OPEN-SOURCE SCRIPT
Day's First Candle High & Low and + or - 10 point
This code is an indicator that calculates and plots the high and low of the first candle of the day, along with parallel lines. The purpose of the indicator is to help traders identify potential support and resistance levels for the day.
The code checks if a new day has started and, if so, calculates the high and low of the first candle of the day. It then plots the high and low as well as parallel lines that are 200 ticks (10 points) above and below the first candle's high and low, respectively.
The resulting plot shows the first candle's high and low, as well as the upper and lower boundaries that may act as support and resistance levels throughout the trading day.
The code checks if a new day has started and, if so, calculates the high and low of the first candle of the day. It then plots the high and low as well as parallel lines that are 200 ticks (10 points) above and below the first candle's high and low, respectively.
The resulting plot shows the first candle's high and low, as well as the upper and lower boundaries that may act as support and resistance levels throughout the trading day.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.