OPEN-SOURCE SCRIPT
Monday Range - User Defined Lookback
English Description
Monday Range Expansion & Multi-Week Projections
This indicator identifies the Monday Range (the price action from Monday's open at 00:00) and projects symmetric expansion levels across the entire trading week. It is designed for traders who use the weekly open and Monday's volatility as a benchmark for the week's price action.
Key Features:
Exact Monday 00:00 Start: Using advanced logic, the indicator pins the starting point precisely to the weekly open (Monday 00:00), ensuring no lag or offset regardless of your timeframe.
Symmetric Expansion Levels: It calculates the Monday High-Low range and projects a +100%, +50%, -50%, and -100% expansion, providing clear support and resistance targets.
User-Defined Lookback: You can choose exactly how many past weeks to display on your chart, keeping your workspace clean and focused.
Force Overlay Technology: All lines and labels use force_overlay, ensuring they always stay on the top layer, above candles and other indicators.
Weekly Freeze: Historical weeks stay "frozen" at their Friday closing points, allowing for clear backtesting of previous weekly levels.
Monday Range Expansion & Multi-Week Projections
This indicator identifies the Monday Range (the price action from Monday's open at 00:00) and projects symmetric expansion levels across the entire trading week. It is designed for traders who use the weekly open and Monday's volatility as a benchmark for the week's price action.
Key Features:
Exact Monday 00:00 Start: Using advanced logic, the indicator pins the starting point precisely to the weekly open (Monday 00:00), ensuring no lag or offset regardless of your timeframe.
Symmetric Expansion Levels: It calculates the Monday High-Low range and projects a +100%, +50%, -50%, and -100% expansion, providing clear support and resistance targets.
User-Defined Lookback: You can choose exactly how many past weeks to display on your chart, keeping your workspace clean and focused.
Force Overlay Technology: All lines and labels use force_overlay, ensuring they always stay on the top layer, above candles and other indicators.
Weekly Freeze: Historical weeks stay "frozen" at their Friday closing points, allowing for clear backtesting of previous weekly levels.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.