PonoTrading WDR

Weekly Dealing Range Indicator

Overview
The Weekly Dealing Range indicator identifies range + volatility based pivot levels that form at the close of the first trading session and extend for the entire week. This tool provides key reference points for both trending and range-bound market conditions.

What It Provides
Range High & Low: Weekly session extremes
Median Level: Mid-point of the weekly range
Weekly Open: First session opening price
Standard Deviation Extensions: Calculated levels above the high and below the low

Practical Application
These levels serve as:

Reversal zones for mean reversion setups
Support/resistance reference points
Target levels for existing positions
Framework for building trade ideas around high-probability pivot areas

Key Features

Traditional price crosses level alerts
Automatically updates each week
Clean, uncluttered chart display
Works across all timeframes
Suitable for all markets and instruments