ICT TGIF_V2

The ICT TGIF_V2 [MK] indicator automates the identification of the "Thank God It's Friday" (TGIF) strategy, which focuses on price retracements during the Friday New York session after a weekly high or low has been established.

Usage

The tool is designed to highlight specific price levels and zones based on the current week's trading range. According to the TGIF strategy, if Friday establishes the high or low of the week, price often retraces into a 20-30% zone of the total weekly range during the Friday PM session.

• Bullish Scenario: If Friday makes the low of the week, the indicator plots a 20-30% retracement zone in the lower portion of the weekly range.
• Bearish Scenario: If Friday makes the high of the week, the indicator plots a 20-30% retracement zone in the upper portion of the weekly range.
• Intraday Execution: The specific "TGIF" boxes are programmed to appear only during the defined Friday session hours (typically 12:00 - 16:00 EST) to keep the charts clean and focused on the execution window.

Details

The script tracks the weekly open, high, and low in real-time. It calculates the percentage levels (20%, 30%, 70%, and 80%) relative to the total weekly range. The logic determines which day of the week the extreme high or low occurred; if that timestamp corresponds to Friday, the retracement boxes are activated. The indicator includes built-in alert conditions that trigger when price interacts with the identified 20-30% zones.

Settings

TGIF

• Timezone: Sets the reference timezone for session calculations (default: America/New_York).
• Max Timeframe: The maximum chart timeframe where the indicator will remain visible.

TGIF Levels

• Week High/Low Line: Toggle and customize the appearance of the weekly range extremes.
• 20-30% Border / Box: Adjust the color and transparency of the retracement target zones.
• Text: Toggle the "TGIF" label and adjust its color.
• Week Open Line: Toggle and customize the appearance of the price level where the week started.
• Line Widths: Sets the thickness for all plotted horizontal lines.
• Friday hours to show 20-30% levels: Defines the specific session window for the strategy's execution phase.

FAQ

How do I use the TGIF retracement zones?

The zones act as high-probability targets for retracements when a weekly extreme is set on a Friday. Traders look for price to trade back into these 20-30% levels from the weekly high or low.

Why aren't the boxes showing on my chart?

The TGIF boxes only appear if the current high or low of the week was formed on a Friday and if the current time is within the session window defined in the settings.

How can I access the ICT TGIF_V2 [MK]?

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