Intraday Levels is a script to identify the intraday levels. This script is only for intraday purpose.
I am using previous day's closing price and to calculate the next day's range/levels, this script is calculates the levels using angles and principles .
If the instrument opens gap-up or gap-down then the OPEN price is used to calculate the next day's range.
This script will only work in low timeframes. This script will not plot levels in higher timeframes from 30 minutes onwards.
Suggested time frame:
- 5 Min or 15 Min
How to use?
If you are price and action trader then trading can be done from any plotted level based on the price action principles or patterns. Otherwise according to principle you can be done trading as per the direction given by the indicator.
Additional / Unique –
Besides angles and calculation we will get and EMA’s. Some many traders are using EMA’s and as an additional confirmation factor which increase their wining probabilities. So there is no need to add additional indicators for & EMA’S.
Changes are like this -
40EMA default replace with 50 EMA
20 EMA added.
Adding comments on coding for self understanding.