ramphoenix

R-HL-PDW

This script doesn't give buy or sell signals. It gives a reference point to the previous day's high and low as well as the previous week's high/low. This will be helpful for intraday trading decisions.
Release Notes: This script doesn't give buy or sell signals.

It gives the following references to make intraday trading decisions,

PDH - Previous day high
PDL - Previous day Low
PWH - Previous week High - Only gets printed when the difference between PWH and PDH is 2%
PWL - Previous week Low - Only gets printed when the difference between PWL and PDL is 2%
PMH - Previous month High - Only gets printed when the difference between PMH and PDH is 4%
PML - Previous month Low - Only gets printed when the difference between PML and PDL is 4%

CWH - Current week High - Only gets printed when the difference between CWH and PDH is 2%
CWL - Current week Low - Only gets printed when the difference between CWL and PDL is 2%
CMH - Current Month High - Only gets printed when the difference between CMH and PDH is 4%
CML - Current Month Low - Only gets printed when the difference between CML and PDL is 4%

Strong Zone or High Probability Zone - This is the zone where multiple high/low matches and painted with a different color and it doesn't mark with any text.
Release Notes: plotOnlyToday - If it is true then levels will be plotted for the current day. If not true then levels will be plotted for historical values.
monthlyPercentage - Difference between PDH/L to monthly falls on the percentage value then respective monthly levels get printed
weeklyPercentage - Difference between PDH/L to weekly falls on the percentage value then respective weekly levels get printed
valuetoCalcStrongZone - We can use atr value of the stock but I prefer a constant value if the levels fall within the range then they will be marked as a strong zone.
strongZoneColor - Color for strong zone
sessRange - your trading session timing

Note - this script works well with default values for Indian indices.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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