Mean Indicator: Current-Day and Previous-Day Average Prices

Summary

The Mean Indicator displays two reference levels: the average price across bars for the current day and the average price for the previous day. Its configurable setting is the hour used to define the beginning of the trading day, which determines how bars are grouped. The indicator is intended for hourly and lower chart timeframes.

The current day's middle line changes color according to the direction of its average price, using green for upward movement and red for downward movement. This gives a visual way to compare intraday average-price behavior with the previous day's average. The description does not specify a trading rule, entry or exit conditions, or performance evidence, and it provides no details about the precise averaging formula or the effect of different day-start settings.

Key ideas

• The indicator plots average prices for bars in the current day and the previous day.
• A configurable start hour determines where the indicator's trading day begins.
• It is designed for hourly and lower timeframes.
• The current-day average line is green when rising and red when falling.
• The description supplies no tested strategy or performance results.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.