gb50k

After Hours Daytime - Consistency


Use only on Daily charts!!

When average AH moves are consistent with average daytime moves it tends to indicate a trend. The phenomenon is not obvious on a day to day basis but is easy to see with the smoothed changes.

Blue is smoothed daytime change and black is smoothed AH gap. The length is how many periods back to start the differentiation between AH and daytime.

Pink background shows BOTH smoothed AH and daytime changes are falling.
Lime background indicates both are rising.

When used on NYA             with parameters shown the indicator give warnings with high specificity and reliability for the broader
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study(shorttitle="AHvsID1", title="AHvsID1", overlay=true)
//
//Works only on DAILY CHARTS
//Aqua line is intraday contribution
//Black line is overnight gap
//Length: The reference date at which daytime and AH start at equality.

length = input(20, "Length", minval=1)
smooth = input(40, "SMA",minval=1)
src = close
sro = open
src1 = src[1]
intrad=src-sro
co=cum(intrad)
AH=sro-src1
oc1=cum(AH)
summ=co+oc1
offst1=co[length]-close[length]
offst2=oc1[length]-close[length]
IDC=sma(co-offst1,smooth)
AHC=sma(oc1-offst2,smooth)
plot(IDC, color=aqua,linewidth=3)
plot(AHC, color=black, linewidth=3)
bgcolor(change(IDC) < 0 and change(AHC) < 0 ? fuchsia : change(IDC) > 0 and change(AHC) > 0 ? lime : white, transp=90)
Subjected to whipsaw
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