[Remora] Previous Day Value

How it works

The script automatically calculates and plots three horizontal lines based on the previous trading day's price action. The red line represents the day's highest price, the green line shows the lowest price, and the fuchsia dashed line indicates the midpoint between these two levels.

Each line is dynamically generated to reflect the most recent complete trading day's price range, providing traders with an instant visual reference for potential support and resistance zones.

Why it may be useful

These lines provide crucial reference points for understanding recent market behavior and potential price reactions. They help traders quickly identify key levels where price might pause, reverse, or break through, offering valuable insights into market sentiment and potential trading opportunities.

By presenting a simple yet informative visual representation of the previous day's price range, traders can make more informed decisions about entry, exit, and risk management strategies.

When to explore it

These lines are most effective during intraday trading, particularly for short-term strategies that rely on identifying immediate support and resistance levels. They work best in markets with clear daily price ranges and when used in conjunction with other technical analysis tools.

Traders can leverage these lines during volatile market conditions or when seeking to understand potential price rejection and breakout scenarios, making them particularly useful for day traders and scalpers.

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