Day & Week & Month & Quarter & Year Open Price PointsPresent to your attention, basic “Day & Week & Month & Quarter & Year Open Price Points Indicator” !
You can determine support & resistance using Yearly, Quarterly, Monthly and Weekly open price points on a chart with any timeframe.
It is not a widely used technique, but according to different academic studies, levels are reliable. Google it! You can enhance your trading by adding that technique in your tool list.
At the current stage, Indicator shows Open Price Points.
Opening price points are extended into the future from the opening candle of each year, quarter, month and week and day.
By nature of that points, every level may be used as a support and as a resistance level at a similar time.
Initial setup:
1) Open the indicator Inputs settings, enable/disable additional Price Points.
2) Open the indicator Style settings, click on a style of each line and click on a “Price Line.”
How to use that?
With a lot of available strategies, there are two leading: Level convergence and Trend line convergence.
1) Level convergence involves locating two or more opening points that merge. This confluence can lead to greater accuracy and profitability.
2) Trend line convergence - The intersection of a trend line at a weekly, monthly, quarterly or even yearly opening level can produce fast and profitable reactions.
Try that!
As a stand-alone strategy, you can utilize that:
Price action under the WO (DO, MO, QO, YO) – Bearish
Price action above the WO (DO, MO, QO, YO) – Bullish
TIP: opening level not always good as a stand-alone tool!
Indicator Settings:
Show Daily Open (disabled by default)
Show Weekly Open (ON by default)
Show Monthly Open (ON by default)
Show Quarter Open (disabled by default)
Show Yearly Open (disabled by default)
Indicator Styling:
By default, each line is shown in the form of circles, line-width 1, silver colour.
Labels can be only in one of two states: Maroon (if open price less than ((open + high + low + close)/4) or Teal (if open price high than ((open + high + low + close)/4).
Alerts:
With the Indicator you can add a few different alerts:
DO Alert
WO Alert
MO Alert
QO Alert
YO Alert
Play with it:
Add a new alert with following condition: your SYMBOL crossing DWMQY OPP Weekly Open.
Options: Once per Bar.
Future of the Indicator:
The Indicator is a necessary part of more prominent Indicator which will include 8 modules in total:
2~ Arabian Wise Tunnels Module
3~ RH Waves Module (something like Vegas Waves)
4~ Trend Channels Module
5~ Opening Range Zoning Module
6~ Breakout Module
7~ BS Hemisphere Module
8~ Price Action Module
DISCLAIMER! RISK WARNING!
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADERS SHOULD NOT BASE THEIR DECISION ON INVESTING IN ANY TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED, ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, TRADERS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS.
//Written by iambitboy request.
Ressitance
DYNAMIC S&R 1.01DYNAMIC S&R 2.0 is available:
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This simple script will add in your chart "dynamic support/resistance" and the possible entry point, can be used in any chart and any timeframe.
This indicator is not designed to be used as a bot, but only to help your trades :)
If you consider this useful, please consider donate: 1NR9tyn8tAn6nuQzosaZ2SkfT38PLxN5mf
Charts:
OSOIL:
XAUUSD:
AUDUSD:
Feel free to use this indicator, don't forget to feedback!
UPDATE:
Now it is possible to add/remove the average range of support and resistance, and add/remove average range as a line. And if you link the average range as a line (thanks @SpyWhat) you can use a multiplier to add or remove % as you like.
