Timeframe Opens

Timeframe Opens is a simple tool that plots on chart high timeframe open levels. These levels are Daily, Weekly, Monthly, Quarterly, and Yearly Opens.

All of these timeframe options are by default ticked on. High timeframe open levels have higher probabilities of being tested or retested as they show previous levels relevant to the market Price Action. The higher the timeframe the more important the higher timeframe gains, tests, or failures are at those levels. 

For example, the 1hr timeframe Price Action is more relevant to the Daily Open than it is to the Monthly Open. This is simply because there are 24 1hr candles in a Daily trading period but there are approximately 720 hours in a Monthly trading period. Therefore higher timeframe Price Action such as the Daily or 3-day periods compared to the Monthly trading period is more relevant. 

All Price Action at these levels is relevant however how higher timeframe candles close regarding these higher timeframe levels is more relevant than lower timeframes.

Daily Opens

Turning on Daily Opens will show the current Daily Open based on that specific trading pair. Daily opens signify levels that are often retested intraday.

Relevant timeframes - 15min to 4hr.

Weekly Opens

Turning on Weekly Opens will show the current Weekly Open based on that specific trading pair. Weekly opens signify levels that are often retested intraday.

Relevant timeframes - 4hr to Daily.

Monthly Opens

Turn on Monthly Opens will show the current Monthly Open and 12 months of Monthly Opens based on that specific trading pair. Monthly opens signify levels are often retested in that same quarter.

Relevant timeframes - Daily, 3 Day, Weekly.

Quarterly Opens

Turning on Quarterly Opens will show the current Quarterly Open and 1 year of Quarterly Opens based on that specific trading pair. Quarterly Opens signify levels that are often retested in that same quarter.

Relevant timeframes - Monthly and Quarterly

Yearly Opens

Turning on Yearly Opens will show the current Yearly Open based on that specific trading pair. Yearly Opens signify levels that are relevant at extremely high timeframes.

Relevant timeframes - Monthly and Quarterly

Colors

The default color for the Timeframe Opens is “Aqua” but can be changed to any color.