Horizontal Line At Daily Moving Averages

The Horizontal Line At Daily Moving Averages indicator plots major daily moving average levels as static horizontal lines on lower timeframe charts to provide traders with key daily support and resistance context without needing to switch timeframes.

Usage

The Usage section describes how the script can be used to improve intraday analysis. Day traders often face the challenge of losing sight of high-timeframe trend indicators when focusing on granular price action. This tool bridges that gap by displaying the 9 EMA, 20 SMA, 50 SMA, 100 SMA, and 200 SMA from the daily chart directly onto intraday intervals like the 1-minute, 5-minute, or 15-minute charts.

For example, a trader might monitor a 5-minute chart for a long entry as price approaches the daily 50-period moving average. Because these daily levels are heavily watched by institutional participants, they often act as significant pivot points. By having these levels projected horizontally across the screen, traders can identify confluence between intraday patterns and daily institutional levels.

Details

The script uses the request.security function to fetch data from the daily ("D") timeframe, ensuring that the moving average calculations remain consistent regardless of the timeframe currently displayed on the chart.

To create the horizontal line effect, the script utilizes the trackprice = true and offset = -9999 parameters within the plot functions. This allows the current value of the daily moving average to be visualized across the entire chart background rather than as a fluctuating line that follows historical price bars.

The indicator includes the following specific calculations:

• 9 EMA: A fast-moving exponential average used to identify short-term daily momentum.
• 20 SMA: A standard simple moving average often used for mean reversion or trend following.
• 50 SMA: A medium-term level commonly used to define the primary trend.
• 100 SMA: A significant institutional level for medium-to-long-term trend health.
• 200 SMA: A major psychological and institutional level used to distinguish between bull and bear markets.

The script also features pre-configured alert conditions for price crossovers and crossunders for each of the five moving averages, allowing for automated notifications when price interacts with these levels.

Settings

The script includes the following visual and logical parameters:

• 9 EMA: Toggles or modifies the visual representation of the 9-period daily exponential moving average (Red).
• 20 MA: Toggles or modifies the visual representation of the 20-period daily simple moving average (Navy).
• 50 MA: Toggles or modifies the visual representation of the 50-period daily simple moving average (Green).
• 100 MA: Toggles or modifies the visual representation of the 100-period daily simple moving average (Light Blue).
• 200 MA: Toggles or modifies the visual representation of the 200-period daily simple moving average (Purple).

FAQ

Which timeframes is this indicator best suited for?

This indicator is designed to be used on intraday timeframes (any timeframe lower than the Daily) to provide high-timeframe context while trading lower-timeframe price action.

Can I set alerts for specific levels?

Yes, the script includes built-in alert conditions for both crossovers and crossunders for all five daily moving averages, which can be configured through the charting platform's alert menu.

How do I access Horizontal Line At Daily Moving Averages?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.