Week high / Week low (Mo–Fr)

The indicator tracks the weekly high and low levels of the market starting from Monday 00:00 and updates them throughout the week until Friday. It draws horizontal lines across the chart representing:

Weekly High

Weekly Low

Each level also displays a label that can be positioned in different ways depending on user settings.

🧠 How it works step-by-step
1. Every Monday a new week starts

When a new week begins:

The script stores the current candle’s high as the initial weekHigh

And the current candle’s low as weekLow

Previous week's lines and labels are deleted

New horizontal lines are created and extended to the right

Labels (for high & low) are placed initially at the start of the week

2. During Monday–Friday

On every candle:

If a new higher price is reached → weekly high updates

If a new lower price is reached → weekly low updates

The horizontal line moves to the new value

A saved index remembers where that high/low was created

3. Label Position Control

The user can choose how labels should be anchored:

Mode Meaning
Update point Label stays where the high/low occurred
Right edge Label always moves to the current bar (right end of week)
Right offset Like Right edge but shifted further right by X bars

You can also customize:

label background color

label text color

label size

whether the label points up/down (above or below the line)

line color, style, and width

4. Weekend behavior

On Saturday, the script stops extending the lines, effectively freezing the weekly high and low for that completed week.

Summary

This indicator is useful for traders who want automatic weekly levels, visually clean chart structure, and customizable label placement. It tracks market structure weekly, keeps levels persistent across the chart, and lets you choose exactly how those levels appear.

If you want, I can also create:

✔ previous week high/low
✔ midline (50% of the range)
✔ alerts when price breaks the weekly high/low
✔ highlight liquidity sweeps