Opening Range_V1
Mar 19, 2014
The Opening Range_V1 indicator plots the high and low price levels established during the first 30 or 60 minutes of the trading session to help traders identify potential breakout or reversal zones.
Usage
The Usage section focuses on identifying the boundaries established at the start of a trading day. These levels often act as significant support and resistance for the remainder of the session.
- Intraday Breakouts: Traders often look for a candle close above the opening range high or below the opening range low to signal a trend for the day.
- Mean Reversion: If price fails to break the range, the high and low levels can be used as reversal points.
- Multiple Timeframes: Users can enable both the 30-minute and 60-minute ranges simultaneously to see how the price action develops within the first hour of trading.
Details
The script utilizes the request.security function to fetch the high and low values from the 30-minute and 60-minute timeframes starting from the first bar of the daily session. These values are then projected across the chart as horizontal levels using a circular plot style. The tool is compatible with various asset classes including Stocks and Forex, provided the market has a defined daily opening time.
Settings
- 60 Minute Opening Range High: Toggles the visibility of the high price level reached during the first 60 minutes.
- 60 Minute Opening Range Low: Toggles the visibility of the low price level reached during the first 60 minutes.
- 30 Minute Opening Range High: Toggles the visibility of the high price level reached during the first 30 minutes.
- 30 Minute Opening Range Low: Toggles the visibility of the low price level reached during the first 30 minutes.
FAQ
How can I use this for day trading?
Traders typically monitor the 30 or 60-minute levels as "breakout" points; a sustained move outside these levels often indicates the day's primary direction.
Does this work on all timeframes?
The indicator is designed for intraday timeframes (e.g., 1m, 5m, 15m) to visualize the opening levels established on the 30m and 60m periods.
How do I access this tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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