OPEN-SOURCE SCRIPT
Hourly Trend Open Line
TradingView Indicator Publishing Prompt
Indicator Name: Hourly Trend Open Line
Short Title: HRLY OPEN
Type: Indicator
Source Code Language: Pine Script v6
Description and Key Features
Title: The Simplest Trend Filter: Hourly Trend Open Line (HRLY OPEN) 📈📉
Body:
Are you tired of complex indicators that clutter your chart? The Hourly Trend Open Line is a minimalist, powerful tool designed for traders who prioritize clean charts and high-timeframe trend conviction.
This indicator cuts through the noise by displaying the Open Price of the selected Trend Timeframe (defaults to the 1-Hour / 60-Minute chart) directly on your current chart.
Key Features:
High-Timeframe Trend Filter: Immediately identifies the direction of the dominant trend by comparing the current price to the open of the selected higher timeframe candle.
Visual Bias (Background Coloring):
Bullish Trend (Green Background): Current price is above the Trend Open Line.
Bearish Trend (Red Background): Current price is below the Trend Open Line.
Dynamic Reference Point: The Trend Open Line acts as a powerful mean-reversion level, serving as a dynamic support/resistance zone for lower timeframe entries.
Full Customization: Easily change the Trend Timeframe (e.g., to 4H, Daily, or 30m) and customize all colors for the line and the background zones.
How to Use It:
For Trend Following: Only look for Long entries when the background is Green (price above the line) and Short entries when the background is Red (price below the line).
For Mean Reversion: Use the Trend Open Line as a potential target or bounce zone. A retracement back to the line offers a potential continuation trade entry.
Keep your analysis focused and your decision-making fast. Add the Hourly Trend Open Line to your chart today!
TradingView Settings
Category: Trend / Trend Following
Style: Simple
Tags: trend-filter, hourly-open, open-price, support-resistance, mean-reversion, high-timeframe
Visibility: Public
🎨 Recommended Diagram Trigger
You should also include a clear visual demonstrating its function.
Indicator Name: Hourly Trend Open Line
Short Title: HRLY OPEN
Type: Indicator
Source Code Language: Pine Script v6
Description and Key Features
Title: The Simplest Trend Filter: Hourly Trend Open Line (HRLY OPEN) 📈📉
Body:
Are you tired of complex indicators that clutter your chart? The Hourly Trend Open Line is a minimalist, powerful tool designed for traders who prioritize clean charts and high-timeframe trend conviction.
This indicator cuts through the noise by displaying the Open Price of the selected Trend Timeframe (defaults to the 1-Hour / 60-Minute chart) directly on your current chart.
Key Features:
High-Timeframe Trend Filter: Immediately identifies the direction of the dominant trend by comparing the current price to the open of the selected higher timeframe candle.
Visual Bias (Background Coloring):
Bullish Trend (Green Background): Current price is above the Trend Open Line.
Bearish Trend (Red Background): Current price is below the Trend Open Line.
Dynamic Reference Point: The Trend Open Line acts as a powerful mean-reversion level, serving as a dynamic support/resistance zone for lower timeframe entries.
Full Customization: Easily change the Trend Timeframe (e.g., to 4H, Daily, or 30m) and customize all colors for the line and the background zones.
How to Use It:
For Trend Following: Only look for Long entries when the background is Green (price above the line) and Short entries when the background is Red (price below the line).
For Mean Reversion: Use the Trend Open Line as a potential target or bounce zone. A retracement back to the line offers a potential continuation trade entry.
Keep your analysis focused and your decision-making fast. Add the Hourly Trend Open Line to your chart today!
TradingView Settings
Category: Trend / Trend Following
Style: Simple
Tags: trend-filter, hourly-open, open-price, support-resistance, mean-reversion, high-timeframe
Visibility: Public
🎨 Recommended Diagram Trigger
You should also include a clear visual demonstrating its function.
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.