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
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
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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.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
🔵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.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.