate price trends or consolidations over the week.
This indicator allows customization of colors and styles for the daily and weekly separators, as well as the previous day's high and low lines. It plots on a clean chart to avoid clutter and ensure clarity for quick reference and trading analysis.

Technical Specifications
Regular Trading Hours (RTH) Customization: The script includes adjustable RTH start and end times. The default values are set to 9:30 AM and 4:00 PM (local time).
UTC Offset: Traders can set a UTC offset to adapt the script to different time zones for accuracy in marking session changes.
Pivot Levels: This indicator automatically adjusts the pivot levels based on the chart’s timeframe, providing contextually relevant levels for intraday, daily, or weekly use.
Limitations and Considerations
Intended for Daily and Intraday Analysis: This script is best suited for daily and intraday trading due to its focus on previous day/session highs and lows. It may be less relevant for longer-term strategies.
Static Reference Lines: The previous day's high and low lines are static references, designed to remain at their initial values and only update at the start of a new day. The lines are not predictive and should be used alongside other indicators or strategies.
This script provides essential market structure information without replicating other public domain indicators. It uses clearly defined, original logic and avoids lookahead functions or unsupported data accesses. The combination of previous high/low levels and separators offers traders a straightforward yet powerful tool for tracking important price zones.