PreviousDayHLEQ

3 giorni fa

NQ1!

• Indicator Overview: The "PreviousDayHLEQ" indicator is an essential tool for traders employing Inner Circle Trader (ICT) methodologies, designed to plot the High (H), Low (L), Equilibrium (EQ, the midpoint between high and low), and Optimal Trade Entry (OTE) levels at 61.8%, 70%, and 79% of the previous trading day's range. It provides a clear visual reference for potential support, resistance, and entry zones based on the prior day's price action, helping traders anticipate continuations or reversals in the current day. This indicator stands out by incorporating directional OTE auto-detection, adjusting levels based on whether the previous day formed a new high or low relative to the day before, offering insights into market bias without manual recalculation.
  

• Core Functionality: It tracks and displays the previous day's high and low, calculating the EQ as the average for balance points, and OTE levels as percentage retracements of the range. The script uses a user-defined trading day definition (with timezone support) to accurately capture the day's extremes, ensuring alignment with global market sessions. This core setup allows traders to quickly identify key ICT levels like fair value gaps or liquidity pools from the prior day.
  

• Unique OTE Auto Detection: One of the indicator's most innovative features is its automatic detection of OTE direction. If the previous day made a new high compared to the day before, OTE levels are calculated downward from the high to the low (bearish bias), highlighting potential short entries. Conversely, a new low triggers upward OTE levels from the low to the high (bullish bias), signaling long opportunities. This auto-detection is unique, as it dynamically adapts to historical price expansion without user input, a capability not found in standard previous day indicators that typically use fixed directions. It empowers ICT traders to gauge carry-over momentum from the prior day, such as in scenarios where a bullish expansion suggests buying dips to the 61.8% level. [screenshot link demonstrating OTE auto-detection shifting to bearish bias after a new high, with levels at 61.8%, 70%, and 79% clearly labeled]
  
• Directional Bias Indication: Beyond plotting levels, the OTE calculation inherently indicates the previous day's bias (expansion upward or downward), providing context for current day trades. This unique bias detection helps traders align with market structure, e.g., favoring shorts if OTE is downward-oriented, enhancing decision-making in ICT frameworks like order block identification.
  

• Left-Side Trimming Innovation: The indicator includes a highly unique left-side trimming option, allowing users to restrict the historical extension of lines to a specified number of bars (e.g., the last 8 bars). This reduces visual clutter on charts with long history, focusing attention on recent and relevant price action—a feature rarely seen in previous day indicators, where lines often span the entire chart and obscure current developments. Traders can toggle trimming on/off and adjust the bar count, making it ideal for clean, professional setups.
  

• Customization and Visual Controls: Users can fully customize line colors (separate for high, low, EQ, and each OTE level), styles (solid, dashed, dotted), and label properties (text color, background color, transparency, size). This level of granularity ensures the indicator fits any chart theme or strategy, with options to enable/disable individual elements like EQ or OTE for minimalistic views. The stick-right label option keeps labels visible as the chart updates, preventing overlap. [screenshot link showing customized colors and styles for high (blue dashed), low (red solid), EQ (green dotted), and OTE levels (purple, orange, teal)]
  
• Auto-Deletion at Trading Day End: Levels can be automatically cleared at the indicator's calculated market close (17:00 NY time), a unique feature that prevents accumulation of outdated data, keeping the chart fresh for the next day. This is particularly useful for day traders who reset their setups daily.
  

• No External Dependencies: The indicator operates solely on chart price data using built-in Pine Script functions, ensuring reliability and compatibility without needing additional libraries or internet access.
  

How It Works

• Previous Day Data Capture: The script identifies the previous trading day using the user-defined timezone and calculates high, low, EQ, and OTE levels based on that day's range.
  
• OTE Calculation: Levels are computed as percentages of the range, with auto-detection switching direction if a new high/low was made relative to the day before.
  
• Drawing and Trimming: Lines are plotted with user-set padding for extension, and trimming cuts the left side to focus on current action.
  
• Update Mechanism: Levels update in real-time as the previous day's data is fixed, but the script refreshes on chart reloads or new days.
  
• Deletion Logic: At market close, if auto-delete is enabled, all elements are removed to prepare for the next cycle.
  

Uniqueness and Innovation

Session OTE Auto Detection: Automatically determines OTE direction based on previous day's high/low expansion, a rare feature that provides bias insights not available in basic previous day high/low indicators, aiding ICT traders in identifying entry zones with market context.

• Left-Side Trimming: This innovation allows customizable historical line length, solving chart clutter issues unique to previous day indicators that typically show full history, enhancing usability for live trading.
  
• Directional OTE with Multi-Level Support: Combines auto-bias detection with three OTE percentages (61.8%, 70%, 79%), offering more granular entry options than single-level tools, tailored for ICT's focus on range retracements.
  
• Independent Customization per Element: Separate controls for high, low, EQ, and OTE colors/styles, plus transparency and size, provide unmatched flexibility compared to rigid indicators.
  
• Auto-Deletion for Cleanliness: Unique cleanup at market close prevents level buildup, a practical feature for multi-day analysis not commonly implemented in similar tools.
  

How to Use It

• Setup: Add to chart, configure timezone (e.g., "America/New_York"), and enable the indicator.
  
• Customization: Adjust line colors (e.g., blue for high), styles (dashed for OTE), and enable trimming (8 bars for focus).
  
• Interpretation: Use OTE for entries (e.g., buy at 61.8% in bullish bias); EQ for reversion.
  
• Tips: Test on historical data; combine with ICT concepts like CISD, FVG etc.
  

This indicator elevates ICT trading with its auto-detection and trimming. Use with risk management; trading carries risk

3 giorni fa

Note di rilascio

Updated Derived Settings

3 giorni fa

Note di rilascio

Adjusted Display to show indicator at the top left