Just a simple support/resistance indicator that display weekly/monthly close price and it is configurable to work in two modes:
tracking mode - to display last week/month's close
history mode - to display weekly/monthly close prices
See how last month's close (ticker blue line) provides nice resistance and the price forms a double top then it consolidates under last week's close line (thiner blue line).
It also works on intraday charts and displays history close prices, see below how last month's close (ticker blue line) provides support over and over and also how price bounces off weekly close history prices (thiner blue line).
Thanks so much for making this indicator, it makes my strategy more easy to use.
wealthiness
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Great script. For History mode could you make each week/month stairstep center on the candle instead of between candles to make it visually clearer where it starts?
icostan
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@wealthiness, unfortunately I can't change how lines are rendered but you can achieve what you want by changing the line style: use "line" or "line with breaks" instead of "stepline". I hope it helps.