How can I examine hourly price movements throughout different days of the week on TradingView?

To analyze hourly price performance by the day of the week in TradingView, you can use several features within the platform, mainly focusing on custom scripts or Pine Script, TradingView’s own scripting language. Here’s a step-by-step guide to help you set up this analysis:
Creating a Strategy or Indicator: Open TradingView and start a new script by navigating to the “Pine Editor” at the bottom of the screen. You’ll want either a strategy or an indicator script, depending on your needs. An indicator will plot visual data, while a strategy can test trading ideas.
Accessing Day and Hour Data: Utilize Pine Script’s built-in functions like dayofweek and hour to access the day of the week and hour from your dataset, respectively. These functions allow you to identify the specific times you are interested in analyzing.
Filtering Data: Write conditions in your script to filter data based on these time functions. For example, you might want to analyze the hourly performance for each day separately. Create logic that organizes or calculates price changes for each hour of each day.
Visualization: Use plotting functions to display your findings. Pine Script allows you to create various types of charts or graphs. You might want to use a multi-line graph to compare different days or a heatmap style plot to highlight volatility or volume during specific hours.
Testing and Refinement: Test your script on different datasets to ensure accuracy. You can refine further by adjusting your logic to account for market holidays or different trading sessions (local or international hours).
Community and Resources: If you’re not comfortable creating a script from scratch, TradingView has a supportive community. You can explore the “Public Library” of scripts where users often share code that can be modified to suit your needs. Additionally, many tutorials and guides are available within the TradingView community forums.

By following these steps, you can effectively analyze and visualize hourly price performance by the day of the week, enhancing your ability to identify patterns or trends that could inform trading strategies.