This indicator is very simple, but surprisingly effective, and I haven't found any mention of something similar, so here it is. I hope it helps you in your stock trading.

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 support and resistance 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.
Versionshinweise: The update now adds extension multiples of the opening candle (you can set it to whatever you want it to be).

https://i.imgur.com/GeEfkdW.png
Versionshinweise: Added more time intervals as requested by users.

Doing what I can to help people trade better. Past performance doesn't guarantee future results. Trade at your own risk. This is not financial advice, it is personal opinion, I'm not a financial adviser. I may have a stake in what I write about.
Open-source Skript

Ganz im Spirit von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es besser verstehen und überprüfen können. Herzlichen Glückwunsch an den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Veröffentlichung unterliegt den Hausregeln. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.

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