This indicator draws key level lines such as daily open, weekly open, monthly open, yearly open, previous daily open, previous weekly open, previous monthly open, previous yearly open, monday daily high and monday daily low to chart. This lines can act either support or resistance but it is just possibility. This lines will help you to find buy and sell places.
This script plots the current daily, weekly and monthly opens (all enabled by default).
Here are some additional info about the drawing behavior:
Daily open is shown only on intraday timeframes
Weekly open is shown only on timeframes < weekly
Monthly open is shown only on timeframes < monthly
I modify existing scripts about Daily High/Low, Daily Open, Previous Daily Close, etc.
Daily High = red color
Daily Low = green color
Daily Mid = blue color
Daily Open = purple color
Previous Daily Close = black color
My take on Key Levels script that plots:
- Daily Open
- Weekly Open
- Monthly Open
- Day of Week Range (i.e. Monday Range)
- Initial Balance
Open levels are not visible on higher time frames, such as Daily Open is not visible on Weekly Open nor Monthly Open.
Initial Balance is not visible on the following timeframes: 2H, 4H, 6H, 8H, 1D, 1W and 1M. All other time...
Shows static and dynamic levels which can act as support/resistance. These are important as there is a lot of users who are interested in buying/selling at these prices.
Static Levels include -
Daily/Weekly/Monthly/Yearly Open (changes color depending on if below or above price)
Previous Daily/Weekly/Monthly/Yearly Open
Previous day's High/Low