LE AcademyLE Academy
This script is designed to analyze and visualize key price levels based on the first 5-minute candle of a new trading session, starting at a customizable time (default: 09:15). The script identifies the high and low of the first candle and calculates four key target levels based on the range (height) of that candle:
1. **T1**: 50% extension above the high of the first candle.
2. **T2**: 200% extension above the high of the first candle.
3. **T3**: 50% extension below the low of the first candle.
4. **T4**: 200% extension below the low of the first candle.
### Key Features:
- **Session Start Time**: The session is triggered at 09:15 (or any custom time) and calculates key levels based on the first candle's high and low.
- **Price Levels**: The script automatically draws horizontal lines for the first candle's high, low, and the four calculated target levels (T1, T2, T3, T4) to guide intraday trading decisions.
- **Dynamic Updates**: These lines extend and update with each new bar, helping traders track how price interacts with these key levels throughout the session.
This tool is ideal for day traders and scalpers who focus on early session price action and want to track breakout levels and potential targets based on the initial price movement of the day.
**Usage**:
1. Add the script to your chart.
2. The first candle of the session is captured at 09:15, but this can be adjusted for different markets or strategies.
3. Watch how price reacts around the high, low, and the calculated target levels (T1 to T4) for potential entry or exit points.
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This script is perfect for traders looking to analyze the initial momentum of the market and make informed decisions based on key price levels generated from the first minute of trading.
Thanks
LE
ADX Change
––––History & Credit
The idea of ADX change came from a trading book I read by Charles Le Beau and David Lucas (Computer Analysis of the Futures Market).
–––––What it does
The script calculates the Average Directional Index (ADX) and the period to period change. The script calculated 4 conditions:
– ADX accelerating to the upside (color cyan):
ADX>20
DMI+>DMI-
This period's absolute ADX number is HIGHER than pervious' period ADX number
- ADX momentum slowing to the upside (color blue):
ADX>20
DMI+>DMI-
This period's absolute ADX number is LOWER than pervious' period ADX number
- ADX momentum accelerating to the downside (color yellow):
ADX>20
DMI->DMI+
This period's absolute ADX number is HIGHER than pervious' period ADX number
- ADX momentum slowing to the downside (color yellow):
ADX>20
DMI->DMI+
This period's absolute ADX number is LOWER than pervious' period ADX number
–––––How to use it
I combine the ADX Change as a secondary indicator, that confirms my positions. I combine it with other momentum indicators like the TTM Squeeze.
If I am in position and the ADX Change is cyan, I would hold on the position until I see some shift in momentum or ADX change. This helps me hold on to my winners.
For the more advanced traders, it could be used to indicate shifts in momentum and buy points.
