Weekly Open (Current Week Only)

📘 Indicator Name: Weekly Open (Current Week Only)
📝 Description:
This indicator plots a horizontal line representing the weekly open price, visible only during the current trading week. At the beginning of each new week (based on TradingView’s weekly time segmentation), the indicator captures the open price of the first candle and draws a constant line across the chart until the week ends. Once the new week begins, the line resets and updates with the new weekly open.

🎯 How to Use – ICT Concepts Integration (Weekly Profile):
This tool is designed to complement ICT (Inner Circle Trader) trading strategies, particularly within the weekly profile framework, by offering a clear and persistent visual of the weekly open, which is a critical reference point in ICT’s market structure theory.

✅ Use Cases:
Directional Bias:

According to ICT concepts, price trading above the weekly open suggests a bullish bias for the week, while trading below it implies bearish conditions.

Traders can use the weekly open line to align their intraweek trades with higher timeframe directional bias.

Dealing Ranges:

Weekly open helps frame the weekly dealing range, especially when combined with other levels like weekly high/low or previous week’s range.

It allows traders to identify potential liquidity pools or areas where price may seek to rebalance.

Mean Reversion Entries:

Price often reverts to or reacts from the weekly open. Traders may use this as a target or entry level, particularly during Monday/Tuesday setups.

Works well in conjunction with concepts like OTE (Optimal Trade Entry) and Judas Swings.

Risk Management:

Acts as a clean and visual anchor to structure stop losses or take-profits based on weekly bias shifts.