I am looking for an indicator which displays new day first 3 candles body high&low and candle high&low on 5 minute chart. I am attaching chart for the reference. Here, I have marked first three candles on 5 minute chart as 1, 2, & 3. I want an indicator which displays two things on new day first three candles.
i) Horizontal lines for Body high (968.75) and Body low (964.02) [High of the first 3 candles of 5-mins charts and Low of the first 3 candles of 5-mins charts]
ii) Horizontal lines for Candle high (970.35) and Candle low (960.70) [High is the Highest of (Bodies of the three 5 mins candles) and Low is the Lowest of (Bodies of the three 5 mins candles)] (ignore the wicks, consider the body of 3 candles)
Please help me on this.
Thank you in advance.
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effectively (based on your graphic / chart) you want an opening range indicator, based on the first 15 minutes of a market, whether from Globex Open or from regional or market open times?
So, this OR indicator, based on the first 15 minutes are supposed to give a full days range (need for the horizontal lines) which should act as support, resistance or price equilibrium (being within the range). Yes?
By using only the OC of the OHLC or the bodies of the candles (ignoring the wicks, if there are any) would give true price equilibrium or balance, where buyers found sellers and trades occurred and settled. Yes?
This indicator is based on which theory?, that price actually telegraphs where the markets will be during a trading day?, or that this is a means of relative price parity for the day?
This indicator will work for range bound markets where the underlying must be purchased and used or lost, such as raw commodities such as CL (crude), NG (natural gas), or similar. This probably will not work as well with GC (gold, as it does not have to be held, purchased or sustain life), or the Equity Indices (YM, ES, NQ, etc. as they do not have limitations of range intraday).
There will be customizations beyond this basic indicator that will curve fit it to the underlying class of commodities, as outlined above. Given that most commodities fall into a range or class of similar functioning sympathetic vehicles one has to anticipate the flaw in this indicator. This concept has been coded a dozen times to sunday and has been in the nomenclature of many an advanced trader for better than a dime (ten years).
Look at a variation on Wilder's RSI or Bollinger's advanced refined (3rd generation) work, or even the basic tenants of VWAP indicators. Each of these will be 4 generations beyond this basic outline requested.
Good Trading To You.
Brokers use a variety of timezones. Their local time (with or without DST,) GMT/UTC, GMT+2, NY+7.
Only with NY+7 does the broker's 00:00 equals 5pm ET and the start of a daily bar is the start of a new FX day.
GMT brokers, means there is a 1 or 2 hour D1/H4 bar on Sunday (depending on
NY DST,) and a short Friday bar.
GMT+2 is close but doesn't adjust for NY DST.
EET is closer except when their DST
doesn't match NY's. Last Sunday of March and 1:00 on the last Sunday of October
vs second Sunday in March and return at 2:00 a.m. EDT to
1:00 a.m. EST on the first Sunday in November.
Non-NY+7, means the chart daily
bar overlaps the start, and converting broker time to NY time requires broker to GMT to NY timezone conversions.