OPEN-SOURCE SCRIPT
Open Basis
This indicator tracks and evaluates institutional market direction by analyzing the relative price hierarchy of **three key session open times** (configured in Central Time):
### 1. The Three Session Anchors
* **5:00 PM CT (Globex Open):** Marks the start of the new global trading day and resets the cycle. Plotted as a pink/magenta line.
* **11:00 PM CT (MNO / Midnight ET):** Captures the structural shift into the late-night session. Plotted as a white line.
* **8:30 AM CT (New York Cash Open):** The primary cash session open (9:30 AM ET). Plotted as a yellow line.
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### 2. The Scoring & Trend Logic
At the exact moment the **8:30 AM CT** open prints, the indicator compares the three prices to determine market bias:
* **Bulls Strong (`Score = +2`):** Triggered when prices step cleanly upward across the sessions ($5\text{pm} < 11\text{pm} < 8:30\text{am}$). This indicates strong, structured upward momentum.
* **Bears Strong (`Score = -2`):** Triggered when prices step cleanly downward across the sessions ($5\text{pm} > 11\text{pm} > 8:30\text{am}$). This indicates sustained downward pressure.
* **Mixed / No Edge (`Score = 0`):** Triggered when the levels overlap or do not form a clean sequential hierarchy, signaling a choppy or rotational environment.
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### 3. Chart Visuals
* **Right-Margin Labels:** Small text tags sit at the far right edge of your chart next to each respective line (`5:00pm CT`, `11:00pm CT`, `8:30am CT`) so you can instantly identify them without tracing across the screen.
* **NY Open Event Label:** At 8:30 AM CT, a detailed text box prints on the chart displaying the final bias (`Bulls Strong`, `Bears Strong`, or `Mixed`) along with the exact fractional price of each open.
* **Alerts:** Built-in alert conditions trigger automatically at the NY Open to notify you whether market structure is trending or mixed.
### 1. The Three Session Anchors
* **5:00 PM CT (Globex Open):** Marks the start of the new global trading day and resets the cycle. Plotted as a pink/magenta line.
* **11:00 PM CT (MNO / Midnight ET):** Captures the structural shift into the late-night session. Plotted as a white line.
* **8:30 AM CT (New York Cash Open):** The primary cash session open (9:30 AM ET). Plotted as a yellow line.
---
### 2. The Scoring & Trend Logic
At the exact moment the **8:30 AM CT** open prints, the indicator compares the three prices to determine market bias:
* **Bulls Strong (`Score = +2`):** Triggered when prices step cleanly upward across the sessions ($5\text{pm} < 11\text{pm} < 8:30\text{am}$). This indicates strong, structured upward momentum.
* **Bears Strong (`Score = -2`):** Triggered when prices step cleanly downward across the sessions ($5\text{pm} > 11\text{pm} > 8:30\text{am}$). This indicates sustained downward pressure.
* **Mixed / No Edge (`Score = 0`):** Triggered when the levels overlap or do not form a clean sequential hierarchy, signaling a choppy or rotational environment.
---
### 3. Chart Visuals
* **Right-Margin Labels:** Small text tags sit at the far right edge of your chart next to each respective line (`5:00pm CT`, `11:00pm CT`, `8:30am CT`) so you can instantly identify them without tracing across the screen.
* **NY Open Event Label:** At 8:30 AM CT, a detailed text box prints on the chart displaying the final bias (`Bulls Strong`, `Bears Strong`, or `Mixed`) along with the exact fractional price of each open.
* **Alerts:** Built-in alert conditions trigger automatically at the NY Open to notify you whether market structure is trending or mixed.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.