OPEN-SOURCE SCRIPT
Full Day Midpoint Line with Dynamic StdDev Bands (ETH & RTH)

A Pine Script indicator designed to plot a midpoint line based on the high and low prices of a user-defined trading session (typically Extended Trading Hours, ETH) and to add dynamic standard deviation (StdDev) bands around this midpoint.
Session Midpoint Line:
Interpretation:
Dynamic StdDev Bands:
Interpretation:
Trend Identification:
Support/Resistance Trading:
Breakout/Breakdown Strategies:
Volatility Assessment:
The "Full Day Midpoint Line with Dynamic StdDev Bands" is a versatile and visually intuitive indicator well-suited for day traders focusing on session-specific price action. Its dynamic midpoint and volatility-adjusted bands provide valuable insights into support, resistance, and potential reversals or breakouts.
Session Midpoint Line:
- The midpoint is calculated as the average of the session's highest high and lowest low during the defined ETH period (e.g., 4:00 AM to 8:00 PM).
- This line represents a central tendency or "fair value" for the session, similar to a pivot point or volume-weighted average price (VWAP) anchor.
Interpretation:
- Prices above the midpoint suggest bullish sentiment, while prices below indicate bearish sentiment.
- The midpoint can act as a dynamic support/resistance level, where price may revert to or react at this level during the session.
Dynamic StdDev Bands:
- The bands are calculated by adding/subtracting a multiple of the standard deviation of the midpoint values (tracked in an array) from the midpoint.
- The standard deviation is dynamically computed based on the historical midpoint values within the session, making the bands adaptive to volatility.
Interpretation:
- The upper and lower bands represent potential overbought (upper) and oversold (lower) zones.
- Prices approaching or crossing the bands may indicate stretched conditions, potentially signaling reversals or breakouts.
Trend Identification:
- Use the midpoint as a reference for the session’s trend. Persistent price action above the midpoint suggests bullishness, while below indicates bearishness.
- Combine with other indicators (e.g., moving averages, RSI) to confirm trend direction.
Support/Resistance Trading:
- Treat the midpoint as a dynamic pivot point. Price rejections or consolidations near the midpoint can be entry points for mean-reversion trades.
- The StdDev bands can act as secondary support/resistance levels. For example, price reaching the upper band may signal a potential short entry if accompanied by reversal signals.
Breakout/Breakdown Strategies:
- A strong move beyond the upper or lower band may indicate a breakout (bullish above upper, bearish below lower). Confirm with volume or momentum indicators to avoid false breakouts.
- The dynamic nature of the bands makes them useful for identifying significant price extensions.
Volatility Assessment:
- Wider bands indicate higher volatility, suggesting larger price swings and potentially riskier trades.
- Narrow bands suggest consolidation, which may precede a breakout. Traders can prepare for volatility expansions in such scenarios.
The "Full Day Midpoint Line with Dynamic StdDev Bands" is a versatile and visually intuitive indicator well-suited for day traders focusing on session-specific price action. Its dynamic midpoint and volatility-adjusted bands provide valuable insights into support, resistance, and potential reversals or breakouts.
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.