OPEN-SOURCE SCRIPT
Daily Open Bias - Adjustable EMAs
OverviewThis indicator is built around a foundational intraday rule: only look for long setups when the price is above the daily open, and only look for short setups when the price is below it.
By using the daily opening price as a structural "line in the sand," this script filters out low-probability counter-trend trades and keeps you aligned with the dominant daily institutional momentum.
Developed in modern Pine Script v6, the script is optimized for indices like the NASDAQ (NQ) but works universally across any asset class.
Key FeaturesAutomatic Daily Open Plotter: Draws a clean, real-time step-line marking the exact opening price of the current daily session.Instant Bias Background Shading: Automatically shades the chart background green when the price trades above the daily open (bullish territory) and red when it trades below (bearish territory).
Adjustable Dual EMAs: Features two customizable Exponential Moving Averages (defaulting to 9 and 15 periods) to help you track immediate momentum, entries, and trailing stop-losses.
Clean UI & Performance: Lightweight code logic that removes screen clutter and ensures lag-free execution on fast timeframes like the 3-minute chart.
How to Trade It Bullish Bias (Green Background):
Look for buying opportunities when the price holds above the blue Daily Open line.
High-probability entries occur when the price pulls back to test the EMAs or the Daily Open line as support.
Bearish Bias (Red Background): Look for shorting opportunities when the price sustains below the blue Daily Open line. High-probability entries occur when the price rallies into the EMAs or the Daily Open line to test them as resistance.
Script architecture by Simon20cent.
By using the daily opening price as a structural "line in the sand," this script filters out low-probability counter-trend trades and keeps you aligned with the dominant daily institutional momentum.
Developed in modern Pine Script v6, the script is optimized for indices like the NASDAQ (NQ) but works universally across any asset class.
Key FeaturesAutomatic Daily Open Plotter: Draws a clean, real-time step-line marking the exact opening price of the current daily session.Instant Bias Background Shading: Automatically shades the chart background green when the price trades above the daily open (bullish territory) and red when it trades below (bearish territory).
Adjustable Dual EMAs: Features two customizable Exponential Moving Averages (defaulting to 9 and 15 periods) to help you track immediate momentum, entries, and trailing stop-losses.
Clean UI & Performance: Lightweight code logic that removes screen clutter and ensures lag-free execution on fast timeframes like the 3-minute chart.
How to Trade It Bullish Bias (Green Background):
Look for buying opportunities when the price holds above the blue Daily Open line.
High-probability entries occur when the price pulls back to test the EMAs or the Daily Open line as support.
Bearish Bias (Red Background): Look for shorting opportunities when the price sustains below the blue Daily Open line. High-probability entries occur when the price rallies into the EMAs or the Daily Open line to test them as resistance.
Script architecture by Simon20cent.
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.