RD Key Levels (Weekly, Daily, Previous vWAP)

The RD Key Levels (Weekly, Daily, Previous vWAP) indicator plots essential institutional and psychological price levels to help traders identify high-probability reaction zones across any market.

Usage

The script is designed to highlight areas where price is likely to react, serving as either "magnets" that attract price or "levels" that repel it. Traders can use these levels to establish market bias or time entries based on specific reaction patterns.

• Weekly Open: Dynamic color plotting (default white/orange) based on whether price is above or below the weekly starting point.
• Weekly High/Low: Identifies the extremes of the current week, useful for spotting liquidity grabs or trend extensions.
• Daily Open: Visualized with green/red lines to provide immediate intraday bias.
• Previous Day vWAP: Plots the closing value of the previous day's Volume Weighted Average Price, a critical institutional benchmark.
• Bias Indicators: Small triangles at the top of the chart provide a quick visual reference for the current price position relative to the weekly open, which is particularly useful on lower timeframes like the 5m or 15m.

Details

This tool is built on the concept that markets often revisit or react strongly to specific price origins (opens) and volume-weighted benchmarks. By visualizing these as zones rather than thin lines, traders can look for confirmation patterns—such as a level holding, a quick rejection, or a "failed breakout"—to execute trades with defined risk. The script uses security calls to fetch higher timeframe data and includes logic for the NYSE session open to cater to equity traders.

Settings

Label Settings

• Hide All Prices in Labels: When enabled, removes numerical price values from chart labels for a cleaner look.
• Label Size: Adjusts the text size of the labels (Tiny to Huge).
• Label Color: Sets the background color for level labels.

Level Specific Options (Weekly, Daily, NYSE, vWAP)

• Show Label/Price: Individual toggles for every key level to show or hide the label and the specific price value.
• Label Text: Customizable text for each level (e.g., changing "WO" to "Weekly Open").
• Show on Intraday Only: For vWAP and Daily levels, this prevents chart clutter when viewing higher timeframes.
• Time Zone: Specifically for the NYSE Open calculation to ensure accuracy across different geographical locations.

FAQ

How do I use the Weekly Open triangles at the top?

The triangles signify if the current price is above (Green) or below (Red) the weekly open. This allows you to maintain awareness of the higher-timeframe bias even when zoomed in on a 1-minute or 5-minute chart.

What is the significance of the Previous Day vWAP?

The Previous Day vWAP is considered a "fair value" level from the prior session. Markets often treat this level as a support or resistance zone in the current session.

How can I access RD Key Levels (Weekly, Daily, Previous vWAP)?

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