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
Great result. Is it possible to get some instruction what are all the alerts?
N7Ren
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Amazing!
Isma_Sesay
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Basically this average is simply the Mid-Dr of each session!!!
iamAurum
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Hey thank you for making this, its really good, is there any chance you can give an option to turn off the vertical lines?
chervolino
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@onlym1998, Thank you for your feedback! I'm glad to hear that you found it useful. I appreciate your suggestion about adding an option to turn off the vertical lines, and I'll make sure to take that into consideration for our future updates. best regards
chervolino
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@onlym1998, I made your wish come true , best regards
iamAurum
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@chervolino, Thank you so much! This is even better now thank you again!
sevencampbell
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Nice work! Is it possible to add auto fibs extensions off these levels ?
chervolino
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@sevencampbell, Thank you very much for your feedback. That's a good idea, I'll try to implement it today
chervolino
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@sevencampbell, I add a new version with automatic Fibonacci retracement levels