HT: Weekly Levels

Indicator draws several most important weekly levels on the lower timeframe: last week high/low, halfback, week close and current week open. These levels often act as support/resistance for price movements. Also, they can help to assess week character and control of power.
Indicator can be used on any timeframe, lower than weekly, for any type of instrument, including futures. It also provides an option to draw levels for any selected week back in time.

Important notes:
• Levels for the last week are drawn after the new week opens.
• Half-back is calculated as a middle line between week High and Low.

Date – user can select date, belonging to week, for which levels will be plotted. Works only if “Use” check box is on. Otherwise, levels will be plotted for the last week. (“time” value doesn’t matter; unfortunately, there is no way to hide the input box)
Time zone – your chart time zone (as UTC offset). Only needed if you use “Date” parameter.
Visuals – controls visibility and colors

Script is published as an open source. It uses two libraries: Levels Lib and Functions Lib. First one demonstrates how to work with pine-script object model and arrays. You can also reuse it in your custom scripts where there is need to construct any support/resistance levels. The second library contains some useful functions for working with time and dates.

This indicator should not be used as a standalone tool to make trading decisions but only in conjunction with other technical analysis methods.

Open-source script

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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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