Monday Range (Lines)

26 mar 2021

Display the Monday Range (High, Low and Midpoint) as lines

28 ago 2022

Note di rilascio

(feat): Allow toggling lines extents to end of week or number of bars
(chore): Pinescript v5

6 gen

Note di rilascio

Monday Range (Lines)

The Monday Range (Lines) indicator is a versatile and customisable tool designed to help traders identify key market dynamics and potential trading opportunities. By plotting the high and low levels of each Monday, this indicator provides a framework for understanding price behaviour throughout the week. Whether you're looking to catch reversals, confirm continuations, or simply assess if the market is trending or ranging, this indicator offers valuable insights.

To enhance its utility, the Monday Range (Lines) also includes settings to add horizontal lines at selected levels such as 25%, 50%, and 75% of the range, allowing traders to gauge intraday movements and potential reaction points with greater precision. Every aspect of the indicator is fully customisable, from the line styles to the colours, enabling you to tailor it perfectly to your trading style and chart aesthetic.

KEY FEATURES AND HOW TO USE

* Monday Range (Lines)

Once added to the chart, the indicator will plot the high, low and 50% of Monday's trading range. This can be used throughout the week to identify potential trading opportunities. You will notice that price can react from these levels or simply allow you to assess market conditions.

You can now customise indicator features as desired.

https://www.tradingview.com/x/kxoHY4Xc/

https://www.tradingview.com/x/AfJI4XJE/


* Set levels

You can customise the horizontal lines displayed such as the labels, size, style and colour or add new levels. To add a new level, check the associated checkbox, add a label and the level as a decimal percentage of the range. eg 50% as 0.5, 0.382 for 38.2%, -0.25 for -25% or 1.25 for 125% (+25%)

https://www.tradingview.com/x/Rb2O9162/

https://www.tradingview.com/x/pYU2NJM6/


* Works on crypto markets!

Monday Range (Lines) can be used on markets open 24/7 too by setting the "What day of the week does the market open?" setting to "Monday"

https://www.tradingview.com/x/uljS7bzL/


* Too many ranges?

Just reduce the "Number of weeks of ranges to display" setting down from the default as necessary.