Auto Hourly Deviations {Module+}

4天前

Description

This indicator automatically calculates and visualizes the prior hour’s price structure and its deviation levels. By combining core reference lines (high, low, EQ, quarters, open) with dynamic deviation levels and shaded zones, it provides a framework for understanding intraday price behavior relative to the most recent hourly range.

The tool has three functional sections that work together:

1. Core Hourly Structure – Captures the prior hour’s high, low, EQ (50%), and quarter levels (25% and 75%), plus the current open.
   
2. Deviation Levels – Projects standardized deviation multiples (±0.33, ±0.5, ±0.66, ±1.0, ±1.33, ±1.66, ±2.0) above and below the prior hour’s range.
   
3. Shading & Anchoring – Fills zones between key deviation levels for visual emphasis, while allowing projection offsets and anchor line references for precise chart alignment.
   

Together, these layers give traders a structured map of price movement around hourly ranges, making it easier to track expansion, retracement, and trend continuation.

1. Core Hourly Structure

• Plots the prior hour’s high and low as key reference points.
  
• Automatically calculates EQ (midpoint), 25%, and 75% levels.
  
• Tracks the open of the current hour for immediate orientation.
  
• Optional anchor line marks the start of each hourly window for time alignment.
  

Use: Frames the “hourly box” and subdivides it for intraday structure analysis.

2. Deviation Levels

• Uses the prior hour’s range as a baseline.
  
• Projects deviation levels above and below: ±0.33, ±0.5, ±0.66, ±1.0, ±1.33, ±1.66, and ±2.0.
  
• Each level can be individually toggled with full line/label styling.
  

Use: Quantifies how far price is moving relative to the last hour’s volatility — useful for spotting overextensions, retraces, and probable reaction zones.

3. Shading & Anchoring

• Shaded zones between selected deviation bands (e.g., +0.33 to +0.66 or +1.33 to +1.66) highlight potential liquidity or reaction areas.
  
• Projection offsets allow levels to extend forward into future bars for planning.
  
• Labels and color controls make the chart highly customizable.
  

Use: Provides quick visual cues for potential trading ranges and deviations without clutter.

Intended Use

This is a visualization tool, not a buy/sell system. Traders can use it to:

• Track how price interacts with the prior hour’s high/low.
  
• Measure hourly expansion through deviation levels.
  
• Spot retracements or continuation zones inside and beyond the prior hour’s range.
  

Limitations & Disclaimers

• Levels are derived from completed hourly candles; they do not predict outcomes.
  
• Deviations are static calculations and do not account for fundamentals or volatility shifts.
  
• This indicator does not provide financial advice or trading signals.
  
• For informational and educational purposes only.
  
• Trading involves risk; always apply proper risk management.
  

Closed-source (Protected): Logic is accessible on charts, but the source code is hidden. A TradingView paid plan is required for protected indicators.

4天前

版本注释

Chart Update