An intraday indicator that marks key support and resistance levels by calculating 3% above and below the previous day's closing price, helping traders identify potential price zones.
Explore complementary indicator rolesHow it works
The indicator calculates specific price levels by measuring 3% above and below the previous day's closing price. It creates two parallel lines representing potential support and resistance zones for the current trading day.
These calculated levels are plotted directly on the price chart, providing traders with clear visual reference points for potential price interactions. The levels dynamically adjust each day based on the previous day's closing price, ensuring real-time and relevant market insights.
Why it may be useful
These predefined levels help traders quickly identify potential price reversal or continuation zones without complex calculations. By marking clear 3% ranges, traders can make more informed decisions about entry, exit, and stop-loss placement.
The indicator provides a simple yet effective method for understanding intraday price dynamics. It offers a straightforward approach to recognizing key price levels that could influence trading strategies and market sentiment.
When to explore it
This indicator is most effective during active trading sessions with consistent price movement. It works particularly well in markets with moderate volatility where price tends to respect defined support and resistance levels.
Traders can utilize these levels during day trading and scalping strategies, especially when looking for quick price action confirmations or potential trend reversals. The 3% range provides a meaningful buffer for analyzing price interactions without being too narrow or too broad.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
