True Open Calculations

Indicator Description: True Open Calculations
This custom Pine Script indicator calculates and plots key "True Open" levels based on specific time intervals and trading sessions. The True Open levels represent significant price points on the chart, helping traders identify key reference points tied to various market opening times. These levels are important for understanding price action in relation to market sessions and trading cycles. The indicator is designed to plot lines corresponding to different "True Opens" on the chart and display labels with the associated information.

Key Features:
True Year Open:

This represents the opening price on the first Monday of April each year. It serves as a reference point for the yearly price level.

Plot Color: Green.

True Month Open:

This represents the opening price on the second Monday of each month. It helps in identifying monthly trends and provides a key reference for monthly price movements.

Plot Color: Blue.

True Week Open:

This represents the opening price every Monday at 6:00 PM. It gives traders a level to track weekly opening movements and can be useful for weekly trend analysis.

Plot Color: Orange.

True Day Open:

This represents the opening price at 12:00 AM (midnight) each day. It serves as a daily benchmark for price action at the start of the trading day.

Plot Color: Red.

True New York Session Open:

This represents the opening price at 7:30 AM (New York session start time). This level is crucial for traders focused on the New York trading session.

Plot Color: Purple.

Additional Features:
Labels: The indicator displays labels to the right of each plotted line to describe which "True Open" it represents (e.g., "True Year Open," "True Month Open," etc.).

Dynamic Plotting: The lines are only plotted on the current candle, and the lines are dynamically updated for each time period based on the corresponding "True Open."

Visual Cues: The colors of the plotted lines (green, blue, orange, red, purple) help quickly distinguish between different "True Open" levels, making it easy for traders to track price action and make informed decisions.

Use Cases:
Yearly, Monthly, Weekly, Daily, and Session Benchmarking: This indicator provides traders with important price levels to use as benchmarks for the current year, month, week, and day, helping to identify trends and potential reversals.

Session Awareness: It is particularly useful for traders who want to track key market sessions, such as the New York session, and their impact on price movement.

Long-term Analysis: By including the yearly open, this indicator helps traders gain a broader perspective on market trends and provides context for analyzing shorter-term price movements.

Benefits:
Helps identify important reference points for longer-term trends (yearly, monthly) as well as shorter-term moves (daily, weekly, and session).

Visually intuitive with color-coded lines and labels, allowing quick and easy identification of key market open levels.

Dynamic and real-time: The indicator plots and updates the True Open levels dynamically as the market progresses.