OPEN-SOURCE SCRIPT
MTF previous high and low quarter levels
Description
An experimental script that prints quarter levels of the previous timeframe's high and low to the current timeframe. The idea is quite simple and is basically the Fibonacci pivoted on the previous high and low with quarter level settings (0,0.25,0.5,0.75,1 etc). The default setting is the previous daily high and low but can be customized on user discretion.
New quarter levels are printed after the close of the previous timeframe and open of the new timeframe (user's timeframe setting)
How To Use
Levels should not be used blindly. Levels can be used as confluence when aligned with high probability supply and demand zones, support, resistance, order blocks, and so on.
Credit to HeWhoMustNotBeNamed for the Previous High/Low MTF indicator code and mrbirman for the idea to put this together.
An experimental script that prints quarter levels of the previous timeframe's high and low to the current timeframe. The idea is quite simple and is basically the Fibonacci pivoted on the previous high and low with quarter level settings (0,0.25,0.5,0.75,1 etc). The default setting is the previous daily high and low but can be customized on user discretion.
New quarter levels are printed after the close of the previous timeframe and open of the new timeframe (user's timeframe setting)
How To Use
Levels should not be used blindly. Levels can be used as confluence when aligned with high probability supply and demand zones, support, resistance, order blocks, and so on.
Credit to HeWhoMustNotBeNamed for the Previous High/Low MTF indicator code and mrbirman for the idea to put this together.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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