Someone made a comment in a trading room that the 8 am candle of the stock looked odd, so I quickly checked all the other stocks I had on my screen, and for all of them, the 8 am candle was just a little strange. What's more, is that the stock would often respond to the high and low values of that 8 am candle later on in the day. It turned out to be quite an important level indicator for stocks which I've used in my trading ever since I discovered it.
After testing it out day after day on multiple stocks, I decided to write this indicator, which not only projects the high and low values of the 8 am candle, but also the previous day's closing price.
If you find that there's another "magic candle" out there for Forex or Crypto, please let me know!
You have the option to set the "magic candle" to another time, if you want to experiment with things.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.