Using Weekly Open and Target Lines to Visualize Weekly Ranges

Summary

This note describes a chart indicator that marks each week's opening price with a horizontal line and adds optional long and short target levels above and below it. Traders can use the targets to visually gauge historical weekly ranges and compare current price action with those reference levels. The note gives an example configuration for an S&P 500 four-hour chart and says the target spacing can be adjusted; target lines can also be hidden individually or omitted by using a version without targets.

The indicator is a visual aid rather than a tested entry or exit system. The document provides no performance study, rules for choosing target distance, or evidence that the levels predict future movement. Its example settings may not transfer across instruments or chart conventions, and the stated point-to-pip interpretation is instrument-dependent.

Key ideas

• The indicator plots the weekly opening price as a horizontal reference.
• Optional target lines mark levels above and below the weekly open.
• Target spacing can help visualize past weekly ranges.
• Targets can be hidden or removed by selecting a version without them.
• The note gives no evidence that these levels predict prices or improve returns.

Tags

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