Daily Open [Kintsugi Trading]

11 agoDaily Open [KintsugiTrading]

The "Daily Open" indicator by Kintsugi Trading is designed to give traders clear and immediate access to daily open prices, enhancing their ability to spot key market levels and make informed trading decisions. The indicator dynamically changes the color of the plotted line based on the current price's relationship to the opening price of the regular market session. This visual aid helps traders quickly assess whether the current price is trading above or below the opening price of the session.

Key Features:

• Daily Open Visualization: Automatically plots the daily open price on your chart, providing a clear reference point for daily price action.
  
• Configurable Market Open Time: The indicator allows users to input the start time of the regular market session (default is set to 9:30 AM).
  
• Color-Coded: The indicator dynamically adjusts the color of the daily open line and price labels based on whether the price is above or below the open, giving you quick visual cues about market sentiment.
  
• Customization Options: Users can modify the line's appearance, including the color and style, to better fit their chart preferences.
  

Ideal For:

This indicator is particularly useful for day traders and those looking to closely monitor price action in relation to the market's opening level. It serves as a quick reference point for identifying potential bullish or bearish sentiment throughout the trading day.

Good luck with your trading!