Daily Weekly Monthly Yearly Opens

The Daily Weekly Monthly Yearly Opens indicator automatically plots the opening prices for various timeframes to provide key horizontal support and resistance levels.

Usage

The Usage section describes how the script can be used to identify institutional and retail pivot points based on time-based opening prices. By default, the script highlights the Daily, Weekly, Monthly, and Yearly opens, which often act as magnets for price action or significant breakout points.

• Intraday Analysis: Traders can use the Daily open to determine if the current session is trading at a premium or discount relative to the start of the day.
• Trend Confirmation: The Weekly and Monthly opens serve as long-term trend filters; price remaining above the Monthly open typically suggests a bullish monthly bias.
• Visual Customization: Users can toggle "Show Tails" to extend lines to the left of the chart for historical context or "Show Projections" to extend previous session opens to the right to see how old levels interact with current price.

Details

The script utilizes a dynamic timeframe selection system to ensure lines are only displayed when relevant to the current chart. For example, the Daily open is automatically hidden on higher timeframes (like Weekly or Monthly) to prevent clutter.

A specialized "Discover Prices" mode is included to handle discrepancies between intraday and end-of-day data feeds. When enabled, the indicator calculates the opening price directly from the chart bars rather than requesting higher-timeframe security data, which is particularly useful for symbols with complex pre-market or post-market sessions.

Settings

Opens

• Enable/Disable: Toggles the visibility of specific timeframe opens.
• Timeframe Selection: Defines the period for the open (ranging from 5 seconds to 12 months).
• Color: Sets the color for the specific timeframe line and label.
• Lookback: Determines how many historical opening lines for that timeframe are maintained on the chart.

Style

• Offset: Controls how far the current open lines extend to the right of the most recent bar.
• Show Tails: Extends the current opening price line to the left of the chart.
• Show Projections: Extends the lines of previous opens to the right to assist in identifying historical level retests.

Preferences

• Discover Prices: When enabled, the script finds opens based on visible chart bars instead of using request.security.
• Extended Hours: If active, the script will account for pre-market and post-market sessions when determining the opening price on intraday charts.

FAQ

How do I use this to find support and resistance? Many traders view the opening price of a major period (like a Week or Month) as a "fair value" level; price retesting these levels from above often finds support, while retesting from below often finds resistance.

Why are some lines not appearing on my chart? The script includes logic to only show opens for timeframes higher than your current chart setting. For instance, you cannot see a Daily open on a Daily or Weekly chart.

How can I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.