Is Open equal to High or Low — Indicator by h2sa

trendanalysis breadthstudies multipletimeframe ohlc bitcoin currencies indices

Many people are watching opening price on each time axis. Opening price is very important.
This indicator displays OHLC Open as a line in multiple time frame.
If open is close to high or low, the color of the line changes.
The fact that they are close means the strength of the market flow and the firmness of that price range.

Note:
The color of the line will not be fixed until bar is closed.
And when using, please set arbitrary coefficient according to each market.

Coefficient e.g.
EURUSD: 0.00005
BTCUSD: 1
DJI: 5
BTCJPY: 100
USDJPY: 0.01
NI225: 2

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 a publication is governed by House Rules. You can favorite it to use it 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.

Want to use this script on a chart?