OPEN-SOURCE SCRIPT
Jake Bernstein - 8 Open/Close
For many years traders have used moving averages of closing prices to trigger trend changes. Historically crossovers such as the 50 day/200 day methodology are extremely inaccurate and tend to be late in picking tops and bottoms. I find that a more fruitful approach is to compare averages of closing prices versus moving averages of opening prices. Of course this approach also requires a trigger, a stop, a target, and a profit maximizing methodology. Although it can be used in any timeframe, the larger time frames such as weekly yield are stable results. If you're interested let me know and I can provide more granularity. RBT
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.
Want to use this script 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.