Monthly Candle Closed Yesterday is a price action and Smart Money Concepts helper indicator that plots rolling virtual monthly candles in a separate pane, treating yesterday as the end of the monthly period.
Monthly Candle Closed Yesterday uses daily price data to dynamically calculate open, high, low, and close levels for custom monthly spans based on month lengths and leap years. Users can adjust candle colors, add day shifts, toggle display options, and configure the on-screen table alignment.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Show virtual levels on real 1W candles?
bool
false
show_on_real
Bullish Candle
color
color.new(color.green, 20)
bull_color
Bearish Candle
color
color.new(color.gray, 20)
bear_color
Draw today's virtual week start?
bool
true
draw_current_week
Additional day shift
int
0
day_shift
Table position
enum
TablePosition.left
table_position
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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