Weekly Time-and-Hour Signal Arrows from Candle Prices

Summary

This indicator marks a chosen weekday and hour with an arrow based on a comparison between candle prices. For the selected candle, it compares the preceding candle’s close with the open of the selected weekday’s candle: a lower preceding close produces an up arrow, while a higher one produces a down arrow. The weekday and hour are user-configurable, and examples are shown on four-hour charts for different Monday hours.

The description supplies a timing and price-comparison rule, but it does not explain how the indicator handles missing bars, time zones, or repeated signals. It presents no backtest results or evidence that the arrows predict subsequent price movement, so they should be understood as chart annotations rather than a demonstrated strategy.

Key ideas

• The indicator draws arrows for a user-selected weekday and hour.
• It compares the preceding candle’s close with the selected candle’s open.
• A lower preceding close generates an up arrow, while a higher one generates a down arrow.
• The description provides no evidence that the signals forecast returns.

Tags

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