Unlock Powerful Insights With a New Indicator: Open on High, Open on Low

This helps trade a rare price action occurrence

Link

https://www.tradingview.com/script/uIYwKaA8-Open-on-High-Open-on-Low/

At Zen Trading Tech, we’re all about simplifying complex trading concepts into easy-to-use tools that help traders spot key opportunities. Our latest TradingView indicator, Zen O=L O=H v1, does just that by visually highlighting important price action moments when a bar’s open equals its high or low.

What Does Zen O=L O=H v1 Do?

Zen O=L O=H v1 is a custom indicator designed to change the color of bars based on two key conditions:

Bullish Bars (Open = Low): Bars where the open price equals the low are automatically colored green. This helps traders quickly spot potential bullish setups, indicating buying interest right from the open.
Bearish Bars (Open = High): Conversely, when the open price equals the high, the bar is colored red, signaling potential bearish setups and early selling pressure.

Key Features

We know traders appreciate having flexibility, so Zen O=L O=H v1 includes optional visual markers to enhance your trading experience:

Arrows for Clarity: When enabled, you’ll see a green up arrow below bullish bars and a red down arrow above bearish bars. These arrows help you easily identify the bars that meet these conditions, even in fast-moving markets.
New Day Markers: Ever struggled to keep track of when a new trading day starts? Zen O=L O=H v1 takes care of that by plotting a blue circle on the first bar of a new day if it meets the bullish or bearish criteria. This feature helps you keep your eyes on significant price action as a new trading day begins.

Why Use Zen O=L O=H v1?

Understanding price action is critical for successful trading, especially when it comes to identifying key turning points. Zen O=L O=H v1 makes this easier by:

A rare but high probability occurrence is betting that the open of the day will not remain the high or low

How to Use Zen O=L O=H v1

Using the indicator is simple. Once added to your TradingView chart, Zen O=L O=H v1 will immediately start marking bars according to its logic:

Watch for green bars to signal potential buying strength as they indicate that the open price equals the low.
Look out for red bars to signal possible selling pressure when the open price equals the high.
Enable arrows and the new day markers to further enhance your visual strategy, helping you quickly pick out key setups.

Whether you’re scalping, day trading, or swing trading, Zen O=L O=H v1 helps you stay in tune with the market by identifying those critical moments when sentiment shifts right at the open.

Final Thoughts

At Zen Trading Tech, we’re committed to developing practical, effective tools that traders can rely on to improve their strategies. Zen O=L O=H v1 is designed to be one of those tools – simple yet powerful, helping you make better decisions with clear, actionable signals.

Add Zen O=L O=H v1 to your TradingView chart today and start mastering the art of reading open-high-low price action with ease!