Many people think we need levels specifically for Intraday Trades. We actually do not need them but just the weekly levels are enough. We just need to access the trend as of the previous day and the support and Resistance market is taking in Intraday to identify the trades. These levels can be calculated below
1. Take the last 3/4/5 number of Days of Close ( No High/Low required).
2. Take the Standard Deviation of the same
3. Get the Range
4. Now take the Fibonacci ratios of your choice to get the Weekly Targets
For Example
16-Dec-22 18270.1
23-Dec-22 17824.1
30-Dec-22 18117.05
6-Jan-23 17,864.95
13-Jan-23 17,950.80
20-Jan-23 18,027.30
27-Jan-23 17,607.90
3-Feb-23 17,830.80
10-Feb-23 17,843.35
Excel STDEV(All last 9 days) comes to 192.66
So BUY can be 0.236*192.6+17843 ,Buy Target 1 can be 0.5*192.6+17843
SELL can be 17843-0.236*192.66,Sell Target 1 can be 17843-0.5*192.6
In the real world, this can be little too simple to use directly as the Standard Deviation alone may not suffice to get the range.
Based on VIX, and ATR the number of days for Standard Deviation should dynamically change keeping past history in mind
which can be done using Artificial Intelligence modeling using the number of times the price touches the level numbers basically the frequency of historical 1 min data of price.
See the Data on using the Historical Frequency of data when mapped along with dynamic standard deviation give the following results. I have last 19 weeks of data if some one wants to validate them
27-Feb 3-Mar
