50% of Previous 1H Candle (Color Logic)

📌 Script Title: 50% Midpoint of Previous 1H Candle (Color Coded)

📝 Description:

This indicator draws a horizontal line at the 50% (midpoint) of the most recently closed 1-hour candle, helping traders visualize intraday support/resistance and sentiment bias.

🔹 Key Features:

Plots the midpoint of the last 1H candle as a horizontal line.

Color-coded line and label:

🟢 Green: Previous candle was bullish

🔴 Red: Previous candle was bearish

⚪ Gray: Neutral (doji or equal open/close)

Displays the exact price level with a floating label.

Works on any lower timeframe chart (e.g., 5m, 15m, 30m).

Automatically updates every hour after the 1H candle closes.

📈 Use Cases:

Trade around the 1H midpoint as a dynamic pivot zone.

Confirm or fade price breakouts/rejections at this level.

Use it with trendlines, supply/demand zones, or VWAP.

🔍 Technical Notes:

The midpoint is calculated using:

Midpoint = (High + Low) / 2


from the most recent closed 1H candle.

Color logic is based on whether the 1H candle closed above or below its open.

🚀 Enhancement Ideas (future updates):

Add optional alerts on cross of the midpoint.

Show multiple historical midpoint levels.

Input toggle to enable/disable color coding.

Whether you’re scalping intraday or watching for reaction zones, this tool gives you a clean, real-time level to anchor your trades around.

Happy trading! 💹
— Built with ❤️ in Pine Script v6