Smart % Levels

How it works

The indicator calculates percentage levels from the previous day's close or open price. Users can customize the percentage spacing between levels, such as 1% or 0.5%. The script dynamically filters and displays only the levels between yesterday's price and today's current price.

It automatically recalculates levels each market open to maintain accuracy. The tool allows customization of colors, line styles, widths, and opacity. It avoids repainting by plotting levels only based on available historical data

Why it may be useful

This indicator provides traders with a quick and clean visualization of price movements relative to meaningful thresholds. By showing only relevant levels, it reduces chart clutter and helps traders quickly understand the magnitude of price changes.

The dynamic filtering allows for rapid identification of significant price zones without overwhelming the chart with unnecessary lines. It offers a streamlined approach to intraday analysis, helping traders make more informed decisions based on percentage movements

When to explore it

Smart % Levels is most effective for day traders and scalpers who need rapid insights into price movements. It works best in volatile markets where quick percentage changes are crucial. Traders can use it to identify key support and resistance levels based on percentage moves.

It's particularly useful during high-volatility trading sessions or when tracking stocks with significant intraday price fluctuations. The indicator helps traders set quick entry and exit points based on percentage thresholds

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