This script takes the previous days closing value and calculates the current 100%, 200%, 300% and 400% levels for that stock.
Using that information it draws a dotted persistent line (with labels on the far right) at those levels. This information can be useful as it can then, at times, act as a support/resistance for momentum stocks. So when a stock runs 100% and holds that level, historically, that stock has a good chance to continue rising. Same when hitting additional "100%" ranges.
The user has the option to deselect the labels and/or lines.
If people find this useful then I can work on adding options that allow users more freedom to adjust how the lines are displayed as well as some enhancements to the display.
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Made a minor update to reach up to 1000% and slightly adjusted the different 100% levels.
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Added an additional yellow dotted line at the 125% level mark as this level can help indicate continuation or add a support area.
This indicator does not work or apply to any given charts. Please rectify
Term401
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@myshares999999, sorry could you please post an example? It’s calculated based on the reported close from TV from the previous day. It works for standard stocks, not meant for futures or anything. It also only reports for the given day and doesn’t work to show history. Would like to build that out but that will take some time to figure out.