You need to load at least 20 days of data for this indicator to work.
Following the great welcome and high appreciation that our customers have been reserving for Prevday Critical S/R, ninZa.co developed this indicator - which is based on a similar concept but this time it helps project last week's levels onto the current trading week.
The previous week is a solid reference for the current week's trading. The market often rests, retraces, or reverses around last week's high, low, close, center - which therefore becomes critical support/resistance levels for today's session.
An upper mid & a lower mid based on last week's range are also added because of their high values as support/resistance. You will be astonished when seeing them in action.
How many times have you bought near last week's high or sold near last week's low, and then got stuck in bull/bear traps? The market frequently bounces or reverses around last week's high and low (at least temporarily) but you are tempted to make innocent trades there - just because you don't recognize these critical levels. Our indicator plots last week's critical support/resistance levels onto the current week, helping you never forget these important zones.
The market breaking above last week's high or below last week's low is an important event, on which the indicator will trigger alerts to notify you. The price regions above the high and below the low are optionally shaded for you to easily monitor.
There are as many as 6 plots. If you don't need one, please set its color to "transparent" to hide it from chart.
Key features:
- Plot last week's high, low, close, center
- Plot an upper mid & a lower mid based on last week's range (fully configurable)
- Paint price regions above last week's high and below last week's low in 2 different colors
- Trigger alerts on last week's range breach
- Print markers on last week's range breach
- Be NinjaScript ready for advanced usage, only restricted by your imagination
- Expose dedicated NinjaScript signals
Dedicated NinjaScript signals:
- Signal_State:
- 2 = above high
- 1 = from center to high
- -1 = from center to low
- -2 = below low
- 10 Sep 2020 - Massive changes, fixes and improvements were made (DPI, display name, Z order, alert properties, marker string, bar painting, chart info, property naming/positioning/grouping); alert popup was visually enhanced; all plot values were rounded to the nearest tick size; signal state was revised.
- 07 Jan 2020 - A minor issue with high/low breach was fixed.
- 17 Jun 2019 - The indicator was released (build new).
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