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Expected Intraday Movement

This indicator pretends to represent the "probable" maximum movement of an asset, for the rest of the day.

This indicator should be used "only" in intraday timeframe. You will not be able to see it if you select a longer timeframe.

To calculate the probable maximum movement, the indicator uses the VIX value for each minute.
On the first candle of the day, it also calculates the probable maximum movement for the whole day, and plots it in horizontal lines.

It also allows adding a couple of extra lines (for visual purposes only).
It also allows the creation of alerts, so that when the value of the asset is close to one of the limits, it can send you an alert using the Tradingview alert system.

Summary of parameters:

Intraday bands: allows you to show/hide the bands for each minute.
Intraday first candle projection: allows to show/hide the estimated projection from the first candle of the day.
Enable alert: allows to enable/disable alerts.
Upper and lower band offset: optional offset where alarms will be triggered (e.g. 10 points before the limit is reached).
Intraday Extra Projection: allows to show/hide extra levels (for visual purposes only)
Upper and lower extra: values for extra levels.

As always, no indicator is meant to provide a single, reliable strategy to your trading regimen and no indicator or group of indicators should be relied on solely. Be sure to do your own analysis and assessments of the stock prior to taking any trades.

Safe trades everyone!