OPEN-SOURCE SCRIPT
KOSPI Last Close & Expectation on EWY
### Overview
Since the KOSPI index does not provide overnight/after-hours charting, this tool is designed to help traders analyze overnight price movements by comparing KOSPI with global proxies (such as EWY, US equities, or futures) to estimate the upcoming KOSPI opening price.
### Key Features & How It Works
- **Market-Active Day Detection**: Instead of relying on simple calendar dates, the script determines official market close based on actual trading activity of KOSPI Futures. This ensures reliable performance without errors during weekends or market holidays.
- **Overnight Gap Estimation**: By locking in the chart asset's exact price level at the KOSPI close, traders can easily monitor relative market sentiment and gauge potential opening gaps for the next KOSPI session.
- **Recommended Timeframes**: Optimized for **5-minute (5m)** and **15-minute (15m)** intraday charts for maximum accuracy in capturing the 15:30 KST close.
### Usage & Limitations
1. Apply this script to any target proxy chart (e.g., EWY, US stocks, or crypto).
2. The horizontal baseline marks the exact price level of the target asset when the KOSPI market last closed.
3. Use the current price divergence from this baseline to estimate the direction and magnitude of the next KOSPI open.
*Note: The estimated KOSPI value serves as an analytical reference. Slight discrepancies or tracking errors may occur depending on premium/discount variance, market momentum, and overnight volatility.*
Since the KOSPI index does not provide overnight/after-hours charting, this tool is designed to help traders analyze overnight price movements by comparing KOSPI with global proxies (such as EWY, US equities, or futures) to estimate the upcoming KOSPI opening price.
### Key Features & How It Works
- **Market-Active Day Detection**: Instead of relying on simple calendar dates, the script determines official market close based on actual trading activity of KOSPI Futures. This ensures reliable performance without errors during weekends or market holidays.
- **Overnight Gap Estimation**: By locking in the chart asset's exact price level at the KOSPI close, traders can easily monitor relative market sentiment and gauge potential opening gaps for the next KOSPI session.
- **Recommended Timeframes**: Optimized for **5-minute (5m)** and **15-minute (15m)** intraday charts for maximum accuracy in capturing the 15:30 KST close.
### Usage & Limitations
1. Apply this script to any target proxy chart (e.g., EWY, US stocks, or crypto).
2. The horizontal baseline marks the exact price level of the target asset when the KOSPI market last closed.
3. Use the current price divergence from this baseline to estimate the direction and magnitude of the next KOSPI open.
*Note: The estimated KOSPI value serves as an analytical reference. Slight discrepancies or tracking errors may occur depending on premium/discount variance, market momentum, and overnight volatility.*
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.