Hi there, I have this idea for a script that counts from 1 (start of the trading week), up to 120 hours (end of full trading week). It then simply shows how many hours have passed since the open, and more importantly, the % hours passed of the trading week. Very simple but handy concept; 60 hours would mean 50% of a full trading week has passed.
I want to use this script in conjunction with another indicator I already have that shows weekly ADR (AWR) in %. Lets say we are midweek, 60 hours, 50% of hours passed, but the weekly AWR is only at 25%. This means price needs to catch up within a rather short time period in order to meet the average by the end of the full trading week. Breaks of support and resistance are more common in such scenario.
If anyone knows about such script already existing, or finds it interesting enough to code it. That would be great.
I want to use this script in conjunction with another indicator I already have that shows weekly ADR (AWR) in %. Lets say we are midweek, 60 hours, 50% of hours passed, but the weekly AWR is only at 25%. This means price needs to catch up within a rather short time period in order to meet the average by the end of the full trading week. Breaks of support and resistance are more common in such scenario.
If anyone knows about such script already existing, or finds it interesting enough to code it. That would be great.