GlossaryMulti-Timeframe Opens
Multi-Timeframe Opens
Draws the daily, weekly, monthly and yearly opens as lines over the price. Whether the price is above or below these four levels shows at a glance who is ahead on which timeframe.
What is drawn
On each candle, each line shows the open of the first candle of the current period. The periods start in UTC: the day at 00:00, the week on Monday, the month on the first, the year on January 1. Each line stays horizontal until the end of its period and then jumps to the new open. This way each level runs along the entire history, and you can see how often it has held.
| Line | Color |
|---|---|
| Daily open | by overall picture, see below |
| Weekly open | blue |
| Monthly open | violet |
| Yearly open | red |
The daily line takes its color from how many of the four opens the last close is above: green for all four, light green for three, yellow for two, orange for one, red for none.
How to read it
- Above all four: Buyers are ahead on every timeframe; the trend is uniform.
- Below all four: Sellers have the upper hand on every timeframe.
- Mixed: The timeframes contradict each other. Above the daily open but below the other three is a recovery within a higher-level downtrend.
- Opens are popular references. Pullbacks to a weekly or monthly open are often defended, and a break shows a shift in sentiment on that timeframe.
Good to know
- Most useful on 1h and 4h. On daily candles, the daily open is simply the open of each candle; on weekly candles, the same goes for the week.
- If the loaded chart begins in the middle of a period, the open of the first loaded candle applies to this first period, not the real one.
- No settings other than the style.