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Daily Seasonality

Day trading trend filter indicator designed to hep get better entries or exits based on historical opens and closes each hour.

This indicator is NOT designed as an entry or exit signal. The purpose behind it is to give you statistical information about how likely certain times of day are either bullish , bearish or neutral and use that to confirm or reject other trading signals.

For example you might be anticipating a breakout based on your strategy or another indicator but see that the next few days are usually bearish and re-evaluate entering the trade.

The Daily Seasonality indicator calculates the percentage of candles per day of the week that had a higher close than open.

Default settings are:
- a look-back of 52 weeks (1 year).
- extreme bullish ( bright green) above 74%
-extreme bearish ( bright red) below 25%
- bullish (green) above 55%
- bearish (red) below 45%
- neutral (white) exactly 50%
- no trend (gray) 46% - 54%

All of these are updatable via the settings.

This indicator is designed to work only on the Daily timeframe .

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?