This indicator displays the weekly Friday closing price according to the CME trading hours (Friday 4pm CT).
A horizontal line is displayed until the CME opens again on Sunday 5pm CT.
This indicator is based on the thesis, that during the weekend the Bitcoin price tends to mean reverse to the CME closing price of the prior Friday. The level can also act as support/resistance. This indicator gives a visualization of this key level for the relevant time window.
Furthermore the indicator helps to easily identify, if there is an up or down gap in the CME Bitcoin contract.
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Title update Chart update
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Code styling
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Minor bug fix
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Requested feature from the twitter-community, three different modes:
Mode 1: The closing time is taken from the CME futures contract but the price is taken from the current symbol Mode 2: The closing price is obtained directly from the CME Futures contract CME:BTC1!. Mode 3: Instead of the closing price, the settlement price is directly obtained from CME:BTC1!
Please note that modes 2 and 3 may not give you the expected result, since there are price differences in spot and futures prices. Mode 1 is the default.