DayTrader Multi-Strategy Levels
The goal of this script is to provider Day Traders with key levels and multiple popular trading strategies right at market open. This includes 5 of the most popular key levels / scalping strategies:
The best way to utilize this script is to go into the settings and show/hide the strategies you would like to use for day trading. By having all on (the default) you can spot confluence levels more easily where multiple levels all align. This can help identify key intra-day support or resistance zones.
A recommended method for using this script is to base trades on delta targets; the distance (share price) between key levels. For example, if the distance from the mid-ADR to the ORL (opening range low) is 1.5, we can multiple the delta of an ATM contract by 1.5 to get our expect premium to take profit at.
By default, the opening range is set to cover the first 30minutes of trading, but those settings can be tweaked to your preference.
Example:
- Custom Moving Averages (can be tweaked to length, source, and interval)
- Average Daily Range (based on Average Daily Zones using Low, Mid, and High Ranges)
- Opening Range Strategy (based on customizing Opening Range and Distances for Profit Taking)
- Pivot Points (default calculations for intra-day pivots with a custom bolded pivot for a longer timeframe )
- Psych Level (customizable, default rounds to nearest whole Ten for up/low side)
- Prior Day levels (defaults for close + low)
The best way to utilize this script is to go into the settings and show/hide the strategies you would like to use for day trading. By having all on (the default) you can spot confluence levels more easily where multiple levels all align. This can help identify key intra-day support or resistance zones.
A recommended method for using this script is to base trades on delta targets; the distance (share price) between key levels. For example, if the distance from the mid-ADR to the ORL (opening range low) is 1.5, we can multiple the delta of an ATM contract by 1.5 to get our expect premium to take profit at.
By default, the opening range is set to cover the first 30minutes of trading, but those settings can be tweaked to your preference.
Example:
Release Notes:
Organized the indicators settings groups for better clarity.