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 open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.