First day candle high and low of month

il y a 13 heures

This script is designed to mark the high and low levels of the first candle of each month on the chart. These levels are often considered significant support and resistance zones, as they can represent key liquidity points in the market.

The idea behind this tool is based on the observation that the low of the first monthly candle can act as a critical support level, especially during a bullish market trend. If the price breaks below this low in a bull market, it may indicate a potential manipulation or stop-loss hunting rather than a genuine shift in trend. Similarly, the high of the first monthly candle may serve as a key resistance level, particularly in consolidating or range-bound markets.

By dynamically plotting these levels, the script provides traders with valuable insights into potential liquidity zones and significant market reactions. It allows for customizable line colors and lengths, making it adaptable to various trading styles and preferences.

This tool is particularly useful for traders who wish to align their strategies with institutional market behaviors, as it highlights areas where liquidity is likely to be targeted. Use it as part of your broader analysis to identify potential trade setups, manage risk effectively, and understand market dynamics more comprehensively.

il y a 12 heures

Notes de version

This script is designed to mark the high and low levels of the first candle of each month on the chart. These levels are often considered significant support and resistance zones, as they can represent key liquidity points in the market.

The idea behind this tool is based on the observation that the low of the first monthly candle can act as a critical support level, especially during a bullish market trend. If the price breaks below this low in a bull market, it may indicate a potential manipulation or stop-loss hunting rather than a genuine shift in trend. Similarly, the high of the first monthly candle may serve as a key resistance level, particularly in consolidating or range-bound markets.

By dynamically plotting these levels, the script provides traders with valuable insights into potential liquidity zones and significant market reactions. It allows for customizable line colors and lengths, making it adaptable to various trading styles and preferences.

This tool is particularly useful for traders who wish to align their strategies with institutional market behaviors, as it highlights areas where liquidity is likely to be targeted. Use it as part of your broader analysis to identify potential trade setups, manage risk effectively, and understand market dynamics more comprehensively.