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Monthly Range Support & Resistance [QuantVue]

The Monthly Range Support & Resistance Levels is an advanced analytical tool designed to assess monthly price movements and provide potential support and resistance levels.

This tool examines the average monthly price fluctuations over the past 7 months (default), and creates support and resistance levels based on the opening price.

The indicator also considers a standard deviation multiplier.

This enables traders and investors to identify potential price zones.

The support and resistance levels are dynamically updated every month.

Users can also choose to view previous daily levels as well.

Customizable settings for this tool include:
-Averaging Period: Adjust the number of months to calculate the average monthly range.
-Standard Deviation Multiplier: Modify the standard deviation multiplier to fine-tune the sensitivity of the support and resistance levels. A higher multiplier will result in wider levels, accommodating higher price fluctuations.
-Toggle Support & Resistance Prices: Easily switch on or off the display of support and resistance price levels.
-Show Monthly Open Line: Display the monthly opening price as a reference point on the chart.
-Show Previous Levels: Choose whether to display past daily support and resistance levels.

Note: this indicator works on a 1 hour timeframe or higher

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