A dynamic support/resistance indicator that captures opening prices at specific New York times, creating adaptive horizontal lines that reflect key market session levels.
Explore complementary indicator rolesHow it works
The indicator uses Pine Script's New York timezone functions to precisely capture opening prices at user-defined times across different market sessions. It employs a sophisticated two-category time classification system that distinguishes between evening times (16:00-23:59) and day times (00:00-15:59), ensuring accurate price level tracking.
The script captures bar opening prices at specific moments and stores them using persistent variables. It then applies conditional plotting logic to display these levels only during their relevant time windows, creating dynamic horizontal support and resistance lines that automatically appear and disappear based on market session parameters.
Why it may be useful
This indicator provides traders with a sophisticated tool for understanding market dynamics across different sessions and timeframes. By capturing opening prices at critical times, it offers insights into institutional order flow and potential price levels that can act as significant support and resistance zones.
The unique approach allows traders to identify key reference points that extend across overnight sessions, helping to analyze potential gap fills, track high/low breaks, and establish pivot levels for various trading strategies. Its automatic session management reduces chart clutter and focuses attention on the most relevant price levels.
When to explore it
The indicator is most effective for traders seeking to understand market structure across different global trading sessions, particularly those interested in forex, futures, and extended-hours trading. It works exceptionally well for analyzing overnight price action, identifying potential gap levels, and establishing reference points for next-day trading.
Traders can optimize its use by selecting 2-3 key session times that align with their specific trading style, combining morning times for immediate reference with evening times for overnight analysis. It is particularly valuable for traders who want to track institutional price levels and understand market dynamics beyond standard trading hours.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
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