Reversal Magnet Lines

Reversal Magnet Lines plots the closing price of each of the last N trading days (configurable from 15 to 180 days) as horizontal lines directly on the chart. These prior-day close levels frequently act as short-term support and resistance, where price either reverses or breaks through with momentum.

Based on an analysis of 52 trading days on JPN225, price interacted with these levels in more than 3,000 recorded touches. On the M1 timeframe, price reversed in 49.8% of touches, broke through in 30.5%, and stayed undecided in 19.7%. On M5, price reversed in 51.0% of touches, broke through in 17.4%, and remained undecided in 31.5%. The reversal rate stayed close to 50% on both timeframes. This information describes historical statistical behavior only and is not a guarantee of future results.

Features:

- Choose between 15, 30, 60, 90, 120 or 180 days of prior closes directly from on-chart buttons, without opening indicator settings.

- Three line styles: dotted, dashed and solid.

- On-chart countdown timer showing seconds left until the current candle closes.

- Current spread displayed next to the timer.

- Works on any symbol and timeframe. No configuration required to get started.

How traders use it:

Prior-day close levels can highlight zones where reversals are more likely, useful for planning entries, stop-loss and take-profit levels. A break through a level with strong momentum can also signal a continuation move, which many traders confirm with a volume-weighted average price reading.

This is a visual analysis tool. It does not open, modify or close trades.