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Heavy Delta - Monday Range Indicator

The Monday Range records Monday's high and low and extends them through the rest of the week. It gives later price action a fixed weekly reference.

Monday Range Overview

Did You Know?
ZenAlgo uses Heikin Ashi candles in some sample screens for a clearer view of trends! Curious about the pros and cons of Heikin Ashi? Learn more here.

How to interpret location​

  • Trading above Monday's High shows expansion beyond the initial weekly range.
  • Trading below Monday's Low shows downside expansion.
  • Returning inside the range after a break can be more informative than the break itself.

How It Works​

Identifying Monday's High and Low​

  • Starting after a specific time on Monday (e.g., 2:00 AM GMT), the script tracks all price bars within Monday's session.
  • It continuously updates and stores the highest and lowest prices reached during this period.

Drawing Lines and Labels​

  • Horizontal dotted lines mark the Monday High and Monday Low levels.
  • Labels like "Monday High" and "Monday Low" appear on the right side of the chart for easy reference.
  • These lines extend forward in time, allowing you to compare current price action with Monday's range.

Intermediate Levels (25%, 50%, 75%)​

  • The range between Monday Low and Monday High is divided into quarters.
  • Lines at 25%, 50%, and 75% levels are plotted with corresponding labels.
  • These subdivisions help identify potential intraday support/resistance zones within the broader Monday range.

Why is it Useful?​

Reference Points for the Week​

The Monday Range acts as a baseline, offering a clear starting point to interpret the market's weekly development. Price action near these levels later in the week can indicate shifts in market sentiment.

Support & Resistance​

  • Monday High and Monday Low frequently act as key support/resistance zones.
  • For example:
    • Price bounces off Monday Low: Potential support.
    • Struggles to break Monday High: Possible resistance.

Trade Planning​

  • Traders can structure strategies around these reference points:
    • Breakout above Monday High: Signals bullish continuation.
    • Breakdown below Monday Low: Indicates bearish momentum.

Contextualizing Other Indicators​

Pair the Monday Range with tools like:

  • Moving averages for trend confirmation.
  • Volume analysis to confirm strength or weakness at range boundaries.
  • Oscillators to spot overbought/oversold conditions near Monday levels.

Possible Customizations​

Adjusting Visibility​

Toggle the visibility of Monday Range lines and labels to keep your chart clean.

Timeframe Adjustments​

Modify the logic to track ranges for different days or set a custom start time.

Alerts and Notifications​

Heavy Delta does not currently provide built-in Monday Range alert conditions. Place manual TradingView price alerts on Monday High or Monday Low if you want breakout or return notifications.

Tips for Effective Use
  • 🔄 Review Weekly Bias: Use the Monday Range to gauge sentiment shifts throughout the week.
  • 🧩 Combine with Other Tools: Add context by analyzing the range alongside your favorite indicators.
  • 🔔 Set Smart Alerts: React quickly to price breaking critical levels without constantly monitoring the chart.

In Summary​

The Monday Range provides a stable framework for the week. Watch whether price accepts outside the range, rejects its edges, or rotates around the intermediate levels.

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