OPEN-SOURCE SCRIPT
Market Memory Levels [forexobroker]
Markets have memory. The price levels that mattered yesterday still matter today, because thousands of traders are watching the exact same numbers.
Market Memory Levels automatically plots the levels that institutional traders, algorithms, and retail traders all reference -- and detects when price reacts at them.
Three Types of Memory Levels:
Previous Day High/Low/Close -- These are the most-watched intraday reference points in professional trading. The previous day's high represents yesterday's ceiling; the low represents the floor. The close represents the settlement -- where the market found agreement. Moves above or below these levels define intraday bias.
Previous Week High/Low -- Weekly levels carry even more significance because swing traders, fund managers, and position traders use them. A break of the weekly high attracts momentum; a hold of the weekly low confirms support.
Round Number Levels -- The indicator auto-detects your instrument type and plots the appropriate psychological levels:
Forex: Every 50 pips (1.0800, 1.0850, 1.0900...)
Crypto: Every $1,000 ($60,000, $61,000, $62,000...)
Stocks: Every $5 ($150, $155, $160...)
Round numbers work because humans are drawn to them. Limit orders, stop losses, and take profits cluster at these levels, creating self-fulfilling support and resistance.
Signal Logic:
BUY when price approaches a memory support level within ATR proximity, prints a bullish candle with strong body (body > 40% of range), and volume confirms above SMA(20). This is a "bounce" -- the level held and buyers stepped in.
SELL when price approaches a memory resistance level, prints a bearish rejection candle, and volume confirms. This is a "rejection" -- the level held and sellers defended it.
The Info Table:
The real-time table displays all active levels, their exact prices, the current round number spacing, and distance to the nearest round number. When price is within striking distance of a level, the table highlights it.
How to Use:
Start each trading day by checking where price sits relative to the memory levels. Is it above or below the previous day close? Has it tested the weekly high? Is a round number nearby? These levels form the battlefield map for the session.
When signals fire at these levels with volume, the probability of a genuine reaction increases because you have institutional-level awareness of where orders cluster.
Works best on intraday timeframes (5-minute to 1-hour) for forex, crypto, and stock markets.
LIMITATIONS
Previous day/week levels require sufficient chart history to display
On non-standard chart types (Heikin Ashi, Renko), values may differ from standard candles
Round number spacing is preset for common asset classes and may not suit all instruments
Bounce/rejection detection uses single-candle patterns which can produce false signals
Volume filtering depends on data feed quality (tick volume for forex)
Signals are confirmed after bar close, adding one bar of delay
Memory levels are observational reference points, not predictive guarantees
Not financial advice
Market Memory Levels automatically plots the levels that institutional traders, algorithms, and retail traders all reference -- and detects when price reacts at them.
Three Types of Memory Levels:
Previous Day High/Low/Close -- These are the most-watched intraday reference points in professional trading. The previous day's high represents yesterday's ceiling; the low represents the floor. The close represents the settlement -- where the market found agreement. Moves above or below these levels define intraday bias.
Previous Week High/Low -- Weekly levels carry even more significance because swing traders, fund managers, and position traders use them. A break of the weekly high attracts momentum; a hold of the weekly low confirms support.
Round Number Levels -- The indicator auto-detects your instrument type and plots the appropriate psychological levels:
Forex: Every 50 pips (1.0800, 1.0850, 1.0900...)
Crypto: Every $1,000 ($60,000, $61,000, $62,000...)
Stocks: Every $5 ($150, $155, $160...)
Round numbers work because humans are drawn to them. Limit orders, stop losses, and take profits cluster at these levels, creating self-fulfilling support and resistance.
Signal Logic:
BUY when price approaches a memory support level within ATR proximity, prints a bullish candle with strong body (body > 40% of range), and volume confirms above SMA(20). This is a "bounce" -- the level held and buyers stepped in.
SELL when price approaches a memory resistance level, prints a bearish rejection candle, and volume confirms. This is a "rejection" -- the level held and sellers defended it.
The Info Table:
The real-time table displays all active levels, their exact prices, the current round number spacing, and distance to the nearest round number. When price is within striking distance of a level, the table highlights it.
How to Use:
Start each trading day by checking where price sits relative to the memory levels. Is it above or below the previous day close? Has it tested the weekly high? Is a round number nearby? These levels form the battlefield map for the session.
When signals fire at these levels with volume, the probability of a genuine reaction increases because you have institutional-level awareness of where orders cluster.
Works best on intraday timeframes (5-minute to 1-hour) for forex, crypto, and stock markets.
LIMITATIONS
Previous day/week levels require sufficient chart history to display
On non-standard chart types (Heikin Ashi, Renko), values may differ from standard candles
Round number spacing is preset for common asset classes and may not suit all instruments
Bounce/rejection detection uses single-candle patterns which can produce false signals
Volume filtering depends on data feed quality (tick volume for forex)
Signals are confirmed after bar close, adding one bar of delay
Memory levels are observational reference points, not predictive guarantees
Not financial advice
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
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All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
🔵Gain access to our powerful tools : kestutisbalciunas.com/tradingview/
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
🔵Join our free telegram for updates : t.me/algotradingedge
All scripts & content provided by Forexobroker are for informational & educational purposes only.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.