Intraday Levels is a script to identify the intraday levels. This script is only for intraday purpose.
I am using previous day's closing price and volatility to calculate the next day's range/levels, this script is calculates the levels using Gann angles and volatility principles .
If the instrument opens gap-up or gap-down then the OPEN price is used to calculate the next day's range.
This script will only work in low timeframes. This script will not plot levels in higher timeframes from 30 minutes onwards.
Suggested time frame:
Intraday trading - 5 Min or 15 Min
How to use?
If you are price and action trader then trading can be done from any plotted level based on the price action principles or candlestick patterns. Otherwise according to GANN principle you can be done trading as per the direction given by the indicator.
Additional / Unique –
Besides Gann angles and volatility calculation we will get VWAP and EMA’s. Some many traders are using EMA’s and VWAP as an additional confirmation factor which increase their wining probabilities. So there is no need to add additional indicators for VWAP & EMA’S.
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EMA's Labels correction.
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Changed default values of EMA's and added one more EMA added.
Changes are like this -
40EMA default replace with 50 EMA
20 EMA added.
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No changes. Adding comments on coding for self understanding.
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this script version added dynamic support and resistance level
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Dynamic support and resistance changes are rolled back. Engulfing candlestick pattern marking is added on this version. This changes helps in identifying engulfing candles on chart.
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Version upgrade from 4 to 5 and deafault EMA's value change.
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Few changes done on EMA's color , linewidth and default value (No/Off).