Zones by Rajesh

19 小時前

This T "Zones by Rajesh," creates a visual representation of high and low zones based on the Average Daily Range (ADR) for the past 5 and 10 days. This script can be useful for identifying potential support and resistance zones around the opening price for each trading day.

How to Use the Indicator:

Identify Support and Resistance Zones:

The filled zones visually show where the price might find support (green) or resistance (red) based on historical price action over the last 5 and 10 days.


Trading Strategies:

Range Bound Trading: When prices enter the filled zones, it can be a signal that price may encounter support or resistance.

Breakout Signals: Price breaking above or below these zones can indicate potential for a continued trend in that direction.


Risk Management:

The zones offer a reference for setting stop-loss and take-profit levels, as the ADR gives a statistically calculated boundary based on recent price movement.



This indicator is versatile for intraday trading setups, particularly for identifying potential reversal or breakout zones around the day's opening price.