Daily Price Range Levels with Percentage and Fibonacci Bands

Summary

This chart indicator marks the current day's high and low, opening price, and horizontal levels across the day’s range. It calculates percentage bands at regular intervals and Fibonacci-style retracement levels, then draws them from the first bar of the day through the latest bar. The rectangle, percentage levels, and Fibonacci levels can be shown or hidden, and the display transparency can be adjusted.

The document presents the indicator’s formula and code, but gives no trading rules, backtest, or evidence that these levels predict price behavior. It can be applied across instruments and chart intervals according to the description, with daily, weekly, or monthly views suggested for broader context. Treat the levels as visual references; the document does not establish their effectiveness as support, resistance, or signals.

Key ideas

• The indicator uses the current day's high and low to calculate range-based levels.
• It displays percentage bands at regular intervals alongside common Fibonacci retracement levels.
• The day's opening price and high-low range can also be marked on the chart.
• Display options control the rectangle, percentage bands, Fibonacci levels, and transparency.
• The document provides no performance evidence or rules for trading the displayed levels.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.