Indicator Overview
Three daily rectangles is a time-based indicator that draws three separate rectangles on the chart, each representing a specific daily price range. By visualizing these ranges side by side, it helps traders quickly understand how price behaved across recent days without manually marking sessions.
Each rectangle highlights the high–low range of its corresponding day, making consolidation, expansion, and directional shifts easier to spot.
How to Use It in Practice
In practical trading, this indicator can be used to:
- Compare volatility between recent trading days.
- Identify breakout points when price moves outside a previous day’s rectangle.
- Spot consolidation phases when multiple rectangles overlap or narrow.
- Use prior daily ranges as contextual support and resistance zones.
This makes it especially useful for intraday traders who want clear daily structure without cluttering the chart.
Parameter Explanations
Rectangle 0: Color
Sets the color of the first daily rectangle, typically representing the most recent day.
Rectangle 1: Color
Defines the color of the second daily rectangle, usually the previous day.
Rectangle 2: Color
Defines the color of the third daily rectangle, often two days back.
Rectangles: Style
Controls the line style of the rectangle borders, such as solid or dashed.
Rectangles: Width
Adjusts the thickness of the rectangle border lines for better visibility.
