OPEN-SOURCE SCRIPT
Daily Open Color Candle
Daily Open Color Candle – Visual Price Bias Indicator
This script highlights candlesticks based on their position relative to the current day's opening price. It's a minimalistic tool designed to help intraday traders quickly understand whether price is trading above or below the daily open level.
What it does:
Draws a horizontal line at the daily open price.
Colors candles green if the close is above the daily open, and red if below.
Why it's useful:
Provides immediate visual feedback for bias: bullish (above open) or bearish (below open).
Ideal for intraday traders who base decisions on daily open reference levels.
Unique elements:
Lightweight and non-intrusive design.
Line automatically resets with each new trading day.
Candles are visually categorized without cluttering the chart.
Best used for:
Intraday momentum analysis.
Bias confirmation for scalping/day trading strategies.
Overlay with other indicators like VWAP, EMA, etc.
Parameters:
No configurable inputs — this is a plug-and-play script.
This script highlights candlesticks based on their position relative to the current day's opening price. It's a minimalistic tool designed to help intraday traders quickly understand whether price is trading above or below the daily open level.
What it does:
Draws a horizontal line at the daily open price.
Colors candles green if the close is above the daily open, and red if below.
Why it's useful:
Provides immediate visual feedback for bias: bullish (above open) or bearish (below open).
Ideal for intraday traders who base decisions on daily open reference levels.
Unique elements:
Lightweight and non-intrusive design.
Line automatically resets with each new trading day.
Candles are visually categorized without cluttering the chart.
Best used for:
Intraday momentum analysis.
Bias confirmation for scalping/day trading strategies.
Overlay with other indicators like VWAP, EMA, etc.
Parameters:
No configurable inputs — this is a plug-and-play script.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.