TCotOD MT5 (The calculation of the opening day) draws levels and areas of support/resistance at a trading day opening. Trading day opening is 0:00 GMT (UTC).
The indicator is represented by five areas and ten levels (five support and five resistance levels). The levels are distributed throughout the entire daily range. The most outward ones form the borders the price does not break through during quiet days. These borders can be broken only if important news appear (non-farm payrolls, data on interest rates, unemployment figures, central bank heads' speeches). Therefore, these levels are excellent places for roll-back pending orders but only until the end of a day. After that, the orders (both pending and active) should be closed. Central (gray) area works well during trends. Also, the area works well during flats if the distance between internal areas (pink and light-green) exceeds 50 points for four-digit quotes or 500 points for five-digit ones. Both the area borders and the center (more preferable) can be used to place pending orders.
If the distance between internal areas is about 50 points for four-digit quotes (about 500 points for five-digit quotes) and less, the borders of the areas are used as levels for placing roll-back pending orders during quiet days. External areas perform the same function as the internal ones, but the distances between internal and external areas are of no importance.
Note: Before placing orders, make sure to define the current trend (up or down) on Н4 or D1.
If important news are expected, TCotOD MT5 levels can be used as benchmarks for placing roll-back pending orders.
The indicator works on D1 and lower timeframes.
- days - number of days to display
- gmt_shift - difference in hours between GMT(UTC) and the terminal time. Example: 3; -5; 1 etc.
- show_levels - show/hide levels and areas. true - display areas and levels; false - only the central area is displayed.
- zone_opening_day - central area color
- zone_resistance1 - internal upper area color
- zone_resistance2 - external upper area color
- zone_support1 - internal lower area color
- zone_support2 - external lower area color
- resistance level colors
- resistance level drawing styles
- resistance level width
- support level colors
- support level drawing styles
- support level width