RH_Previous Session Close

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Raghee Horner Previous Session Close (PSC)


The RH_PSC is an automated Previous Session Close (PSC) indicator to show, at a glance, general market sentiment -- whether the market is generally bullish, bearish or neutral --for the current trading session.

The PSC plots the previous session close from the Daily candle, with a customizable table of data to show the previous price, whether or not the current price is above or below that previous close and the percentage move above or below.

It includes the ability to enable only the last session or to plot for all previous sessions continuously.

The data table is configurable for bearish, bullish or sideways coloring and can be moved to different locations to suite users preferences and charts. It can also be fully disabled.

Defaults are to show all previous sessions in a continuous plot and the data table is disabled.

What is “sentiment”?
Market sentiment reflects investors’ overall attitude toward a symbol, influenced by news, economic reports, and perceptions. It can be bullish, bearish, or neutral and significantly affects trading behavior and price movements. Bullish sentiment typically drives prices up, while bearish sentiment can cause them to fall. Understanding market sentiment is key for trend follow-through.

Why does it matter?

Effectively using sentiment allows for quicker, smarter trading decisions. As an active trader, understanding market sentiment is vital for follow-through. It shows real-time investor feelings, affecting price movements. Gauging sentiment helps you:

• Anticipate Breakouts.
  
• Time Entries and Exits.
  
• Increase Probability of Continuation.