OPEN-SOURCE SCRIPT
Over Extension Lines
Takes yesterday's range and projects it onto today to show where price is overcooked. It grabs the prior day's high, low, and range, throws up extension levels above and below, and draws the 9:30 to 9:45 opening range on top. When price tags an extension it's stretched relative to what yesterday actually did, which is where moves tend to stall or turn. Use the extensions as reversion targets and exhaustion spots, and the opening range as your first structure of the day. The prior-day numbers come off the last completed daily bar, so that reference doesn't repaint.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.