OPEN-SOURCE SCRIPT
First Candle
Day first candle breakout Indicator
In this indicator script, we search for the high and low of the first candle of the day. After the breakout of either the high or low, we initiate a trade. This indicator is based on the breakout of the opening range of the first candle.
Buy Breakout -
1. Identify the high and low of the first candle of the day.
2. If there is an upside breakout, or a downside breakout, stop extend the high and low accordingly.
Sell Breakout -
1. Identify the high and low of the first candle of the day.
2. If there is a downside breakout or an upside breakout, stop extend the high and low accordingly.
In this indicator script, we search for the high and low of the first candle of the day. After the breakout of either the high or low, we initiate a trade. This indicator is based on the breakout of the opening range of the first candle.
Buy Breakout -
1. Identify the high and low of the first candle of the day.
2. If there is an upside breakout, or a downside breakout, stop extend the high and low accordingly.
Sell Breakout -
1. Identify the high and low of the first candle of the day.
2. If there is a downside breakout or an upside breakout, stop extend the high and low accordingly.
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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