Tired of spending forever marking your charts? This indicator does it for you super fast.
It finds the middle point between the previous day's high and low, and plots it on your charts. Now you can scan your charts super quick. Easy peasy!
Some Cool Features
Customizable Reference Timeframe: You can choose a min and max timeframe to plot significant price levels, which helps align your intraday trades with broader market trends.
What make this indicator special is the ability to follow the weekly candle as it prints on a day to day basis making it easier to catch the expansion of the weekly candle.
Offset Parameter: This feature lets you decide how far into the future the plotted levels extend, giving you a clearer picture of potential future price continuation zones.
Visual Customization: You have plenty of options to tweak line styles, thickness, and colours, making it easy to create a chart that fits your personal style and is easy to read.
Timeframe Restrictions: The indicator includes checks to make sure it only works within your specified timeframe settings, so you can avoid chart clutter as you cycle through other timeframes.
Points to Note:
A personal favourite
Are you like me and cannot stay away from lipstick on your charts, then try this indicator. Has a timeframe restrictions and lookback period functionality aimed at reducing chart clutter.
This indicator is useful in following how the weekly candle develops; If the weekly expansion exhibits signs of a bullish order flow then the pivot levels on this indicator visualize areas or zone to join the bullish expansion similarly, If the weekly expansion exhibits a bearish order flow then the pivot levels on this indicator visualize areas or zone to join the bearish expansion
Installation: Start by downloading and installing the Previous Day Equilibrium, on your cAlgo platform.
Setup: Open the settings to pick your reference timeframe, choose how many previous days you want to plot, and customize the visual settings to your liking.
Analysis: As you trade, keep an eye on the plotted levels on your chart. These levels indicate where price might reverse from might be based on historical price action, helping you make more informed decisions.
Execution: Use these levels to determine your entry and exit points, as well as stop-loss and take-profit orders, integrating them into your overall trading strategy.
Recommended Companion Tools:
cTrader: This is the best platform for using the Previous Day Equilibrium, providing a smooth experience for customization and analysis.
Technical Analysis Tools: Pair this indicator with other tools like moving averages or oscillators to get a more complete view of market trends.
Risk Management Tools: Utilize calculators and stop-loss tools to help manage your risk effectively while trading around these key levels.
By using the the Previous Day Equilibrium, alongside these tools, you can enhance your trading strategy and increase your chances of success in the fast-paced world of intraday trading.
