DWMY Opens (for aggr. charts) by Koenigsegg

前天

🟣 DWMY Opens (for Aggregated Charts) by Koenigsegg

Revolutionary compatibility with aggregated charts – This indicator represents a significant breakthrough in displaying Daily, Weekly, Monthly, and Yearly opening levels on aggregated chart types where traditional DWMY indicators have historically failed to function properly.

Complete aggregated chart support – Unlike previous Daily Weekly Monthly Yearly Opens indicators that experienced severe limitations when pulling data from non-standard chart types, this version is specifically engineered to work flawlessly with aggregated charts, range bars, Renko charts, Point & Figure charts, and all other non-time-based chart constructions.

Persistent horizontal reference lines – The indicator draws four distinct horizontal lines representing the opening prices of the current Daily, Weekly, Monthly, and Yearly periods, extending these levels forward into future bars to provide clear reference points for key support and resistance analysis.

Advanced customization capabilities – Features comprehensive user controls including custom label naming for each timeframe, adjustable line colors with independent color selection for Daily, Weekly, Monthly, and Yearly levels, configurable line width settings, and variable label font sizes ranging from tiny to huge.

Dynamic label positioning system – Implements a sophisticated label placement mechanism with configurable tick offset positioning and fixed end-bars-ahead projection, ensuring labels remain visible and properly positioned regardless of chart zoom level or timeframe.

Intelligent period detection logic – Utilizes advanced Pine Script time change detection algorithms specifically optimized for aggregated charts, accurately identifying new Daily, Weekly, Monthly, and Yearly periods even when traditional time-based functions fail on non-standard chart types.

Performance-optimized architecture – Built with efficient persistent variable storage using the var keyword, minimizing computational overhead while maintaining real-time updates across all timeframe levels simultaneously.

Professional visual presentation – Delivers clean, uncluttered chart visualization with strategically positioned labels that clearly identify each timeframe level without interfering with price action analysis.

Universal market compatibility – Functions seamlessly across all asset classes including stocks, forex, cryptocurrencies, commodities, and indices, adapting automatically to different tick sizes and price scales through syminfo.mintick integration.

Pine Script v6 foundation – Leverages the latest Pine Script version 6 capabilities, ensuring optimal performance, stability, and compatibility with current and future TradingView platform updates.

This indicator solves a critical limitation that has long plagued traders using aggregated chart types, finally enabling reliable access to essential Daily, Weekly, Monthly, and Yearly opening levels that serve as fundamental support and resistance zones in technical analysis. The breakthrough lies in its ability to maintain accurate period detection and level plotting regardless of the underlying chart construction methodology.

🟣 How It Works

Automatic period detection – The indicator continuously monitors for time changes across four distinct timeframes using ta.change(time()) functions for Daily and Weekly periods, month transitions for Monthly levels, and year changes for Yearly opens, ensuring precise identification of new period beginnings.

Real-time level updates – When a new period is detected, the indicator captures the opening price at that exact moment and immediately establishes a horizontal line from that bar extending forward to a configurable number of bars ahead, creating persistent reference levels.

Dynamic line management – Each timeframe maintains its own dedicated line object and label, with the indicator continuously updating the endpoint coordinates and label positions as new bars form, ensuring the levels always project the specified distance into the future.

Intelligent label placement – Labels are positioned at the end of each line with automatic vertical offset based on the symbol’s minimum tick size, preventing overlap with price action while maintaining clear identification of each timeframe level.

🟣 Pro Tips for Optimal Usage

Multi-timeframe confluence – Look for areas where multiple DWMY levels converge within close proximity, as these zones typically act as stronger support or resistance levels due to increased market participant attention at these psychological price points.

Breakout confirmation strategy – When price breaks above or below a significant DWMY level with strong volume, the broken level often transforms into support (if broken upward) or resistance (if broken downward), providing excellent entry and exit reference points.

Range trading opportunities – On ranging markets, use Daily and Weekly opens as potential reversal zones, especially when price approaches these levels during low-volume periods or near session opens when institutional activity increases.

Timeframe alignment technique – For swing trading, prioritize trades that align with the direction of the break from Weekly or Monthly opens, while using Daily opens for precise entry timing and position management.

Chart type optimization – This indicator excels on Renko, Range, and Point & Figure charts where traditional time-based DWMY indicators fail, making it invaluable for traders who prefer these aggregated chart types for cleaner price action analysis.


Important Disclaimer:
This indicator is provided for educational and informational purposes only. It is not financial advice, investment advice, or a recommendation to buy or sell any financial instrument. All trading involves risk, and past performance does not guarantee future results. Please conduct your own research and consult with a qualified financial advisor before making any trading decisions. The author is not responsible for any losses incurred from using this indicator.

前天

發行說明

Release Note: Fixed the Yearly Open line visuals and updated the default colors.

前天

發行說明

Release Note: Updated the title screenshot