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Hourly Opening Price

The Inner Circle Trader has noted that the Opening Price of every Hourly candle can be used in a Power Of 3 (PO3) context.

If Bullish, buy BELOW the hourly open.
If Bearish, sell ABOVE the hourly open.

The Power of 3 ICT model also know as "AMD" is a transformative trading strategy, ingeniously designed to streamline your time analyzing charts by focusing on three pivotal phases in market behavior: accumulation, manipulation, and distribution.

The ICT Power of Three Model dissects the market maker’s algorithm for price delivery into three pivotal actions: Accumulation, Manipulation, and Distribution. Accumulation involves smart money gathering positions before a price surge, while manipulation sees the market creating deceptive movements to trigger stops. Finally, distribution occurs as smart money offloads positions, often catching less informed traders off-guard. This strategy is a critical tool for traders to understand market makers’ maneuvers and to strategically position themselves in the market.

This indicator plots a line at the opening price of each hour and extends it on the chart for the duration of the hour. Each hour starts a new line.

You also have the option of extending the midnight opening price line across the entire trading day.

Nota Keluaran

*Added Midnight Price Label option and extended Midnight open line through entire calendar day.

Nota Keluaran

*Minor tweak to label

Nota Keluaran

*Minor Fix

Nota Keluaran

Updated Timezone function to accommodate different exchanges.

Nota Keluaran

Bug Fix

Nota Keluaran

** Updated to work on seconds time frame.

Nota Keluaran

Changed behavior of Midnight Open line and label.

Nota Keluaran

Accurate Hourly Range Tracking
Added dedicated arrays for storing historical range data for each hour
Implemented high/low tracking for precise range calculation
Added detection of hour transitions to properly record completed hours

Range Statistics
Added calculation of average ranges based on historical data
Implemented percentage tracking to show how much of average range has been used
Added identification of hours with highest and lowest average ranges

Enhanced Display Options
Created a table display for range statistics
Added formatted range values with appropriate decimal places
Added color coding to highlight the current hour

Nota Keluaran

Changed table to better reflect actual hourly statistics.

Nota Keluaran

Label fix

Nota Keluaran

Shows actual lookback when it is less than the user defined lookback.

Nota Keluaran

Range calculations rounded to symbol minimum tick value.

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