OPEN-SOURCE SCRIPT
Preday Price Channel
Preday Price Channel Indicator
This indicator is designed to help traders easily observe and capitalize on key price levels and their implications on market trends. It displays the previous day's high and low prices, as well as lines representing Fibonacci ratios between these prices. When a high or low is double-broken (retested and broken again), the indicator confirms a trend change and fills the channel with orange or navy color to visually indicate this shift.
Before a large directionality appears in the market, a breakout of the previous day's high or low must occur in that direction. As long as the previous day's low is maintained, an uptrend persists, and as long as the previous day's high is maintained, a downtrend persists.
In the crypto market, the significance of the previous day's high or low is often underemphasized and less known. This simple indicator was created to help traders observe the powerful influence of the previous day's high and low, and to potentially use it to their advantage in trading.
Wishing you successful trading with this tool.
Options
Day Open: Check this box to display the current day's opening price on the chart. The opening price of the day often remains intact and is one of the simplest and most powerful indicators of whether the day's trend is upward or downward.
Preday Open: Check this box to display the previous day's opening price on the chart. The previous day's opening price often exhibits a strong tendency for retests.
Preday High and Low: Check this box to display the previous day's high and low prices on the chart. These levels are critical for determining potential breakout points.
FIB On: Check this box to display the Fibonacci ratios between the previous day's high and low prices. This feature helps identify potential support and resistance levels within this range.
Day Mid On: Check this box to display the midpoint of the preday's price range on the chart. This serves as a reference point for trend changes.
Day Trend Color On: Check this box to enable color-coding for uptrends and downtrends based on the previous day's high and low prices.
When the previous day's high is breached, the trend value is set to 2, and an orange shaded area is filled in.
When the previous day's low is breached, the trend value is set to -2, and a navy shaded area is filled in.
When a high or low is double-broken (retested and broken again), the indicator confirms the trend change, filling the channel with orange for an uptrend and navy for a downtrend to make it easy for users to recognize the trend change.
These trend values and colors remain as long as the midpoint of the previous day's price range is not violated, indicating the trend is still valid.
If, during a downtrend (trend value of -2), the low price crosses above the previous day's midpoint, the trend value changes to 1, indicating a potential issue in the downtrend, and a light orange color is displayed.
Conversely, if, during an uptrend (trend value of 2), the high price crosses below the previous day's midpoint, the trend value changes to -1, signaling a potential issue in the uptrend, and a light navy color is displayed.
This comprehensive set of features allows traders to make informed decisions by clearly observing key price levels and their implications on market trends.
This indicator is designed to help traders easily observe and capitalize on key price levels and their implications on market trends. It displays the previous day's high and low prices, as well as lines representing Fibonacci ratios between these prices. When a high or low is double-broken (retested and broken again), the indicator confirms a trend change and fills the channel with orange or navy color to visually indicate this shift.
Before a large directionality appears in the market, a breakout of the previous day's high or low must occur in that direction. As long as the previous day's low is maintained, an uptrend persists, and as long as the previous day's high is maintained, a downtrend persists.
In the crypto market, the significance of the previous day's high or low is often underemphasized and less known. This simple indicator was created to help traders observe the powerful influence of the previous day's high and low, and to potentially use it to their advantage in trading.
Wishing you successful trading with this tool.
Options
Day Open: Check this box to display the current day's opening price on the chart. The opening price of the day often remains intact and is one of the simplest and most powerful indicators of whether the day's trend is upward or downward.
Preday Open: Check this box to display the previous day's opening price on the chart. The previous day's opening price often exhibits a strong tendency for retests.
Preday High and Low: Check this box to display the previous day's high and low prices on the chart. These levels are critical for determining potential breakout points.
FIB On: Check this box to display the Fibonacci ratios between the previous day's high and low prices. This feature helps identify potential support and resistance levels within this range.
Day Mid On: Check this box to display the midpoint of the preday's price range on the chart. This serves as a reference point for trend changes.
Day Trend Color On: Check this box to enable color-coding for uptrends and downtrends based on the previous day's high and low prices.
When the previous day's high is breached, the trend value is set to 2, and an orange shaded area is filled in.
When the previous day's low is breached, the trend value is set to -2, and a navy shaded area is filled in.
When a high or low is double-broken (retested and broken again), the indicator confirms the trend change, filling the channel with orange for an uptrend and navy for a downtrend to make it easy for users to recognize the trend change.
These trend values and colors remain as long as the midpoint of the previous day's price range is not violated, indicating the trend is still valid.
If, during a downtrend (trend value of -2), the low price crosses above the previous day's midpoint, the trend value changes to 1, indicating a potential issue in the downtrend, and a light orange color is displayed.
Conversely, if, during an uptrend (trend value of 2), the high price crosses below the previous day's midpoint, the trend value changes to -1, signaling a potential issue in the uptrend, and a light navy color is displayed.
This comprehensive set of features allows traders to make informed decisions by clearly observing key price levels and their implications on market trends.
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