Weekly H/L DOTW

How it works

The Weekly High/Low Day Breakdown indicator systematically tracks the highest and lowest prices for each week, recording the specific day these events occur. It collects daily price data using the request.security() function with a daily timeframe, monitoring the start and end times of each trading week.

When a week concludes, typically detected by Sunday's daily candle, the indicator updates statistical tracking for weekly highs and lows. It counts the number of weekly highs and lows for each day and calculates their percentages relative to the total number of weeks in the visible chart range.

Why it may be useful

This indicator provides traders with crucial insights into market behavior by revealing patterns in weekly price movements across different days. By understanding which days are more likely to produce weekly highs or lows, traders can develop more informed and strategic trading approaches.

The statistical breakdown helps traders recognize recurring market tendencies, potentially improving decision-making and risk management. It offers a unique perspective on price dynamics that goes beyond traditional technical analysis methods.

When to explore it

The Weekly High/Low Day Breakdown is most effective when analyzing markets with consistent weekly patterns or when developing day-specific trading strategies. Traders can use this indicator to identify potential entry and exit points based on historical day-of-week price behaviors.

It is particularly useful during periods of market consistency and when traders want to understand seasonal or weekly trends. The indicator's flexibility in customization, such as date range selection and day exclusion, makes it adaptable to various trading styles and market conditions.

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