"Hello, first of all, I believe that the most important levels to look at are the weekly Fibonacci levels. I have planned an indicator that automatically calculates this. It models a range based on the weekly opening, high, and low prices, which is well-detailed and clear in my scans. I hope it will be beneficial for everyone. ***The logic of the...
Weekly Range Support & Resistance Levels Description: The Weekly Range Support & Resistance Levels analyzes weekly ranges and takes the average range of the last 30 weeks (default setting). It also takes the average +/- a standard deviation, and creates support & resistance levels/zones based on the weekly opening price. The levels will update each week,...
UNDERSTANDING THE SCRIPT: TIMEFRAME RESOLUTION: * You have the option to choose Daily , Weekly , or Monthly LOOKBACK WINDOW: * This number represents how far back you want the data to pull from - Example: "250" would represent the past 250 Days, Weeks, or Months depending on what is selected in the Timeframe Resolution RANGE 1 nth (Gray lines): *...