This is a line plotted at the 505 retrace of a swing high swing low move, it has an adjustable look back period, with a default setting on 60 bars. The purpose for me is when we have a decent move in one direction any retracement that does not get past the 50% area of the move is a decent trade in the direction of the first move.
Versionshinweise
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This is a tool to help keep you on the right side of intra day swings ( will work on long term also). Many times the market in a trend move will pull back about 50% and then continue going so I find that 50% area a good spot to take a new trade or if already on the trade a spot to keep your stop behind. Anytime the market gets past the 50% and then trades in that area I will not take trades in the primary direction. This tool has a 60 bar default time but can be user defined.
Versionshinweise
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This is a modified version of prior script using an adjustable retrace value
Versionshinweise
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This update now has 4 lines plotted, with adjustable levels. I picked 0 and 1 so i can see the high and low the lines are picking so I can adjust the lookback or chart time to pick out the swing high and low i want to be plotting against. I like the .618 as the last resistance before the market moves all the way back to 100% retrace.
This maybe of little value to you but it provides me a look of the market I often forget during the trading day.