Plotting the Daily Open Price from a Configurable Start Hour
Summary
The document describes a Daily Open Line indicator that displays the price at the start of a configured trading day. It is intended for charts at hourly resolution or below, and the user sets the hour that defines the day’s beginning. The same setting can be viewed on different supported intraday chart intervals, as illustrated by examples using hourly and half-hour charts.
The indicator has just one input: the daily start hour. It provides a visual reference for comparing intraday prices with the selected session’s opening level, but the document does not define entry or exit rules based on that line. It offers no performance evidence, backtest, or discussion of differences among brokers, time zones, or trading sessions. Its usefulness therefore depends on configuring the start hour to match the intended market session.
Key ideas
- The indicator plots the price recorded at a user-defined daily start hour.
- It is described for hourly charts and shorter timeframes.
- The single input is the hour used to define the day’s beginning.
- The line serves as an intraday reference; no trading rules or performance evidence are provided.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.