This indicator is NOT designed as an entry or exit signal. The purpose behind it is to give you statistical information about how likely certain times of day are either , or neutral and use that to confirm or reject other trading signals.
For example you might be anticipating a breakout based on your strategy or another indicator but see that the next few days are usually and re-evaluate entering the trade.
The Daily indicator calculates the percentage of candles per day of the week that had a higher close than open.
Default settings are:
- a look-back of 52 weeks (1 year).
- extreme ( bright green) above 74%
-extreme ( bright red) below 25%
- (green) above 55%
- (red) below 45%
- neutral (white) exactly 50%
- no trend (gray) 46% - 54%
All of these are updatable via the settings.
This indicator is designed to work only on the .
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.