# Turn-of-month Effects Turn-of-month Effects is an indicator on [Vela](https://vela.luxalgo.com/chart), our next-generation charting platform, written in Pine Script®. Highlights the turn-of-month window (the last trading day of the old month through the first three sessions of the new one by default), tinting each day by its own historical average return on the charted symbol. A dashboard breaks down per-day averages, win rates, window-versus-other-day returns and cumulative comparisons, with window start and end alerts. - Indicator in the LuxAlgo Library, by LuxAlgo, published Jun 12, 2026. - Access: free. - Concepts: [Turn-of-month Effects](https://www.luxalgo.com/library/concept/turn-of-month-effects/) (primary) - Open on Vela: https://vela.luxalgo.com/chart?pineScriptCodeId=j00j9hrw1tgka1hbk1i2jz59 - Page: https://www.luxalgo.com/library/indicator/turn-of-month-effects/ **Turn-of-month Effects** puts the calendar anomaly on the chart where it can be checked against the instrument actually traded. The window spans a configurable count of trading days on each side of the month boundary (the classic [turn-of-month](https://www.luxalgo.com/library/concept/turn-of-month-effects/) span of -1 through +3 by default), and every day inside it is shaded, tinted by that day position's historical mean when tinting is on. The dashboard carries the substance: per-position averages, win rates and sample sizes, window days against all others, and window-only versus buy-and-hold cumulative returns. ## How to Trade the Turn-of-month Effects? - **Window start and end alerts**: mark the boundary sessions for traders who time planned entries into the tilt, or hold shorts inside it to a higher bar. - **Day-by-day breakdown**: each window day position carries its own statistics, so the window can be trimmed to the day positions that actually carried the tendency on this symbol. - **Window share of gain**: the dashboard reports how much of the symbol's cumulative return accrued inside the window, the classic studies' headline number. ## Turn-of-month Effects Settings - **Last Trading Days Of Old Month** (default 1): sessions before the boundary; the classic academic definition uses only the final trading day. - **First Trading Days Of New Month** (default 3): sessions after the boundary. - **Show Dashboard** (on) and **Show Day-By-Day Breakdown** (on), with **Location** (Top Right) and **Size** (Small). - **Color Window By Historical Average Return** (default on): per-day tint; disabled, the highlight stays a single neutral color. - **Show Day Position Labels** (default off): prints -1, +1, +2 beneath the window bars. - **Window Transparency** (default 85). ## Frequently Asked Questions ### How is this different from the January Effect? Same family of calendar anomalies, different clock. The [January Effect](https://www.luxalgo.com/library/indicator/january-effect/) yields one data point a year, so evidence accumulates slowly; the month turn repeats twelve times annually, which is why a per-day breakdown becomes meaningful on ordinary chart history. ### How does the build know the month is about to end? The trailing days are anticipated from the calendar, projecting the remaining sessions from the weekdays this market has actually traded, so a month-end holiday can shift the live highlight by one session. The dashboard statistics are immune: they use completed months' actual trading days. ### Which timeframes does it support? Daily and intraday charts: the concept is defined on daily sessions, and the status row flags unsupported timeframes. On intraday charts every bar of a window day inherits the shading, and returns stay close-to-close per completed day. ## Related indicators - [Buy Sell Calendar](https://www.luxalgo.com/library/indicator/buy-sell-calendar/) (Day-of-week Effects): markdown at https://www.luxalgo.com/library/indicator/buy-sell-calendar.md - [Buyback Blackout Windows](https://www.luxalgo.com/library/indicator/buyback-blackout-windows/) (Time, Sessions & Seasonality): markdown at https://www.luxalgo.com/library/indicator/buyback-blackout-windows.md - [NFP Price Zones](https://www.luxalgo.com/library/indicator/nfp-price-zones/) (Macro Event Days): markdown at https://www.luxalgo.com/library/indicator/nfp-price-zones.md - [Day Of Week Price Distribution](https://www.luxalgo.com/library/indicator/day-of-week-price-distribution/) (Day-of-week Effects): markdown at https://www.luxalgo.com/library/indicator/day-of-week-price-distribution.md - [Periodic Activity Tracker](https://www.luxalgo.com/library/indicator/periodic-activity-tracker/) (Day-of-week Effects): markdown at https://www.luxalgo.com/library/indicator/periodic-activity-tracker.md - [Seasonality Chart](https://www.luxalgo.com/library/indicator/seasonality-chart/) (Month-of-year Seasonality): markdown at https://www.luxalgo.com/library/indicator/seasonality-chart.md - [Seasonality Widget](https://www.luxalgo.com/library/indicator/seasonality-widget/) (Day-of-week Effects): markdown at https://www.luxalgo.com/library/indicator/seasonality-widget.md - [Weekly Stacked Daily Changes](https://www.luxalgo.com/library/indicator/weekly-stacked-daily-changes/) (Day-of-week Effects): markdown at https://www.luxalgo.com/library/indicator/weekly-stacked-daily-changes.md --- Source: https://www.luxalgo.com/library/indicator/turn-of-month-effects/ (LuxAlgo Library). Free to use with attribution: https://www.luxalgo.com/library/license/