24 hrs refers to a time frame depicting data for a period of 24 hours. It is used in technical analysis to analyze data such as price movements, volume, and open/close prices. It is also sometimes written as 1D on some popular exchanges. 24hrs is primarily used in price data history, usually depicted on line charts, candle charts, and bar charts – with each candle representing trading activities on a platform within 24 hours.
Use cases of 24 hrs Data
Price data over the past 24 hours can be instrumental in shaping the trading decisions of intra-day traders looking to scalp the market. Such traders, with adequate expertise, can evaluate factors such as price movements alongside other time frames to reach an informed decision in predicting the direction of the market.
Why is 24hrs data important?
One of the most important things that any trader needs to have at their disposal is the ability to track price movement in real-time. This is because fluctuations in price happen every day, even if it’s just a few cents or none at all. Knowing how much price has moved up or down over a given period of time will help traders gauge whether the current trend will continue or if a reversal is imminent.