Displaying the Trading Day Open Across Intraday Timeframes
Summary
This indicator displays the opening level of the trading day on chart timeframes shorter than two hours. It allows the user to shift the start time used to define the day, which can help align the displayed level with a broker's trading-session convention. A horizontal bar shift is also available to reposition the indicator on the chart.
The description highlights differences in how brokers treat Sunday trading: some begin the trading week on Sunday. A configurable Sunday mode offers three ways to account for that day. The document explains the indicator's settings but gives no trading strategy, performance evidence, or guidance for using the opening level as a signal. Its interpretation depends on the selected day boundary and the broker's session calendar.
Key ideas
- The indicator displays the trading day's opening level on timeframes under two hours.
- A configurable hour shift changes the time that defines the start of the day.
- A Sunday setting accommodates different broker conventions for the trading week.
- A bar shift adjusts the indicator's horizontal placement.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.