OPEN-SOURCE SCRIPT
Updated YY Price Limits
This Pine Script indicator is designed to visualize potential price limits (e.g., daily price limits used in some markets like commodities) on a TradingView chart. It calculates and plots lines representing percentage-based price limits above and below a reference price (typically the previous day's close). The indicator allows you to customize the displayed price limits, their appearance, and how they extend across the chart. It's particularly useful for intraday traders who need to be aware of potential price ceilings and floors.
Key Features:
Key Features:
- Percentage-Based Limits:
- Calculates price limits based on percentages (3%, 5%, and 7%) of a reference price.
- Customizable Display:
- Toggle visibility of reference price and each percentage limit (3%, 5%, 7%).
- Customize the color, style (solid, dashed, dotted), and width of the price limit lines.
- Extends Lines: Allows you to extend the price limit lines to the left, right, both directions, or not at all.
- CME Reference Price: It is designed to plot price limits based on the CME (Chicago Mercantile Exchange) methodology, which uses the last close as the reference price. The tooltip reminds users to verify the actual reference price on the CME Group website.
- Intraday Focus: The indicator is specifically designed for intraday timeframes, as it uses the previous day's close as the reference point.
- Clear Visuals: Plots horizontal lines with labels indicating the price level and percentage.
Release Notes
Clean chartOpen-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.