Week open, Month open, for intraday

Playstation

Active member
VIP
Could someone help me with this request?
Is there any indicator that helps to plot the Open of the Week and Month? TOS natively has the Daily Open only.

For weekly open:
Assuming 1st January Monday is the first trading day of the week, and today is 5th January Friday, then it will plot 1 line across the chart in the 5D 5min TF. Even if I switch the TF from 3rd January Wednesday to 5th January, it will still plot a line from Weekly Open 1st January Monday.

Subsequently, this repeats weekly, and it will plot a new line at the following 8th January Monday all through 12th January Friday.

For monthly open:
Assuming 1st January Monday is the first trading day of the month, and today is 12th January Friday, it will plot a line starting from 1st January open, all through the month of January. In February, it will plot a new line.

Something like how pivots work, but this is purely just selecting between Weekly or Monthly open, maximum 3 lines across the chart (including the default TOS Daily Open).
I personally think these 3 lines are quite important actually.
 

tomsk

Well-known member
VIP
@Playstation Here's a study that plots a line at the Week open. Load this on an intraday chart for best results

Code:
# Week Open
# tomsk
# 1.19.2020

declare hide_on_daily;

def WeekOpen = if GetDayOfWeek(GetYYYYMMDD()) == 1 and
                  GetTime() crosses above RegularTradingstart(GetYYYYMMDD())
               then open
               else WeekOpen[1];
plot data = WeekOpen;
# End Week Open
 

RobertPayne

Member
Just use the built-in "DailyOpen" script and change the settings. You can set it to whatever you like.

Mn8iw5R.png
 

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top