run on the basis of intraday range trading. Usually after daily open you look the fade whatever move happened before. by shorting R3/H3 levels or longing R3/L3. Targeting the other side of the range. This is the infamous PivotBoss level calculations and you would want to activate and turn off the normal . They use the previous days to plot the next days levels.
But what about some confirmation?
Well RafaelIzoni (who made it open source for improvement) threw together this VPTbollfib. It is price trend crossing down a fib line using as price . The beauty of this is that It will signal usually counter to current price action based on selling into uptrends or vise versa. Meaning you get signals to counter price. Which is what you might be looking for on range day trade scalps for . A wick reversal or + based signal is a very happy pairing together. And those signals are usually suitable for the target of the range you are day trading. Hourly time frame works quite well for both. And should also be on daily settings.
Special Thanks to Nanda (who published the pivotboss indicator AND) Helped to merge the scripts together.
This indicator alone is an entire trade system. already is. If you know the rules. it can be used for entries, exits, risk management to trade the range on TREND, COUNTER TREND, and BREAKOUT plays. The fibs add confirmation to the trends levels. And the VPT adds a secondary confirmation to take a trade.
Try it out. I think you will find both the levels on and the VPT signals quite suprising.
ALSO now include level 6 for breakouts
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.