OPEN-SOURCE SCRIPT
Day's First Candle High & Low and + or - 10 point
This code is an indicator that calculates and plots the high and low of the first candle of the day, along with parallel lines. The purpose of the indicator is to help traders identify potential support and resistance levels for the day.
The code checks if a new day has started and, if so, calculates the high and low of the first candle of the day. It then plots the high and low as well as parallel lines that are 200 ticks (10 points) above and below the first candle's high and low, respectively.
The resulting plot shows the first candle's high and low, as well as the upper and lower boundaries that may act as support and resistance levels throughout the trading day.
The code checks if a new day has started and, if so, calculates the high and low of the first candle of the day. It then plots the high and low as well as parallel lines that are 200 ticks (10 points) above and below the first candle's high and low, respectively.
The resulting plot shows the first candle's high and low, as well as the upper and lower boundaries that may act as support and resistance levels throughout the trading day.
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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