Also on the far right you can see levels f0% to f100% up and down -f100% - these are created by the indicator MTAutoFibGrid - and shows the natural levels in the market based on statistical range.
The Horizontal green and red lines are weekly levels as configured and painted by the indicator MTHLevelsSRHTF - AKA MicroTrends Horizontal Levels Support Resistance Higher Time Frame - it can display any mode of nearest price level, or by date, or steps, peaks and troughs price levels on day, week, month, year time frames and paint them on a lower time frame or trading time frame chart.
We can clearly see this weekly low at Week S1 - 4031 and high Week R1 - 4057 -so we have current support at the Week S1 but possible break of level to a target of -f100% on the Fib Grid and 4012 on the prior week low Week S2 -the green horizontal level -so two reasons for a bounce there or a break down further to 4004 - Week S3 in terms of levels downwards visible in this resolution.
If we break upwards here an obvious target and bounce will be f0% - the session open. Then f23% - which is also Week R1 level. f50% 4069, f76% - significant also price structure held as resistance there on the move up then as support before the break down to the current market support low at Week s3, s2.
If we get to F100% then the market range will have been -f50% + f100% which would be a large day with a range of 150% of the typical. If we continue downwards to -f100% the range expansion will be around 125% .
This will be shown on the indicator on the lower panel - the MTRangeGrid - currently we are at a range of around 60% - at the premarket European London session - and not really pushing or moving in a trend as yet... but consolidating - the congestion may amount to nothing but might amount to a nice move - time will tell. A current short state will have to wait perhaps for a few hours to see the reversal long and a stop and reverse or the reward for a move to 4000 areas.
The system will plot the moves green long or red short.
The Fib Grid can be used for targets, stop placement and trailing points.
By lining up timing with sessions, higher time frame levels and trend or structure it is possible to filter and select days that will be statistically higher probability trading opportunities. Limiting trading per day perhaps to 3 trades - to cover the risk and win ratio versus the maximum reward days.
The Caveat... The market will hit 100% of the range around 25% to 30% of the time. It will not always do it this straight from the open up or down... it will likely go to f23% or -f23% then reverse and test the opposite f50%/ -f50% areas. So by looking for a ripe condition, a day that is statistically move apt to trend and have a larger range and combining other external factors, news, report, open interest to name a few reasons other than technicals you can tune using a set of rules when to and when not to take a day as your trading day.
Here you might sit on the sideline and wait to see where you are at the NY Session open - or you might wait for a breakdown and retest of 4000 or breakout up to 4080 area for example and then time a trade entry for Tuesday or Wednesday if you are still near that structure
These indicators are available in Charts > Indicators > Market Place Add-ons > MicroTrends
more details of the indicators can be found here: http://www.indicatorfactory.com/tradingview-indicators/