weekly range indicator for TradingView
every Monday morning, traders do the same thing: mark previous week's high and low on their charts.
but if you trade futures, there's a problem. which high and low do you use? the 24-hour range? the NY session range? the London session range?
the weekly range indicator solves this by plotting session-specific levels automatically on TradingView.
it shows previous week's high, previous week's low, and the midpoint for your selected session—ignoring overnight price action that doesn't apply to your trading hours.
in this article, you'll learn what the weekly range indicator plots, how to use session-specific levels, what the ES stats tell us about weekly behavior, and how to build weekly bias using the midpoint.
table of contents
- what is the weekly range indicator?
- ES previous week's range stats (NY session, last year)
- how the weekly range indicator works on TradingView
- using the midpoint for weekly bias
- understanding single breaks vs double breaks
- the by outside close subreport
- stocks vs futures: which weekly range indicator to use
- customizing the weekly range indicator
- combining weekly range with other reports
- frequently asked questions
- key takeaways
what is the weekly range indicator?
the weekly range indicator is a TradingView tool that automatically plots previous week's high, low, and midpoint on your chart.
here's what it plots:
previous week's high: the highest price reached during last week's selected session
previous week's low: the lowest price reached during last week's selected session
midpoint: halfway between the high and low—critical for determining weekly bias
blue vertical divider: separates previous week from current week for visual clarity
session-specific calculations
this is where the weekly range indicator becomes essential for futures traders.
if you select the NY session (9:30am-4:00pm ET), the indicator only uses highs and lows made during NY session hours. it ignores:
- overnight/globex price action
- pre-market moves
- after-hours trading
if you switch to London session, the indicator recalculates using London session highs and lows. same for Tokyo or any other session.
why session-specific matters
if you trade the NY session, you care about NY session levels—not the overnight high that got hit at 3am when you weren't even watching.
the weekly range indicator ensures your levels match your actual trading session. no more confusion about which high/low to use.
stocks vs futures
for stocks, you don't need session-specific calculations. stocks only trade 9:30am-4:00pm ET, so there's only one set of weekly highs and lows.
for futures, forex, and crypto, session-specific is critical because these markets trade 24 hours with different behavior in each session.
ES previous week's range stats (NY session, last year)
here's the actual data for ES (S&P 500 futures) over the last year in the NY session:
- broke previous week high only: 47.06%
- broke previous week low only: 25.49%
- broke both previous week high & low: 15.69%
- stayed inside previous week high & low: 11.76%
what this data tells you
72.55% of weeks only break ONE side (47.06% + 25.49%)
this is the key insight. almost three-quarters of weeks on ES only break one side of previous week's range.
what this means for your trading:
- once price breaks previous week's high, don't expect it to reverse all the way back to break the low
- once price breaks previous week's low, don't expect a massive rally back to break the high
- if you're targeting the opposite side after a single break, you're fighting 72% probabilities
double breaks only happen 15.69% of the time
less than 1 in 6 weeks sees price break both previous week's high AND low. these are the volatile, whipsaw weeks that trap traders on both sides.
about 12% of weeks stay completely inside
these are consolidation weeks where price respects previous week's range entirely. range trading strategies work better than breakout strategies during these weeks.
using stats for weekly targets
if price breaks previous week's high on Monday, the weekly range indicator tells you:
- your breakout target is confirmed (above last week's high)
- your reversal target (last week's low) only gets hit 16% of the time
- don't hold shorts expecting a full reversal to the low
this is how you set realistic weekly targets based on data, not hope.
how the weekly range indicator works on TradingView
the weekly range indicator updates automatically at the start of each new week.
what happens Monday morning
when the new week begins, the indicator:
- calculates previous week's high from your selected session
- calculates previous week's low from your selected session
- plots the midpoint between high and low
- draws a blue vertical divider separating weeks
you don't have to do anything. the levels are there waiting for you.
session selection changes everything
- NY session selected: plots highs/lows from 9:30am-4:00pm ET only
- London session selected: plots highs/lows from 3:00am-11:00am ET only
- Tokyo session selected: plots highs/lows from 7:00pm-2:00am ET only
each session has its own weekly range because price behavior differs across global trading hours.
the indicator is most useful for current week
the weekly range indicator is designed for analyzing current week vs previous week.
it plots last week's levels so you can see where this week's price action sits relative to those levels. as the week progresses, you watch for breaks of the high, low, or consolidation within the range.
understanding single breaks vs double breaks
the weekly range indicator helps you understand which type of week you're in.
single break (72% of weeks on ES)
price breaks only ONE side of previous week's range.
example: price breaks previous week's high on Tuesday, then consolidates or pulls back slightly but never comes down to break previous week's low.
this is the most common outcome by far. once you see a single break confirmed, don't expect a full reversal to the opposite side.
trading single break weeks:
- after breakout above previous week's high, look for continuation longs
- after breakdown below previous week's low, look for continuation shorts
- avoid counter-trend trades expecting the opposite level to get hit
double break (16% of weeks on ES)
price breaks BOTH previous week's high AND low during the same week.
example: price breaks previous week's high on Monday, reverses hard on Wednesday, and breaks previous week's low by Thursday.
the weekly range indicator tracks the ORDER of double breaks:
- high touched first, then low
- low touched first, then high
this helps you understand which direction typically fails first on volatile weeks.
trading double break weeks:
- these are whipsaw weeks that trap both bulls and bears
- tighter stops are essential
- consider waiting for the second break before committing to direction
no break (12% of weeks on ES)
price stays completely inside previous week's range all week.
these are consolidation weeks—no clear directional bias established.
trading no-break weeks:
- range trading works better than breakout trading
- fade moves toward previous week's high and low
- expect mean reversion back toward the midpoint
- don't assume breakouts will hold through Friday
stocks vs futures: which weekly range indicator to use
for futures, forex, crypto
use "Previous Week's Range by Session" indicator.
this is the session-specific version that calculates highs and lows based on your selected trading session.
select your session (NY, London, Tokyo, Sydney) and the indicator automatically plots the correct levels.
this is critical because:
- 24-hour markets have different highs/lows depending on session
- NY session high might be 50 points different from the 24-hour high
- you want levels that match YOUR trading hours
for stocks
you don't need the session-specific indicator.
stocks only trade 9:30am-4:00pm ET, so there's only one set of highs and lows per week.
important: do NOT include extended hours when marking previous week's range on stocks. use regular trading hours only—this matches what edgeful's report measures.
customizing the weekly range indicator
the weekly range indicator offers several customization options on TradingView.
select your session
choose from NY, London, Tokyo, Sydney sessions.
the indicator recalculates previous week's high, low, and midpoint based on your selection. switching sessions shows you completely different levels.
change line colors
customize colors for:
- previous week's high line
- previous week's low line
- midpoint line
match your chart theme for visual clarity.
toggle the vertical divider
the blue vertical bar separating weeks can be turned on/off.
some traders like it for clear week separation. others find it cluttered. adjust based on your preference.
adjust line styles
change line width and style (solid, dashed, dotted) for each level.
consider making the midpoint dashed to differentiate it from the high/low lines.
combining weekly range with other reports
the weekly range indicator works best when combined with other edgeful reports for multi-timeframe confluence.
weekly range + previous day's range
when previous week's high aligns with previous day's high, you have stronger resistance.
example: previous week's high is at 5,850. previous day's high is at 5,845. that 5-point zone becomes a significant resistance cluster.
weekly range + gap fill
gap up that opens above previous week's high gives you multiple data points.
check the gap fill report to see if gaps above previous week's high tend to fill or continue.
weekly range + initial balance
IB breakout in the direction of the weekly bias = higher probability continuation.
if weekly bias is bullish (opened above midpoint) and IB breaks to the upside, you have weekly + daily alignment for longs.
building weekly + daily confluence
Monday morning checklist:
- where is price relative to previous week's midpoint? (weekly bias)
- where is price relative to previous day's range? (daily bias)
- do weekly and daily bias align?
when both timeframes align, you have stronger conviction for the week's direction.
weekly range + ultimate reversal setup
if price opens above previous week's high AND gaps up AND opens above midnight open, you have the ultimate reversal setup on a weekly timeframe.
multiple reports all pointing to reversal = A+ setup.
frequently asked questions
what is the weekly range indicator?
the weekly range indicator automatically plots previous week's high, low, and midpoint on TradingView using session-specific calculations. on ES (NY session, last year), 72% of weeks only break one side of previous week's range, making these levels reliable for setting weekly bias and targets.
how do I add the weekly range indicator to TradingView?
log into edgeful, connect your TradingView account, and look for "Previous Week's Range by Session" in your invite-only indicators. select your session (NY, London, Tokyo) and the indicator plots previous week's high, low, and midpoint automatically.
why is session-specific important for weekly range?
futures, forex, and crypto trade 24 hours. the high made at 3am during London session is different from the high made at 10am during NY session. the weekly range indicator ensures you're using levels from YOUR trading session, not irrelevant overnight moves.
how often does price break both sides of previous week's range?
on ES (NY session, last year), double breaks only happen 15.69% of the time. single breaks happen 72% of the time. this means once price breaks one side, don't expect it to reverse and break the other side—it only happens about 1 in 6 weeks.
does the weekly range indicator work for stocks?
stocks don't need the session-specific version since they only trade regular hours (9:30am-4:00pm ET). just use standard weekly high/low levels without extended hours data.
key takeaways
- the weekly range indicator plots previous week's high, low, and midpoint on TradingView
- session-specific calculations for futures, forex, crypto (NY, London, Tokyo sessions)
- on ES (NY session, last year): 72% of weeks only break one side of previous week's range
- broke previous week high only: 47.06%
- broke previous week low only: 25.49%
- double breaks (both high and low): only 15.69%
- stayed inside previous week's range: 11.76%
- once price breaks one side, don't expect it to break the other side
- midpoint determines weekly bias: opens above = bullish, opens below = bearish
- opening below midpoint: 65% chance of touching previous week's low
- blue vertical divider separates previous week from current week visually
- use "Previous Week's Range by Session" for futures/forex/crypto
- stocks don't need session-specific indicator—just use regular trading hours
- combine with previous day's range, gap fill, and IB for multi-timeframe confluence
- different tickers show different probabilities—always check your specific instrument
p.s. want access to the weekly range indicator and 35+ other TradingView indicators? get started with edgeful here
