The Daily Range Support & Resistance Levels is an advanced analytical tool designed to assess daily price movements and provide potential support and resistance levels.
This tool examines the average daily price fluctuations over the past 150 trading days, and creates support and resistance levels based on the opening price.
The indicator also considers a standard deviation multiplier.
This enables traders and investors to identify potential price zones.
The support and resistance levels are dynamically updated every day.
Users can also choose to view previous daily levels as well.
Customizable settings for this tool include: -Averaging Period: Adjust the number of days to calculate the average daily range. -Standard Deviation Multiplier: Modify the standard deviation multiplier to fine-tune the sensitivity of the support and resistance levels. A higher multiplier will result in wider levels, accommodating higher price fluctuations. -Toggle Support & Resistance Prices: Easily switch on or off the display of support and resistance price levels. -Show Daily Open Line: Display the daily opening price as a reference point on the chart. -Show Previous Levels: Choose whether to display past daily support and resistance levels.
Note: this indicator works best on 5 or 15 minute charts.
Give this indicator a BOOST and COMMENT your thoughts!
Thanks for the script. As I said before in the Weekly Range Support & Resistance Levels [QuantVue] script, I would appreciate it if you could publish the monthly (also quarterly) version of it.