OPEN-SOURCE SCRIPT
Weekly opening targets +-5%

## Summary
This indicator automatically plots key percentage-based price levels above and below the current week's opening price. It is designed to provide traders with a clear map of potential intra-week support, resistance, and target zones based on clean, mathematical levels.
The script is lightweight and focuses on providing a clutter-free visual guide, making it easy to identify significant price areas at a glance.
## Features
Weekly Open Pivot: A central blue line clearly marks the opening price for the current week, acting as the primary baseline for all calculations.
Precise 1% Levels: The indicator calculates and draws horizontal lines at exact 1% increments away from the weekly open, covering a range from +/- 1% up to +/- 5%.
Color-Coded Zones: Levels above the weekly open are colored green (representing potential resistance or target zones), while levels below are colored red (representing potential support).
Real-Time Price Labels: To ensure clarity, clean labels are displayed on the right-hand side of the chart. Each label shows both its percentage deviation and the exact price, updating automatically with the latest data.
## How to Use
This tool is versatile, but here are a few common applications:
Identifying Support & Resistance: The primary use is to watch for price reactions at these calculated levels. A bounce off a lower (red) level could signal support, while a rejection from an upper (green) level could signal resistance.
Setting Profit Targets: The levels serve as excellent, non-subjective price targets. For example, if you enter a long position near the weekly open, the +1% and +2% levels are logical areas to consider taking profit.
Gauging Weekly Momentum: The distance price travels between these levels can help gauge the strength of the weekly trend. Consistently breaking through levels indicates strong momentum, while failing to do so may suggest consolidation.
This indicator is particularly useful for day traders and swing traders who use the weekly open as a key reference point for market sentiment and direction.
This indicator automatically plots key percentage-based price levels above and below the current week's opening price. It is designed to provide traders with a clear map of potential intra-week support, resistance, and target zones based on clean, mathematical levels.
The script is lightweight and focuses on providing a clutter-free visual guide, making it easy to identify significant price areas at a glance.
## Features
Weekly Open Pivot: A central blue line clearly marks the opening price for the current week, acting as the primary baseline for all calculations.
Precise 1% Levels: The indicator calculates and draws horizontal lines at exact 1% increments away from the weekly open, covering a range from +/- 1% up to +/- 5%.
Color-Coded Zones: Levels above the weekly open are colored green (representing potential resistance or target zones), while levels below are colored red (representing potential support).
Real-Time Price Labels: To ensure clarity, clean labels are displayed on the right-hand side of the chart. Each label shows both its percentage deviation and the exact price, updating automatically with the latest data.
## How to Use
This tool is versatile, but here are a few common applications:
Identifying Support & Resistance: The primary use is to watch for price reactions at these calculated levels. A bounce off a lower (red) level could signal support, while a rejection from an upper (green) level could signal resistance.
Setting Profit Targets: The levels serve as excellent, non-subjective price targets. For example, if you enter a long position near the weekly open, the +1% and +2% levels are logical areas to consider taking profit.
Gauging Weekly Momentum: The distance price travels between these levels can help gauge the strength of the weekly trend. Consistently breaking through levels indicates strong momentum, while failing to do so may suggest consolidation.
This indicator is particularly useful for day traders and swing traders who use the weekly open as a key reference point for market sentiment and direction.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.