This indicator is designed to visually represent percentage changes from the previous day's close.
1. Percentage Change Lines: The core function of the script is to apply lines to the chart that represent specific percentage changes from the previous day's closing price. It can display up to five different percentage levels, ranging from 0.50% to 2.50% by default but the user can set any value that they wish. This feature allows users to quickly gauge how the current price is performing relative to the previous day's close.
2. Customizable Inputs: Users have the flexibility to customize the script through various inputs. This includes the option to display lines only for the current trading day (`todayonly`), and to select which specific percentage change levels to plot (`show_pct1` to `show_pct5`).
3. Dynamic Calculation: The script dynamically calculates the previous day's closing price by making a request security call and uses it as a baseline to determine the percentage change levels. % Change = (y2-y1)/y1*100
4. Positive and Negative Changes: It plots both positive and negative percentage changes, allowing users to see areas of potential resistance and support based on historical closing data.
This script is can be used by all traders for any market. The trader might have to adjust the %Chg input amount, but most financial instruments do see "reactions" at certain % intervals.