True Opens Week/Day (HuntsPip)

True Opens Week/Day (HuntsPip) plots the opening price at a configurable day and time each week (True Week Open) and at a configurable time each day (True Day Open) as horizontal reference lines on the chart, with optional vertical markers at each open. It provides traders with key institutional reference levels that smart money often uses as anchors for directional bias, allowing them to gauge whether price is trading above or below these true opening prices to determine bullish or bearish sentiment for the current session or week.

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█ CONCEPTS

In Smart Money Concepts methodology, the "true open" of a trading week or day is not necessarily the first candle of the calendar day or the Monday open. Instead, it is defined as the opening price at a specific time chosen by the trader - often aligned with the start of a key trading session. Many practitioners use the Sunday or Monday evening open (such as 17:00 New York time) as the true week open, and the same evening time each day as the true day open.

These opening prices serve as directional reference points. Some traders watch whether price is trading above or below the true open to gauge intraday or intraweek bias. The true open can also act as a magnet for price revisits, and deviations from it may signal directional intent.


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█ WHAT IT DOES

This tool draws two types of horizontal lines on the chart. The True Week Open line is placed at the opening price of a specific day and time each week, extending forward as a reference level. The True Day Open line is placed at the opening price of a specific time each day. Both lines extend forward on the chart and update their right edge on each new bar.

An optional vertical line marks the exact bar where each open occurs, making it easy to identify the starting point visually. Labels display the custom text alongside each horizontal level. Multiple historical opens can remain on the chart up to configurable limits, so traders can see how price has interacted with previous true opens over time.


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█ FEATURES AND USAGE

TRUE WEEK OPEN

• Display True Week Open - Toggles the weekly open line on or off.
  
  
• Text - Custom label text displayed at the end of the line.
  
  
• Day of Open - Which day of the week the true open is recorded. Monday through Sunday.
  
  
• Time of Open - The time (24-hour format) at which the opening price is captured.
  
  
• Line Style - Solid, Dashed, or Dotted.
  
  
• Line Width - Controls line thickness.
  
  
• Extend - How far forward the line extends in bars.
  
  
• Maximum - How many historical week open lines remain on the chart. Range: 1-10.
  
  
• Line Color - Color for the horizontal line, vertical line, and label.
  
  
• Display Vertical Line - Toggles a full-height vertical line at the bar where the open occurs.
  

TRUE DAY OPEN

• Display True Day Open - Toggles the daily open line on or off.
  
  
• Text - Custom label text displayed at the end of the line.
  
  
• Time of Open - The time (24-hour format) at which the opening price is captured each day.
  
  
• Line Style - Solid, Dashed, or Dotted.
  
  
• Line Width - Controls line thickness.
  
  
• Extend - How far forward the line extends in bars.
  
  
• Maximum - How many historical day open lines remain on the chart. Range: 1-25.
  
  
• Line Color - Color for the horizontal line, vertical line, and label.
  
  
• Display Vertical Line - Toggles a full-height vertical line at the bar where the open occurs.
  

This tool works on any instrument and any timeframe. Traders typically set the open time to match the start of the session they consider most significant for establishing directional bias. The true open levels are best used as reference points for gauging intraday or intraweek directional context alongside other analysis rather than as standalone trade triggers.