Range Weekly HL
© ForexPipCheats and iceicebaby_
This indicator is coded to run on Trading View which was originally created by traderathome (TAH), qFish, and all other respective contributors for the mt4 version.
It creates a Range High/Low Lines for the Week by displaying two horizontal lines, one for the computed range high target, and one for the computed range low target. The range is based on the averaging period of 13 days. A swing trader might pay more attention to the RWH/RWL lines, and hold a trade into oncoming days.
A. Two conditions determine where range lines appear
1. Condition #1 - the Week range has not exceeded the computed average range.
* The RWH line is the computed average range distance above the session Low.
* The RWL line is the computed average range distance below the session high.
* The lines will move as new highs/lows are achieved during the session.
* This display shows how far price can move in either direction before exceeding the computed average range.
2. Condition #2 - the Week range has exceeded the computed average range.
* If price swings during the Week TF cause the difference between the high and the low to equal the computed range, the range lines lock into place.
* This display will clearly show any subsequent breakout of the range.
B. The purpose of the range lines is to provide a perspective on how far PA might move during the trading week. This can be of some guidance in selecting where to exit a trade.
Due to pinescript limitations, the Daily HL is separated into another indicator which you may wish to add it into your chart
This indicator is coded to run on Trading View which was originally created by traderathome (TAH), qFish, and all other respective contributors for the mt4 version.
It creates a Range High/Low Lines for the Week by displaying two horizontal lines, one for the computed range high target, and one for the computed range low target. The range is based on the averaging period of 13 days. A swing trader might pay more attention to the RWH/RWL lines, and hold a trade into oncoming days.
A. Two conditions determine where range lines appear
1. Condition #1 - the Week range has not exceeded the computed average range.
* The RWH line is the computed average range distance above the session Low.
* The RWL line is the computed average range distance below the session high.
* The lines will move as new highs/lows are achieved during the session.
* This display shows how far price can move in either direction before exceeding the computed average range.
2. Condition #2 - the Week range has exceeded the computed average range.
* If price swings during the Week TF cause the difference between the high and the low to equal the computed range, the range lines lock into place.
* This display will clearly show any subsequent breakout of the range.
B. The purpose of the range lines is to provide a perspective on how far PA might move during the trading week. This can be of some guidance in selecting where to exit a trade.
Due to pinescript limitations, the Daily HL is separated into another indicator which you may wish to add it into your chart
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Update label colours for more visibility on dark chart theme