DYO: Dynamic Daily Levels

Every day traders are posting fantastic charts on the www.dacharts.com web site.   Some of these informative charts were created with the tools, studies, markers and alerts available in Ensign Windows.   Take a look at this chart template created by Frank Del Casino (nickname Discovery) with help from others in the B-Line chat room.

So what does this chart show and how did Frank do that?

Weekly & Monthly:   On the left side of the chart are support and resistance levels based on the prior week's High, Low and Close and the prior month's High, Low and Close.   Support and resistance levels are standard formulas based on three prices.

Section Panels:  Below the chart are 5 panels showing various key values.  The first section in gray is showing the High/Low range of the opening 60 minute time period.  These two levels are marked on the chart with the H and L letters.

The 2nd section in blue is showing Today's Open price and Yesterday's Close price.  Today's Open price is shown with a thick black horizontal line.

The 3rd section in lighter blue is showing the Weekly Pivot, Weekly High, and Weekly Low prices for the prior week.  The pivot price is the average of the High, Low and Close.     Example:   (1178.00+1164.25+1174.75) / 3  =  1172.33

The 4th section in purple is showing the Monthly Pivot, Monthly High, and Monthly Low prices for the prior month.

The 5th section in yellow is showing Yesterday's Upper Value Area price, Point of Control, and Lower Value Area price.  These values are obtained from a price histogram study.

Support & Resistance:  S&R lines for today based on the opening 60 minute range are being plotted as the white, blue, green and red stair-stepped lines.   Click this link for information on setting up these Dynamic Support and Resistance lines.

Daily Prices:  A Daily Price Lines tool is showing horizontal lines at key levels such as YH = Yesterday's High, P = Yesterday's Pivot, YL = Yesterday's Low, H = Today's High, and L = Today's Low.

A workspace and a template for this set-up can be downloaded from the Ensign web site using the Internet Services form.   The workspace file is named Discovery and the template file is named Discovery.

The workspace will open Weekly, Monthly, 30-minute, and 3-minute charts.  The charts need to be refreshed.

The price histogram study on the 30-minute chart stores its values in global variables so they are available for use with other charts.  If you want to read 30 minute histogram values on volume charts, copy the Design Your Own (DYO) study from the histogram template to another tab in DYO.   Then open a volume chart and add a DYO from those tabs to that chart.  Refresh the histogram chart, then refresh the volume chart.   The histogram UVA, POC, and LVA values should be there.  Alter section or line styles to your taste.

Once set up, you can save a Weekly template, Monthly template, and a Histogram template from those 3 charts.  Also save a template from the master chart which is the chart where you read all values and have all the lines.   Then open those chart timeframes in any workspace you want and apply the weekly, monthly and histogram templates you saved.   Finally, apply the master template you saved from your volume chart or 3 minute chart to a time frame chart of your choice.  Refresh all charts, and it should then be in your trading workspace.   Save your workspace.    Make duplicate workspace somewhere.

All this would not be possible without the splendid powerful tools Ensign Windows makes available to their subscribers.

Article by Frank Del Casino