Opening Candle & Previous Day High and Low Levels

Opening Candle & Previous Day High/Low

This indicator automatically plots important reference levels that many traders use as key decision points:

Opening Candle High/Low
• Draws horizontal rays from the day’s opening candle (default 5-minute, adjustable).
• Choose between regular trading hours (09:30–16:00) or extended hours (pre/post-market).
• Fully customizable colors, styles, and widths.

Previous Day High/Low
• Marks the prior day’s high and low for easy reference.
• Works in both RTH-only or 24-hour session modes.
• Customizable styling for clarity on any chart.

Alerts
• Alerts can be triggered when price touches/crosses a level or comes near it.
• “Near” mode supports absolute points, percent of price, or ATR multiples.
• Users can monitor one specific line (Open High, Open Low, Prev High, Prev Low) or all levels together.
• Option to use intra-bar wick detection (immediate) or close-only confirmation.

Labels
• Optional price labels at the last bar, clearly identifying each active level.

-- How to Use It

TLDR: This indicator helps you track the opening range and the previous days highs/lows with alerts and automatically drawn & customizable lines. This is useful for intraday setups and swing strategies alike.

Day Trading:
• Opening range high/low helps spot early breakouts, breakdowns, and false moves. Good for positioning for Long or Short trades as well as SL areas.
• Prior day’s high/low often act as support/resistance zones where momentum stalls or accelerates.
• Alerts let you focus on scanning while the script tracks levels for you.

Large-Cap Swing Trading:
• Previous day’s high/low highlight areas institutions often defend or break through.
• Opening range levels provide short-term confirmation zones for swing entries.
• Monitoring how price reacts to these levels across multiple days can signal trend continuation or reversal on large-cap names.