10 Monday's 1H Avg Range + 30-Day Daily Range

What This Script Does
This indicator is designed for traders who want to monitor volatility and range behavior at the start of the trading week. It focuses specifically on the first four 15-minute candles of each Monday and tracks their combined high-low range over time.

How It Works

• Monday 1H Range Detection:
  Each week, it automatically detects and highlights the first 4 candles of Monday on a 15-minute chart (1 hour total). It calculates the range between the highest high and lowest low of these candles.
  
  
• 10-Week Average of Monday 1H Ranges:
  It stores and averages the last 10 such ranges, displaying this average in a table for weekly comparison.
  
  
• 30-Day Daily Range Average:
  Separately, it calculates the average daily range (high – low) of the last 30 daily candles. This value helps put the Monday 1H range into broader context and can guide Stop Loss or TP planning.
  
  
• Dynamic Labeling & Visual Highlights:
  The script visually highlights the first 4 candles of Monday and places a label showing the pip range once the 4 candles have completed. It also updates a small table with the two averages described above.
  

How to Use It

• Use it on the 15-minute timeframe to activate the Monday 1H logic.
  
• Compare the current week’s Monday range to the 10-week average to see if volatility is increasing or decreasing.
  
• Use the 30-day daily range to determine if the Monday opening movement is unusually large or small.
  
• Consider adjusting trade entries, stops, or targets if the Monday range is disproportionately large compared to recent historical behavior.
  

What Makes It Original?
This is not a typical volatility indicator like ATR or standard deviation. Instead, it’s a purpose-built tool combining:

• Time-specific behavior (first hour of the week),
  
• Historical contextualization (10-week average tracking),
  
• A dual-timeframe analysis (15-min + daily),
  
• A user-friendly table and visual interface.
  

This script helps intraday or swing traders spot abnormal volatility early in the week and adjust their strategies accordingly—especially in fast-moving Forex or Index markets.