MY MADAM DIOR'S Supply and Demand Daily

The Supply and Demand Daily indicator displays daily supply and demand areas on the user's chart. These areas are constructed using the market data within a previous daily interval.

This script makes use of the same logic as our previous Supply and Demand Visible Range indicator.

🔶 USAGE

The supply/demand areas & levels displayed by the indicator aim to provide potential support/resistance levels for users. Supply areas highlight where buyers are willing to exit the market and sell the asset, thus providing resistance and potentially causing prices to reverse or bounce back downwards, while demand areas highlights where buyers were willing to purchase the asset, thus providing support and potentially causing prices to reverse or bounce back upwards.

Historical areas allow the user to study the evolution of supply/demand from one day to another. Wider areas highlight prices avoiding reverting to this area, while thinner areas highlight prices returning more frequently to them.

Trends can be determined by looking at the price position relative to the previous day's supply/demand areas. Price breaking down from the demand zone is indicative of a downtrend, while price breaking above the supply zone is indicative of an uptrend.

Pullback/throwback scenarios can also be common using this indicator.

🔶 SETTINGS

Threshold %: Percentage of the total visible range volume used as a threshold to set supply/demand areas. Higher values return wider areas.
Resolution: Determines the number of bins used to find each area. Higher values will return more precise results.
Intra-bar TF: Timeframe used to obtain intra-bar data.