This indicator is based on Dayes studies about 90minute cycles and true opens.
Similar to how ICT teaches the true day open at 0.00, Daye came up with his true year, true month, true week and true session opens.
True Year - April 1st True Month - 2nd Monday True Week - Monday, 6pm True Day - 12am (Midnight) True Session - 1:30am (London), 7:30am (New York), 1:30pm (Afternoon)
Ideally, for a bearish scenario, we would like to see price trade above the opening price to then reverse and trade lower. Ideally, for a bullish scenario, we would like to see price trade below the opening price to then reverse and trade higher.
The moves into the opposite direction are used my smart money to accumulate their positions and trap traders into wrong positions.
This indicator also shows 90 minutes cycles. 90min Cycle Cheat Sheet:
This shows that if q1 consolidates and q2 takes out one side and reverses we anticipate q3 to have a strong move. however, if q2 consolidates, we anticipate q3 to take out one side, reverse and then have a strong move in q4.
Release Notes
fixed true month open automatically hides 90 mins cycles above hourly timeframe
This script is published closed-source and you may privately use it freely.
Want to use this script on a chart?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.