OPEN-SOURCE SCRIPT
Daily Weekly Monthly Yearly Opens
This enhanced trading tool also incorporates a 50% body candle analysis alongside daily openings, offering traders additional precision in understanding market sentiment and potential price movements. The 50% body candle feature highlights the midpoint of a candlestick’s body, which can often signal a shift in momentum. When combined with daily opening prices, this feature offers valuable insights into how the market reacts from the start of each trading day, providing a contextual basis for setting entry and exit points.
By incorporating these elements, the indicator provides a clearer picture of market strength and potential reversals. The 50% body candle identifies potential price exhaustion or consolidation points, often marking the transition between different market phases. Meanwhile, the daily opening level serves as a key reference point for identifying intraday support and resistance levels, helping traders navigate short-term price fluctuations.
When paired with the market structure indicator and VWAP, the 50% body candle with daily openings creates a robust trading framework. This combination allows traders to align their strategies with both short-term and long-term market dynamics, improving trade accuracy, risk management, and overall profitability. Whether day trading or swing trading, this tool empowers traders to make more informed, data-driven decisions in any market condition.
By incorporating these elements, the indicator provides a clearer picture of market strength and potential reversals. The 50% body candle identifies potential price exhaustion or consolidation points, often marking the transition between different market phases. Meanwhile, the daily opening level serves as a key reference point for identifying intraday support and resistance levels, helping traders navigate short-term price fluctuations.
When paired with the market structure indicator and VWAP, the 50% body candle with daily openings creates a robust trading framework. This combination allows traders to align their strategies with both short-term and long-term market dynamics, improving trade accuracy, risk management, and overall profitability. Whether day trading or swing trading, this tool empowers traders to make more informed, data-driven decisions in any market condition.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.