Most common timeframes to choose are Daily, 1W, 1M, and 3M . Other timeframes that are good include, 2D, 2W and 2M.
For example, you can see in the snapshot below, we are on the 4hr TF showing those levels from the 2W. This historical 2W zone (open and mid) was (and currently still is) resistance. You can see it also provided a good entry to go short.
This is also useful for intraday scalping. Below, we are on the 15min TF with levels set on the 2D timeframe. You can see how the Open and Mid levels acted as resistance, providing good entries on range trades, with take profit set at the previous 2D low.
There is also a table which tells you all the main TFs high, low, open, and mid levels. They are the most important ones to look out for.
This indicator should not be used in isolation; it is best to pair it up with other TA such as orderblocks, S/D zones, S&R or overlay indicators.
-> Added Monday's range as an option (High|Low|Mid|Open).
-> Added session vertical dividers based on timeframe chosen.
-> Added day of week labels at bottom of chart.
- Time zone can be changed for Monday's range and day of week labels.
Changed the extend last range function so it'll apply to all historical ranges.
-> Thank you @kjs1 for your suggestion. I've implemented it so you can turn historical ranges on/off in the menu.
-> Optimised and minimised code.
-> Fixed bugs that were displaying incorrect prices
If there are any glitches please let me know :)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.