TRADING MADE SIMPLEThis indicator shows market structure. The standard method of using Williams Highs and Lows as pivots, is something of an approximation.
What's original here is that we follow rules to confirm Local Highs and Local Lows, and strictly enforce that a Low can only follow a confirmed High and vice-versa.
-- Highs and Lows
To confirm a candle as a Local High, you need a later candle to Close below its Low. To confirm a Local Low, you need a Close above its High.
A Low can only follow a High (after it's been confirmed). You can't go e.g High, High, Low, Low, only High, Low, High, Low.
When price makes Higher Highs and Higher Lows, market structure is said to be bullish. When price makes Lower Lows and Lower Highs, it's bearish.
I've defined the in-between Highs and Lows as "Ranging", meaning, neutral. They could be trend continuation or reversal.
-- Bullish/Bearish Breaks
A Bullish break in market structure is when the Close of the current candle goes higher than the previous confirmed Local High.
A Bearish Break is when the Close of the current candle goes lower than the most recent confirmed Local Low.
I chose to use Close rather than High to reduce edge case weirdness. The breaking candle often ends up being a big one, thus the close of that candle can be a poor entry.
You can get live warnings by setting the alert to Options: Only Once, because during a candle, the current price is taken as the Close.
Breaks are like early warnings of a change in market bias, because you're not waiting for a High or Low to be formed and confirmed.
Buy The Dip / Sell The Rally
Buy The Dip is a label I gave to the first Higher Low in a bullish market structure. Sell The Rally is the first Lower High in a bearish market structure.
These *might* be good buying/selling opportunities, but you still need to do your own analysis to confirm that.
== USAGE ==
The point of knowing market structure is so you don't make bullish bets in a bearish market and vice versa -
or if you do at least you're aware that that's what you're doing, and hopefully have some overwhelmingly good reason to do so.
These are not signals to be traded on their own. You still need a trade thesis. Use with support & resistance and your other favourite indicators.
Works on any market on any timeframe. Be aware that market structure will be different on different timeframes.
IMPORTANT: If you're not seeing what you expect, check your settings and re-read this entire description carefully. Confirming Highs and Lows can get deceptively complex.
Levels
[DisDev] Level by LevelThis indicator's main objective is to provide you with the ability to chose the levels you are interested in , with the added functions of:
Level-by-Level Chart Reducer – This allows you to choose how many levels are above and below the current closing price to display.
Level-by-Level Table – This allows you to display all the levels within a table onto the chart.
The basis of this indicator is to provide you with a toolbox of levels that you can add to your trading plans.
Psychological Levels
A weekly range established each Saturday evening that can be thought of as a weekly "IB" or initial balance.
Average Daily Range ("ADR") & Average Weekly Range ("AWR")
In Forex, the International Monetary Fund ("IMF") controls the allowable weekly swings of a currency's price. The "AWR" and "ADR" perform calculations and dynamically adjust until the range is exceeded, at which time the levels will lock into place for the remainder of the day or week. The accepted theory is that price (even in Stocks and Crypto) will adhere to and remain within these levels, and, if exceeded, will revert back to them.
Initial Balance ("IB")
In Crypto trading, it is generally accepted that the High and Low of the first hour of each day (00:00 - 01:00 UTC) is the Initial Balance . The IB generally thought of as a zone that sets the tone for the rest of the trading session. It is often a time of high volume and volatility, with Stop Hunts at the highs and lows of a range before price moves in one direction or the other. The IB is a Market Profile concept introduced by Peter Steidlmayer. There is plenty of information on the Internet to learn more about IB's and how to implement them -- please do your own research.
Daily Open
Since Crypto is traded 24 hours per day, the generally accepted open is 00:00 UTC, the Tokyo open. Please refer to Part 1 for more details on sessions, starting times, conversions, and Daylight Savings Time.
Volume Weighted Average Price (VWAP's)
VWAPs are important areas on a chart. Institutional traders generally do not want to move price too far as they enter large buy or sell orders. So they wait for price to reach a tight zone around the VWAP where the majority of transactions occur on the Daily, Weekly, or Monthly timeframes. In these areas, there will be plenty of supply and demand for the institutional trader to execute their trades.
Weekly Open
The weekly open is Monday at 00:00 UTC.
Pivot Points (Support & Resistance)
This indicator calculates pivot levels based on a tested formula that calculates past and subsequent bars or candles. It displays the two closest to price pivot levels. The pivot formula takes a window of left bars and right bars, and then finds the highest or lowest value in that window. The window marches across the bar-set to discover the pivots.
We coded the script to label the levels and colors dynamically, either Support (Green) or Resistance (Red), depending on whether they are above or below price. The primary level line stays with the same color scheme:
Blue = Daily / Yellow = Weekly / Violet = Monthly
As price crosses the level:
1 - The label will switch from Support to Resistance and Resistance to Support
2 - The extender line will switch from Green to Red and Red to Green
3 - The same changes will take place in the Level-by-Level Coordinates Table
A Note on Levels and Data
Understanding How Data is Calculated and Presented
Calculating levels requires going back in time through a symbol or asset’s historical data. Time is measured by bars (candles), so depending on the chart's resolution (timeframe or TF) you are viewing, a different number of bars would be required to measure the same level.
For example, if we want to mark the Daily High and Low on the daily TF, we would be measuring 1 bar or candle. If we drop down to the 1-hour TF, we would need to measure 24 bars. For the 15-Minute TF it would be 96 bars (1hr/15min=4 bars per/hour and 4 x 24 = 96), and on the 1-Min TF, it requires 1,440 bars (1hr=60 Min and 6 x 24 = 1,440).
Hopefully, you get the idea and can see that the number of bars required increases exponentially as we move to weekly, monthly, and yearly levels.
TradingView Data
Please note this statement from TradingView's website:
"The length of historical data for any intraday interval (i.e. chart timeframe) is 5,000 bars/candles (for Pro and Pro+ account holders it is doubled to 10,000 bars/candles and for Premium holders it's quadrupled to 20,000) + additionally several bars/candles back to the beginning of the week, month or year (depending on the resolution). Unfortunately, this limit cannot be extended for now due to technical reasons. At lower resolutions (<30Min) Yearly and Monthly VWAPs may not show, but to overcome this issue the “Plot Save” function has been added to the settings to allow the user to manually input these levels. This concept is the same for Daily, Weekly, and Monthly pivots.
If you change the chart interval to daily or daily-based, you will see a longer date range. We display all available data for daily-based intervals."
How we Handled Data Limitations
The Plot Level Feature in the Level by Level Indicator
We have written this script to always show levels at the lowest time frame allowable by TradingView.
If you do not see specific Support or Resistance levels, switch to a higher time frame, enter the corresponding values in the provided fields on the input panel, and check the Plot box. This will hard code the level in and will print on any TF. Additionally, we coded it so that when the Plot feature is enacted, the calculated level will be disabled so that there are no overlaps of two levels being printed.
Legend
The logic behind the line styles:
Solid = Static or established
Dashed = Static but previous week or day
Dotted = Dynamic or still developing -- will turn solid once the values are locked in
*VWAPs would technically be a dotted line since they are fluid, however, TV does not handle the dots or dashes of a curved line well so we chose to keep this solid
Level-by-Level Table
We designed this table to provide the user with a view of the levels in the correct price sequence on the chart at all times since, depending on the resolution and zoom levels, it would typically not be possible. The levels are equidistant and do not align with the actual price.
The current price will move vertically through the table according to the actual price and its relative position to the other various levels. The levels will change price and line styles dynamically as well.
The current price rectangle and the border can be in sync with High Volume Candle colors to draw more attention to the chart during climatic volume events.
Settings & Options - Levels & Labels
Levels will show a faint line through price to the point of origin.
Labels will show a brighter line extended to the right of price.
The values (10, 20, 30) are the length of the extensions; they are staggered to avoid overlaps.
Settings & Options - Level Reducer
The Level Reducer gives you the ability to declutter your chart, but still have the indicator track all the selected levels.
With four Lines selected, for example, the indicator will give you the nearest four lines above price and the nearest four below price. The Table runs independently of the chart, so if you want to see eight levels as an example, the Table will show eight above and eight below price.
As the current price changes, the lines will dynamically change accordingly.
Distance from EMA LevelsDisplay up to 4 distance from EMA levels, by default it's based on the 5m timeframe.
[BFR] Naked LevelsDetects significant naked levels(Levels that have not been touched since the candle closed) and draws them on chart. These provide excellent profit targets and often reversal levels.
Roadmap:
✅ Candle open
☑ Point of control
☑ Multiple timeframes
☑ Something else? Leave a comment.
Jigga - Survival LevelHi All !!
Its always the case that we buy a stock and it starts falling !! What a new investor will do is to add few more on downfall and then few more until they stuck all their case to same falling stock.
I thought to create a level which can help long term investor on when to buy and sell.
Logic:
I have used multiple indicators logic all into one and find out when majority of them are showing positive sign.
Green /Red line will be shown when majority are in positive / negative territory.
Buy and sell signal will be generated based on this line only.
Note:
Use this on Weekly chart on good fundamental stock for long term investment.
Session Levels - Ultimate Range IndicatorSession Levels - Ultimate Range Indicator
Primarily developed for trading the E-MINI Futures Markets like NQ or ES from the CME Group,
but also more than suitable for Crypto or other instruments.
This indicator highlights the chosen session, which can be Globex, Asian, London and New York.
It plots the important levels and also renders the Opening Range as it forms (a.k.a. Initial Balance).
After the 1st hour Opening Range is finished, it can plot the Standard Deviations / Projections.
See below for a complete feature list.
All Opening Ranges on chart and for the New York session the Range Projections are turned on:
s3.tradingview.com
How to use (example):
If you are trading the Nasdaq Futures (NQ!)
Enable the Globex Overnight session. Basically in the Futures Market, the Globex session is everything outside of US trading hours of Stocks. This draws the important overnight levels, like the Low, 25%, 50%, 75% and the High.
Enable the New York Session with Levels and Opening Range. Generally, 70% of the time the 1st hour will put a Low or High of the day.
If the price is trading above the Globex Low, most likely the Low of the Day is formed and the price target for the day will be 1.5x Standard Deviation and 2x Standard Deviation.
[*} Deviation of the Initial Balance depends on the volume ad overall market structure.
** This is not financial advice or any guarantee **
Features:
Show each Session Highlighted on Intraday chart in it's own color (each session can be turned off and has customizable times and color)
Show Line Levels of each session: Low, 25%, 50%, 75% and the High (customizable color)
Show the Opening Range (Initial Balance) of the Asian, London and New York session. Note: NY has more options.
Opening Range is displayed as a box with level lines (customizable color)
Levels are drawn to the end of the NY Cash session (customizable time)
Show IB Standard Deviations 0.5 - 3.0. Calculated from the Opening Range (Initial Balance)
Option to display Higher Timeframe levels: Previous Day Open/Close and Previous Week Open/Close
All level lines and OR boxes size dynamically as the session progresses
Built in Alerts for when price hits key levels. e.g. Alert when price crosses the NY Opening Range High. Or an Alert when the first STDEV is hit.
Option to toggle display of drawings for Today's trading session only, or Show all recent session levels. This keeps the chart clean or not.
Extras:
The NY Opening Range also has a 50% level line
The NY Opening Bar can be highlighted separately
The Level Lines can have small labels turned on/off. Values are only shown on mouse over to keep a clean chart
Keep in mind:
1) This indicator works on all instruments, but on instruments with limited market hours, your chart setting
has to be set to "Extended Hours" otherwise. For example TSLA on NASDAQ.
2) The Exchange Time Zone for the CME Group is Chicago UTC-6. So the session times you configure in the settings menu are based on that timezone too.
3) Globex opens at 5pm CST and closes when the US session starts 8:30CST.
4) When enabling the Alerts in the Indicator settings, be sure to also create an alarm for this indicator using the Alarm function of Tradingview.
Litt Institutional LevelsThe Litt Institutional Levels Indicator plots previous time periods Highs, Lows, and Closes. Institutions track these levels and will use them as support and resistance to enter and exit their positions. Not every algorithm is a machine-learning wizard. Institutions still use these relatively simple levels to conduct their trades. The best way to use The Litt Institutional Levels Indicator is to find overlapping levels. These areas or lines are called confluence levels and will act as a stronger level than a single line.
For the labeling.
1. Y stands for Yesterday
2. L stands for Last.
3. H stands for High
4. Low stands for Low
5. C stand for Close
For example, LMC would equal Last Months Close.
LQH, would equal Last Quarters High.
YL, would equal Yesterdays Low.")
Key Levels Importer (blockFlow)Introduction
This script was inspired by the Chart Champions team who generously share the key levels that they are monitoring with the group.
It provides a way for TradingView users to import the levels from a text file (known as the “dataset”) which can also be shared with the community.
The script will plot the levels with different colours depending on whether they are daily, weekly, monthly. volume or fibs.
It will also calculate and draw the high/low for the previous day.
The dataset
The format for the dataset is as follows:
:=::
The type value can be:
D - Daily level
W - Weekly level
M- Monthly level
V - Volume level (eg. VAH, POC, VAL)
F - Fib level
Alternatively you can use freeform text for the type but it may not be colour-coded as you wish
Note, lines and fields without an “=“ are ignored.
Example dataset
:#BTCUSD
:
:---------------------------
:Daily levels
:---------------------------
:
:D=57220:
:D=47724:
:D=40711:
:D=38190:
:D=29775.5:
:
:---------------------------
:Weekly levels
:---------------------------
:
:W=65560.5:
:W=50776:
:W=43190:
:W=31773:
:
:---------------------------
:Monthly levels
:---------------------------
:
:M=61421.5:
:M=43800:
:M=35027:
:
:---------------------------
:Fib levels MTF/HTF
:---------------------------
:
:F=59693.5:
:F=58521.5:
:F=44180.5:
:F=42481.5:
:F=28773:
:F=25984:
:
:---------------------------
:Other levels
:---------------------------
:
:nPOC=47980.5:
:nPOC=48340:
:Global_VAH=63775:
:Global_POC=57364.5:
:Global_VAL=40217:
:MTF_POC=47174:
:MTF_POC=34125.5:
How to import the dataset
It is recommended to create the dataset with a text editor.
To import it:
Open the indicator settings
Click the ‘Import Dataset’ field, press Control-A and Delete to clear out the contents
Copy/paste the dataset into the field
Click Ok
Additional settings
You can choose the line colour for each type of level
Show imported datarows - Check this box to displays the imported dataset values in tabular format on the bottom-left of the chart
Show yellow dots - Show yellow diamonds when price touches a level - see alerting below.
Hide levels > N% from current price - Levels more than 20% away from the current price will be hidden if this box is checked. The percentage value can be changed.
Alerting
The script can raise alerts when the price touches any of the levels.
This is visually represented on the chart by a yellow dot when the "show yellow dots option" is checked.
To avoid duplicate alerts when price repeatedly touches the level, the following criteria must be satisfied before an alert is raised (or a yellow dot printed).
1) Price first touches the level (open,high,low or close)
2) Price did not touch the level in the previous 10 candles
OVER RX (RSI lines) [RalphMark]Você agora pode enxergar quando o ativo atinge sobrecompra (70) ou sobrevenda (30) no RSI.
As barras coloridas ajudam você a identificar um toque.
Percentage Levels by TimeframePlots the positive and negative percentage levels from a selection of timeframes and sources for any ticker. You can use this within a pullback trading system. For example, if you historically look at the average pullback of large cap stocks and ETF's, you can use this indicator to plot the levels it could pullback to for an entry to go long. It can be used as potential targets when trading a ticker short. Another use for this is to backtest the set percentage targets using TradingView's bar replay feature to see how ETF's and large cap stocks have reacted at these levels. Note: This is intended to be used at timeframes equal to higher than the chart's as it may cause re-painting issues.
Currently percentage levels are statically set to 1, 3, 5, 10, 15, 20, 25, and 30% levels above and below the chosen source (open, high, low, close). You can also display the data based on timeframes from Daily (1D) all the way up to Yearly (12M)
*Not financial advice but in my opinion the current percentage levels set (see above) are best used for ETF's and Large Cap Stocks.
Jan 2
Release Notes: Added the ability to select the historical bars to look back when plotting levels
Jan 2
Release Notes: To get a better display or proper resolution on your charts, change the view settings to "Scale Price Chart Only"
Jan 2
Release Notes: To add % labels for this indicator on the price axis, change your chart settings to include "Indicator Name Label" & "Indicator Last Value". You can find this under the Label section after hitting the gear icon in the bottom right of your chart.
Jan 2
Release Notes: Added: Custom Line Plot Extension Settings. Ideally both values should be equal to display optimal extended lines. To return to a base setting: '1' = Historical Lookback & '0' = Offset Lines. Also note this is dependent on the timeframe you are viewing on the chart.
Jan 2
Release Notes: Removed indicator from example chart that was not needed.
Jan 2
Release Notes: Updated some comments in the Pine Script
Jan 2
Release Notes: Update: Added commentary and instructions in the indicator settings to address recommended line plot settings for Stocks/ETF's vs Futures
Jan 2
Release Notes: Changed title from "Calculation Method" to "Calculation Source"
Jan 4 2021
Normal use of security() dictates that it only be used at timeframes equal to or higher than the chart's as it may cause re-painting
Impulse levelsThe indicator detects impulses based on an increase in ATR and volume, and also plots levels based on these impulses.
SD Lines for options [Nischay]Annual volatility is found from the NSE website in derivative section, select appropriate annualized volatility for selected instrument.
Nischay Rana
Spartan Trade Master 1.0Dear Traders/investors,
Make use of the Trade setup for intraday/Scalping/Swing Trading using Pivot Points , Along with CPR , EMA And Zone confirmation.
Advantages and Top Features:
-> CPR
-> Camarilla and standard Pivot Points
-> 20/50/100/200 EMA
-> Boring Candle
-> Next Day CPR & Camarilla
-> Multi Timeframe Analysis Using single chart
-> Previous Day High And Low
-> Supply and Demand Zones Based on Timeframes
How to Use?
Camarilla Trade Setup:
Green Zone: Reversal Buy Zone
Red Zone: Reversal Sell Zone
CPR Trade Setup:
1. Narrow CPR indicates Trending market
2. Wide CPR indicates sideways market
CPR + Camarilla confirmation:
Whenever there is a Narrow CPR we need to look for Breakout Trades.
Whenever there is a Wide CPR we need to look for Reversal Trade.
EMA : Exponential moving average tries to reduce confusion and noise of everyday price action.
Boring candle: Helps to identify any explosive or non-explosive moves, during marking of demand and supply zones.
Kamek CC Magic v1.2This indicator has been created to automatically find the sweet spot for two fib levels. 0.618 & 0.66
- Using 3 Time Frame pivot points for fibs
- Each Time Frame pivot has fib retracement levels with customizable levels
- dynamic pivot left and right lookback period to adjust the lag in the higher highs and lower lows
Note: You need to have the chart time frame on the lowest fib time frame.
Recommended to use for scalping
0.618 & 0.66 for each Time frame.
1hr, 4hr, 1day
Recommended to use for Swing
0.618 & 0.68 for each Time frame.
4hr, 1day, 3day
but you can still use your own strategy using 4 fib levels.
The idea is based on the course material from Chart Champions
Its recommended using S&R levels or session volume to confirm entry or exit
Multi Oscillators Price LevelsThis script draws price levels corresponding to the highest price reached in overbought situations, and the lowest price reached in oversold situations, depending on the oscillator and the timeframe the user has configured.
These levels correspond, most of time, to good supports and resistances prices.
Price levels drawings can be based on the following indicators:
Stochastic RSI (default)
Stochastic CCI
RSI
CCI
You can customize this indicator with the following options:
Source: The candle source to use in indicators calculation
Source Indicator: The indicator on which you cant to base your levels
Timeframe: The timeframe on which you want to apply the selected indicator, and calculate levels
Show supports/resistances: enable/disable price levels, depending on there status (overbought - resistances) / (oversold - supports)
Lines width: width of price levels. (set to 10 by default in order to draw "zones")
Supports/Resistances source: Select the candle data you cant to use to draw supports and resistances levels
Extend levels: Select the line extension for price levels
Levels color: Select the desired color for price levels
And of course , all parameters corresponding to the supported indicators (Stoch, RSI, CCI)
Here are a few examples of different configurations:
This script will probably be modified in the future, don't hesitate to suggest any improvement.
QF LevelsQF LEVELS is an Indicator that displays various Levels and Session Ranges .
Daily / Weekly / Monthly / Quarterly / Yearly - Open levels
Previous DWMQY - Open levels
Monday - High / Mid / Low - Levels
Intraday (4H) Levels
London / New York / Asian - Sessions
Automatic Coloring based on Support / Resistance
Full Color Customization
Themes coming in next update
Bank Zones #PipGangHello Traders,
If you trade Forex and Indices this indicator will help you identify Buying and Selling levels that Banks are interested in. These levels are displayed on all time frames. Colors of the lines can be customized.
I also added code to show two EMA's, just uncomment the code to show them. :-)
How to use this indicator.
Show Bank Zones - this will enable/disable horizonal lines on the chart.
Price - enter bank zone price.
Increment By - plots three horizonal lines in pips above and below bank zone price.
Note: Decimal placement is KEY, this may vary by symbol.
Sample Settings:
US30USD
Price 35600.0
IncrementBy 50 (equals 50 pips)
XAUUSD
Price 1850.000
IncrementBy 5 (equals 50 pips)
GBPJPY
Price 152.500
IncrementBy .5 (equals 50 pips)
GBPUSD
Price 1.34100
IncrementBy .005 (equals 50 pips)
No Duplicates Interval Range & EQGenerates Range & EQ levels and removes duplicates. Prioritizes by higher timeframe for duplicates. For example, on Monday's open, weekly open is displayed while daily open is hidden automatically.
[MF] Auto Fibonacci LevelsDescription:
Automatically draw Fibonacci Pivot levels based on the previous (day's, week's or month's)
Range ( High-Low ). The HLC3 is used as the default Pivot level.
Unlike the "Auto Fibonacci Levels", this variation does not update
Levels on current day even if the price goes past the R3/S3 levels.
Timeframes: 1D, 1W, 1M
Range = (High - Low) - From previous Day, Week or month.
FIB LEVELS:
- Yellow = Pivot and Pivot Zone (HLC3 by default)
- red = R1,S1 Levels 0.236 * Range
- Green = R2,S2 Levels 0.368 * Range
- Lime = R3,S3 Levels 0.618 * Range
- Blue = R4,S4 Levels 0.786 * Range
- Gray = R5,S5 Levels 1.000 * Range
- Lime = R6,S6 Levels 1.236 * Range
- Red = R7,S7 Levels 1.382 * Range
- Blue = R8,S8 Levels 1.618 * Range
- Green = R9,S9 Levels 2.000 * Range
CLASSIC LEVELS:
- Yellow = Pivot and Pivot Zone (HLC3)
- Green = R1,S1 Levels (Pivot*2 - Low), (Pivot*2 - High)
- Lime = R2,S2 Levels ( Pivot + Range), ( Pivot - Range)
- Lime = R3,S3 Levels (High + 2*( Pivot - Low)), (Low - 2*(High - Pivot ))
- Blue = R4,S4 Levels (High + 3*( Pivot - Low)), (Low - 3*(High - Pivot ))
Refrences:
- Auto Daily Fib Levels R3.0 by JustUncleL
- Auto Fib by TheYangGuizi
- Monthly Dynamic Range Levels (Fibonaci) V0 by RicardoSantos
Modifications:
- Added next FIB Levels. (changes during the current cycle)
- Added FIB 0.236 Levels
- Added Option to change the colors of the Fib Levels
- Changed Default colors to the colors of Tradingview
- Upgraded to Version4 Pinescript
Volume MA * Fibo levelsIn the scrypt above, the SMA of Volume is taken as a basis and the Fibonacci levels are calculated.
This can be useful for analyzing the trend in accordance with changes in volume.
Any feedback is appreciated!
Good luck with your trading!
Market Sessions Open/Close LevelsThis indicator displays the market open and close price levels for the main trading sessions (Sydney, Tokyo, Frankfurt, London and New York). The Daily Line changes color depending on if price is trading above or below the level. Feel free to add or replace levels depending on your trading style and trading times.
Levels High LowEnglish:
Indicator for quickly identifying support and resistance levels. It is possible to use the parameter of the length of the upper and lower levels. The larger it is, the stronger the levels of the levels. The smaller it is, the less strong the levels are. It is possible to go back and turn off labels and lines. By default, the labels and lines are scale, and the length is 20.
Русский:
Индикатор предназначен для быстрого определения уровней поддержки и сопротивления. Есть возможность изменять параметр длинны верхних уровней и нижних. Чем он больше, тем более сильные уровни отображаются. Чем он меньше, тем менее сильные уровни отображаются. Есть возможность включать и отключать метки и линии. По умолчанию метки и линии отображаются, а длинна равна 20.
High Low Open Mid Ranges & Levels (Multi-Timeframe)This indicator automatically plots the chosen timeframe's high, low, mid point and open. These levels on higher timeframes act as support and resistance levels on lower timeframes, helping find entries, stoploss and profit targets.
Most common timeframes to choose are Daily, 1W, 1M, and 3M. Other timeframes that are good include, 2D, 2W and 2M.
For example, you can see in the snapshot below, we are on the 4hr TF showing those levels from the 2W. This historical 2W zone (open and mid) was (and currently still is) resistance. You can see it also provided a good entry to go short.
This is also useful for intraday scalping. Below, we are on the 15min TF with levels set on the 2D timeframe. You can see how the Open and Mid levels acted as resistance, providing good entries on range trades, with take profit set at the previous 2D low.
There is also a table which tells you all the main TFs high, low, open, and mid levels. They are the most important ones to look out for.
This indicator should not be used in isolation; it is best to pair it up with other TA such as orderblocks, S/D zones, S&R or overlay indicators.
