OPEN-SOURCE SCRIPT
Updated ICT TGIF_V2 [MK]
The ICT T.G.I.F (Thank God Its Friday) works on the following strategy:
1. Friday makes the High/Low of the Week.
2. The Weekly High/Low range is used to calculate 20-30% levels. (see chart above)
3. Trades are taken in the Friday PM session (NY EST) with the idea that price may retrace to the 20-30% level.
The indicator plots the following levels:
1. Week High
2. Week Low
3. Week Open
3. 20-30% level in upper part of weekly range (only shows if Friday has made the high of the week)
4. 20-30% level in lower part of weekly range (only shows if Friday has made the low of the week)
It is possible to show all historical levels listed above for the purpose of back-testing the TGIF strategy.
Also it is possible to disable all the historical and current levels, in which case only the 20-30% levels will show when Friday has made the Week High/Low (the 20-30% level only shows from 1200-1600 on Friday to keep charts as clean as possible.
Users of this script, and any script for that matter, should always do proper back-testing before taking any trades.
Many thanks should be given to ICT (The Inner Circle Trader) for bringing this strategy to the trading community.
Below shows indicator with all levels turned ON
Below shows indicator with all levels turned OFF (this allows for cleaner charts)
1. Friday makes the High/Low of the Week.
2. The Weekly High/Low range is used to calculate 20-30% levels. (see chart above)
3. Trades are taken in the Friday PM session (NY EST) with the idea that price may retrace to the 20-30% level.
The indicator plots the following levels:
1. Week High
2. Week Low
3. Week Open
3. 20-30% level in upper part of weekly range (only shows if Friday has made the high of the week)
4. 20-30% level in lower part of weekly range (only shows if Friday has made the low of the week)
It is possible to show all historical levels listed above for the purpose of back-testing the TGIF strategy.
Also it is possible to disable all the historical and current levels, in which case only the 20-30% levels will show when Friday has made the Week High/Low (the 20-30% level only shows from 1200-1600 on Friday to keep charts as clean as possible.
Users of this script, and any script for that matter, should always do proper back-testing before taking any trades.
Many thanks should be given to ICT (The Inner Circle Trader) for bringing this strategy to the trading community.
Below shows indicator with all levels turned ON
Below shows indicator with all levels turned OFF (this allows for cleaner charts)
Release Notes
Updated logic for TGIF box display. Previously, box would show from 0200 on Friday, now only shows from 1230 on Friday/Release Notes
Previously TGIF levels would only show in the Friday PM session (12:00-16:00). Now shows from 09:00 - 16:00. This time range can is also available as a user input.Release Notes
Bug fix with 'friday hours to show 20-30% levels'Release Notes
Added timezone option America/New York as default.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.