Hey friends,
This post explains how you can use the Midnight open range, customized opening times, and watermark customization.
This script, which I created by modifying the existing free and open source indicators, was debugged and fit for use based on individual strategies and needs.
Also, this is useful for folks who use minimal indicators on their TradingView charts.
The first one is the Midnight open range,
The settings below are what I use for this indicator. I will give a brief explanation of why and what they suggest. The main crux of this indicator still relies on your understanding of the price actions and candles. Your understanding of support and resistance, candles that expand and candles that don't expand, fair value gaps, volume imbalances, and pivot points would be immensely valuable.
A good study of these opening prices will show you that prices do react around those ranges.
These are the settings.
NASDAQ Chart without any activated indicator, 1hr tf, NAS100
Settings
[a]
I limit the previous days to 1 and bar extension to 2, so as not to have too many paintings on my chart
[b]
I marked 9:30 EST, 10am EST, because that represents NewYork open, and the close of the hour. This time window can give you a good idea of what to expect for the day.
Most times, if the price is closing above the NY open and hourly close, you could have an expansion day, if price didnt fake out, though.
[c] I inputted 13:30, because that's the NY PM session, and 14:00 is the hourly close after the PM session. You can also input the time based on Asian opening hours.
[d] Also, the script can indicate the historical prices open and the standard deviations.
[e] This standard deviation is customizable to your ideal levels
[f] Lastly, the watermark makes it easy to have your label on any chart you open. It can also show you the asset and timeframe on the chart.
[g]Without and with historical range
This is the Midnight open range Script.
The next post will be for the other script, where you can see multiple time frames on thesame chart based on selected timeframe. That will be a separate post so that this post dont get unnecessarily long and boring.