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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.