Monday Range (Lines) with Fib Levels

Monday Range with Fibonacci Levels Indicator - Description

This advanced TradingView indicator combines the power of Monday Range analysis with Fibonacci extension levels to help traders identify key weekly support and resistance zones.

Key Features:

Monday Range Detection:

Automatically detects and plots the high and low of each Monday's trading range (configurable for Sunday open markets)

Displays customizable horizontal lines for the weekly opening range

Adjustable lookback period (1-52 weeks)

Fibonacci Extension Levels:

Plots 9 key Fibonacci levels (-1.618, -1.272, -0.618, 0, 0.5, 1, 1.618, 2.272, 2.618) relative to Monday's range

Each Fib level is fully customizable (color, visibility, label)

Negative Fib levels extend below Monday low for potential reversal zones

Customizable Visuals:

Choose between solid, dotted or dashed line styles

Adjustable line thickness and colors

Configurable label text and positioning

Toggle individual elements on/off as needed

How Traders Use It:

Swing Traders: Identify weekly support/resistance levels for trade entries and exits

Breakout Traders: Watch for price reactions at Fibonacci extension levels beyond Monday's range

Mean Reversion Traders: Use negative Fib levels as potential reversal zones

Institutional Flow Analysis: Monitor how price reacts at key weekly levels

Settings Overview:

Market Open Day selection (Sunday/Monday)

Number of historical weeks to display (1-52)

Complete styling control for all lines and labels

Individual toggle controls for each Fibonacci level

Why It's Unique:

This indicator provides a rare combination of institutional weekly range analysis with mathematically precise Fibonacci extensions, giving traders a complete picture of both standard and extended price reaction zones that develop from the weekly opening range.

Perfect for forex, crypto, and index traders who want to incorporate weekly opening range strategies with Fibonacci price projection techniques.