OPEN-SOURCE SCRIPT
MUJBOT - ADVANCED DAILY OPEN
Updated
Title: MUJBOT - ADVANCED DAILY OPEN
Description:
The "MUJBOT - ADVANCED DAILY OPEN" is a versatile and user-friendly TradingView indicator designed to enhance daily trading strategies by highlighting the daily open price on the chart. This indicator is particularly useful for traders who focus on intraday price movements around the opening price of the trading day.
Key Features:
Daily Open Line: Visually represents the opening price of each trading day on the chart, providing a clear reference point for the day's initial market sentiment.
Dynamic Testing Counter: Keeps track of how many times the price tests or crosses the daily open level within the day. This feature offers insight into the significance and market reaction to the daily open price.
Customizable Display: Includes an option to show or hide the daily open line and the testing counter label. Traders can easily toggle the display according to their preference, keeping their charts uncluttered.
Real-Time Updates: The label and line are dynamically updated in real-time with each new price bar, ensuring traders have the most current information at their fingertips.
Simplicity and Efficiency: With a straightforward design, the indicator adds minimal complexity to the chart while providing valuable trading information.
Usage:
Intraday Trading: Ideal for intraday traders, the indicator helps in identifying how the current price is behaving relative to the opening price, which can be a crucial factor in decision-making.
Support and Resistance: The daily open can act as a natural support or resistance level. Monitoring how the price interacts with this level can provide insights into potential breakout or reversal opportunities.
Trend Analysis: Observing the frequency of the daily open price being tested can give clues about the day's trend strength and potential continuation or reversal.
Customization Options:
Toggle the visibility of the daily open line and label.
The line extends six bars ahead from the daily open for clear visibility.
The label displays the daily open price and the count of how many times it has been tested.
Conclusion:
The "MUJBOT - ADVANCED DAILY OPEN" indicator is a valuable tool for traders who emphasize the importance of the daily open in their trading strategy. Its simplicity, combined with real-time tracking features, makes it an essential addition to the trader's toolkit on TradingView.
Feel free to modify or add any additional details specific to your trading strategy or indicator functionality.
Description:
The "MUJBOT - ADVANCED DAILY OPEN" is a versatile and user-friendly TradingView indicator designed to enhance daily trading strategies by highlighting the daily open price on the chart. This indicator is particularly useful for traders who focus on intraday price movements around the opening price of the trading day.
Key Features:
Daily Open Line: Visually represents the opening price of each trading day on the chart, providing a clear reference point for the day's initial market sentiment.
Dynamic Testing Counter: Keeps track of how many times the price tests or crosses the daily open level within the day. This feature offers insight into the significance and market reaction to the daily open price.
Customizable Display: Includes an option to show or hide the daily open line and the testing counter label. Traders can easily toggle the display according to their preference, keeping their charts uncluttered.
Real-Time Updates: The label and line are dynamically updated in real-time with each new price bar, ensuring traders have the most current information at their fingertips.
Simplicity and Efficiency: With a straightforward design, the indicator adds minimal complexity to the chart while providing valuable trading information.
Usage:
Intraday Trading: Ideal for intraday traders, the indicator helps in identifying how the current price is behaving relative to the opening price, which can be a crucial factor in decision-making.
Support and Resistance: The daily open can act as a natural support or resistance level. Monitoring how the price interacts with this level can provide insights into potential breakout or reversal opportunities.
Trend Analysis: Observing the frequency of the daily open price being tested can give clues about the day's trend strength and potential continuation or reversal.
Customization Options:
Toggle the visibility of the daily open line and label.
The line extends six bars ahead from the daily open for clear visibility.
The label displays the daily open price and the count of how many times it has been tested.
Conclusion:
The "MUJBOT - ADVANCED DAILY OPEN" indicator is a valuable tool for traders who emphasize the importance of the daily open in their trading strategy. Its simplicity, combined with real-time tracking features, makes it an essential addition to the trader's toolkit on TradingView.
Feel free to modify or add any additional details specific to your trading strategy or indicator functionality.
Release Notes
Percentual change added.Release Notes
Label right shift.Release Notes
Final update.Release Notes
"Daily Open" in the context of trading in financial markets refers to the price at which an instrument (such as a stock, futures contract, currency pair, etc.) is traded at the moment the market for that instrument opens each trading day. This price has several important implications:Reference Point for the Day: The Daily Open serves as a baseline for measuring the performance of an instrument throughout the day. Investors and traders monitor how the current price moves relative to the Daily Open to gauge the overall direction of the market or a particular instrument.
Indication of Market Sentiment: If the current price is significantly higher than the Daily Open, it may indicate a strong bullish sentiment (buying interest). Conversely, if the current price is significantly lower, it may suggest a bearish sentiment (selling interest).
Analytical Tool: The Daily Open is often used as a key component in many trading strategies and technical analyses. It can act as a level of support or resistance during the day.
Performance Comparison: Traders use the Daily Open to compare the performance of different instruments or markets. For example, by comparing price changes from the Daily Open across various markets, they can get an overview of the relative strength or weakness of these markets.
It's important to note that the exact time of the Daily Open can vary depending on the market and instrument. For instance, stock markets have specific opening times, whereas cryptocurrency markets operate continuously. In such cases, UTC midnight is often used as a standard time for the Daily Open.
Release Notes
"Daily Open" in the context of trading in financial markets refers to the price at which an instrument (such as a stock, futures contract, currency pair, etc.) is traded at the moment the market for that instrument opens each trading day. This price has several important implications:Reference Point for the Day: The Daily Open serves as a baseline for measuring the performance of an instrument throughout the day. Investors and traders monitor how the current price moves relative to the Daily Open to gauge the overall direction of the market or a particular instrument.
Indication of Market Sentiment: If the current price is significantly higher than the Daily Open, it may indicate a strong bullish sentiment (buying interest). Conversely, if the current price is significantly lower, it may suggest a bearish sentiment (selling interest).
Analytical Tool: The Daily Open is often used as a key component in many trading strategies and technical analyses. It can act as a level of support or resistance during the day.
Performance Comparison: Traders use the Daily Open to compare the performance of different instruments or markets. For example, by comparing price changes from the Daily Open across various markets, they can get an overview of the relative strength or weakness of these markets.
It's important to note that the exact time of the Daily Open can vary depending on the market and instrument. For instance, stock markets have specific opening times, whereas cryptocurrency markets operate continuously. In such cases, UTC midnight is often used as a standard time for the Daily Open.
Release Notes
just trying to publish first indicator corretly.Release Notes
VWAP added.Release Notes
VWAP added.Release Notes
Minor update.Release Notes
Monday range added.Release Notes
logic updated. Range is active from Tuesday 2:00Release Notes
minor update.Release Notes
vwap update.Release Notes
Monday range color update.Release Notes
Decimals update.Release Notes
Monday range labels update.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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.