True Opens - (SpeculatorBryan)

Overview

This indicator provides a complete framework of key institutional levels by plotting the "True Open" price for the Month, Week, Day, and Intraday Sessions. Instead of using standard chart opens, it uses specific, globally significant times (based in the NY timezone) to identify levels that price action traders watch closely for support, resistance, and market direction.

What It Does

True Monthly Open (TMO): The key macro level, marking the start of the month's trading.

True Weekly Open (TWO): Arguably the most important level, defining the weekly bias. Based on the Sunday evening start of the forex trading week.

True Daily Open (TDO): The New York midnight open, marking the true start of the institutional 24-hour cycle.

True Session Opens (TSO): Key intraday opens (e.g., London, NY) for finding entries and exits on lower timeframes.

Key Features

Clean Forward Projection: All lines and labels project into the future, so you always see the levels in your current price action.

Full Styling Control: Customize the color, style (solid, dashed, dotted), and text for every level to match your chart theme.

Intelligent Display: Levels automatically show on appropriate timeframes to keep your chart clutter-free. Use the "Stacked Opens" feature to override this.

Lightweight & Efficient: Optimized to run smoothly without lagging your chart.

How to Use It

Look for price to react at these levels. A bounce can signal a continuation, while a clean break and retest can signal a change in market structure. Use the higher-timeframe opens (TMO, TWO) as major anchors for your overall bias and the lower-timeframe opens (TDO, TSO) for fine-tuning your entries and exits.