Key Levels (Daily Percentages)

20. Aug. 2023

OVERVIEW
This indicator automatically identifies and progressively draws daily percentage levels, normalized to the first market bar.

Percentages are one of the most common ways to measure price movement (outside price itself). Being able to visually reference these levels helps contextualize price action, in addition to giving us a glimpse into how algos might "see" the market.

This script is most useful on charts with smaller time frames (1 to 5 minutes). This is not ideal for medium or larger time frames (greater than 5 minutes).


INPUTS
You can configure:
• Line size, style, colors and maximum length
• Label colors and visibility
• Fractional and intra level visibility
• Bidirectional zone parameters (custom range and extended anomalies)
• Normalization source
• Price Proximity features
• Market Hours and Time Zone


INSPIRATION
Broad Assumptions:
• +/- 70% of days move 1%, 20% of days move 1-2%, and 10% of days have moves exceeding 2%.
• +/- 10-20% of days trend, with moves ≥ 1%.
• All trading strategies are effectively scalping, mean reversion, or trend.
• Humans program algos to capitalize on these assumptions, using percentages to mange / execute trades.

20. Aug. 2023

Versionshinweise

• Added script URL to top comment.

25. Aug. 2023

Versionshinweise

• Removed unnecessary var declarations to reduce performance penalties.

14. Okt. 2023

Versionshinweise

• Added ability to set the normalized source to be either Todays Open or Yesterdays Close.
• Added Eighths as an incremental level option.
• Added ability to set the labels to be either Percentage, Basis Points, or Value Delta.

12. Dez. 2023

Versionshinweise

• Added ability to set the normalized source to be Each New Session.
• Added tooltips to display the value of each level when you hover over a given label.
• Added ability to set the normalized source interval to always 1 Minute regardless of the current charts interval, or always the Same Interval as Chart. Selecting 1 Minute will show the same zero / scale values regardless of timeframe, and selecting Same Interval as Chart will adjust the zero / scale values based on the charts timeframe.

14. Dez. 2023

Versionshinweise

• Bug Fix: Yesterdays Close was referencing the close from 2 days ago. It now references the close from 1 day ago (aka. yesterday).

14. Dez. 2023

Versionshinweise

• Changed the default Time Zone from America/New_York to syminfo.timezone to make switching between securities that do not share time zones easier.

15. Dez. 2023

Versionshinweise

• Updated to support sub 1 minute timeframes.

12. Jan.

Versionshinweise

• Added 1D Chart Open and Close as a Norm. Source option
  
• Removed support for seconds timeframes to simplify logic
  
• Other minor enhancements
  
• Converted to Pine Script v6

13. Jan.

Versionshinweise

• Bug fix
  

1. März

Versionshinweise

• Incorporated Utility Library for shared logic across scripts.
  
• Other minor enhancements.
  

5. März

Versionshinweise

• Updated `for` loops to make them compatible with the latest Pine Script changes affecting counter boundaries.
  

29. Mai

Versionshinweise

• Improved logic for 1D Open and 1D Close on partial trading days.
  
• Other minor changes.
  

4. Aug.

Versionshinweise

• Extended Range of Proximity setting to also control how levels progressively display, and converted the input to be a percentage of the range, rather than a percentage of the level (more human friendly).
  
• Added ability to control ATR Zone length, size, and opacity.
  
• Other minor code simplifications.