OPEN-SOURCE SCRIPT

DR IDR Trading Areas [CHE]

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Inspired by the indicator DR/IDR V1 from TheMas7er tradingview.com/u/TheMas7er/ I programmed this variant myself. I have observed that the trading times RDR (Regular Daytime), ADR (Afternoon Daytime) and ODR (Overnight Daytime) can be reasonably averaged. This average then serves as a support and resistance line in the subsequent Lines Time. If the Close value falls below this average, the background in this indicator is colored red and if the Close value rises above this average, the background in this indicator is colored green.

This Pine script is an indicator for trading areas that allows the user to define different trading periods for a symbol based on specific times. It plots three lines on the chart representing the average price movements during each of the defined trading periods, RDR (Regular Daytime), ADR (Afternoon Daytime), and ODR (Overnight Daytime). The script also shades the chart to highlight when the current price is above or below each of the three lines, and it draws dotted lines and labels to mark the start of each trading period. The indicator
is customizable, allowing the user to adjust the time periods and the UTC timezone offset.

For more information on TheMas7er Trading Strategy's DR/IDR V1, please refer to the original indicator.

Best regards
Chervolino

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Added comments

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sevencampbell ask me to add Automatic Fibonacci Retracement. Inspired by the Tradingview Indicator Auto Fib Levels, I inserted the automatic fibonacci retracement function. Please activate this in the settings for use. This function calculates the Fibonacci retracement from the max and min value of the current Lines Time.

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Thanks to onlym1998, the update includes the addition of an option to disable the vertical lines and disable session labels