Weekly/Monthly Golden ATR Levels

vor 14 Stunden

Weekly/Monthly Golden ATR Levels

This indicator is designed to give traders a clear, rule-based framework for identifying support and resistance zones anchored to prior period ranges and the market’s own volatility. It uses the Average True Range (ATR) as a measure of how far price can realistically stretch, then projects fixed levels from the midpoint of the prior week and prior month.

Rather than “moving targets” that repaint, these levels are frozen at the start of each new week and month and stay fixed until the next period begins. This makes them reliable rails for both intraday and swing trading.

What It Plots

Weekly Midpoint (last week’s High + Low ÷ 2)
From this mid, the script projects:

Weekly +1 / −1 ATR

Weekly +2 / −2 ATR

Monthly Midpoint (last month’s High + Low ÷ 2)
From this mid, the script projects:

Monthly +1 / −1 ATR

Monthly +2 / −2 ATR

Customization

Set ATR length & timeframe (default: 14 ATR on Daily bars).

Adjust multipliers for Level 1 (±1 ATR) and Level 2 (±2 ATR).

Choose line color, style, and width separately for weekly and monthly bands.

Toggle labels on/off.

How to Use

Context at the Open

If price opens above last week’s midpoint, bias favors upside toward +1 / +2.

If price opens below the midpoint, bias favors downside toward −1 / −2.

Weekly Bands = Short-Term Rails

+1 / −1 ATR: Rotation pivots. Expect intraday reaction.

+2 / −2 ATR: Extreme stretch zones. Reversals or breakouts often occur here.

Monthly Bands = Big Picture Rails

Use these for swing positioning, or as “outer guardrails” on intraday charts.

When weekly and monthly bands cluster → high-confluence zone.

Trade Playbook

Trend Day: Hold above +1 → target +2. Break below −1 → target −2.

Range Day: Fade first test of ±2, scalp toward ±1 or midpoint.

Catalyst/News Day: Use with caution—levels provide context, not barriers.

Risk Management

Place stops just outside the band you’re trading against.

Scale profits at the next inner level (e.g., short from +2, cover partial at +1).

Runners can trail to the midpoint or opposite side.

Why It Works

ATR measures volatility—how far price tends to travel in a given period.

Anchoring to prior highs and lows captures where real supply/demand last clashed.

Combining the two gives levels that are statistically relevant, widely observed, and psychologically sticky.

Trading books from Mark Douglas (Trading in the Zone), Jared Tendler (The Mental Game of Trading), and Oliver Kell (Victory in Stock Trading) all stress the importance of having objective, repeatable reference points. These levels deliver that discipline—removing guesswork and reducing emotional trading

vor 3 Stunden

Versionshinweise

Weekly/Monthly Golden ATR Levels

This indicator is designed to give traders a clear, rule-based framework for identifying support and resistance zones anchored to prior period ranges and the market’s own volatility. It uses the Average True Range (ATR) as a measure of how far price can realistically stretch, then projects fixed levels from the midpoint of the prior week and prior month.

Rather than “moving targets” that repaint, these levels are frozen at the start of each new week and month and stay fixed until the next period begins. This makes them reliable rails for both intraday and swing trading.

What It Plots

Weekly Midpoint (last week’s High + Low ÷ 2)
From this mid, the script projects:

Weekly +1 / −1 ATR

Weekly +2 / −2 ATR

Monthly Midpoint (last month’s High + Low ÷ 2)
From this mid, the script projects:

Monthly +1 / −1 ATR

Monthly +2 / −2 ATR

Customization

Set ATR length & timeframe (default: 14 ATR on Daily bars).

Adjust multipliers for Level 1 (±1 ATR) and Level 2 (±2 ATR).

Choose line color, style, and width separately for weekly and monthly bands.

Toggle labels on/off.

How to Use

Context at the Open

If price opens above last week’s midpoint, bias favors upside toward +1 / +2.

If price opens below the midpoint, bias favors downside toward −1 / −2.

Weekly Bands = Short-Term Rails

+1 / −1 ATR: Rotation pivots. Expect intraday reaction.

+2 / −2 ATR: Extreme stretch zones. Reversals or breakouts often occur here.

Monthly Bands = Big Picture Rails

Use these for swing positioning, or as “outer guardrails” on intraday charts.

When weekly and monthly bands cluster → high-confluence zone.

Trade Playbook

Trend Day: Hold above +1 → target +2. Break below −1 → target −2.

Range Day: Fade first test of ±2, scalp toward ±1 or midpoint.

Catalyst/News Day: Use with caution—levels provide context, not barriers.

TRADING TL;DR - Each line is both support and resistance. If price pushed through a line with

volume, expect it to continue towards the next price. Strongest setup from the lines is a break

and retest.

Risk Management

Place stops just outside the band you’re trading against.

Scale profits at the next inner level (e.g., short from +2, cover partial at +1).

Runners can trail to the midpoint or opposite side.

Why It Works

ATR measures volatility—how far price tends to travel in a given period.

Anchoring to prior highs and lows captures where real supply/demand last clashed.

Combining the two gives levels that are statistically relevant, widely observed, and psychologically sticky.

Trading books from Mark Douglas (Trading in the Zone), Jared Tendler (The Mental Game of Trading), and Oliver Kell (Victory in Stock Trading) all stress the importance of having objective, repeatable reference points. These levels deliver that discipline—removing guesswork and reducing emotional trading.