OHL Screener

The OHL Screener indicator scans multiple stocks to identify those meeting the "Open = High" or "Open = Low" criteria based on a user-defined opening range. This tool allows traders to monitor a broad list of assets for intraday momentum signals directly from a single chart.

Usage

The indicator displays two separate tables on the chart to categorize qualifying stocks:

• Open = Low (OL): Symbols meeting this criterion are listed in a table at the top right corner with a green background. This typically suggests bullish sentiment at the market open.
• Open = High (OH): Symbols meeting this criterion are listed in a table at the bottom left corner with a red background. This typically suggests bearish sentiment at the market open.

The scanner operates independently of the chart's current symbol or timeframe, though it is intended for use on intraday timeframes. Traders can customize the "Opening Range" setting (e.g., 5 min, 15 min) to determine the window during which the OHL condition must be met.

Details

The OHL strategy is a popular intraday technique used to capture momentum. When the open price remains the low of a specific opening period, it suggests strong buying pressure. Conversely, when the open is the high, it suggests selling pressure. This script uses request.security calls to fetch data for up to 40 user-defined symbols. It compares the opening price of the current day against the high and low of the selected opening range timeframe.

Settings

• Opening Range (Minutes): Defines the timeframe used to check the OHL condition (Options: 1, 3, 5, 15, 30, 60 minutes).
• Symbols: A group of inputs allowing users to toggle and select up to 40 different symbols (defaulted to NIFTY 50 stocks).

FAQ

How do I add or remove stocks from the scanner?

You can navigate to the "Symbols" group in the indicator settings and manually input the ticker symbols you wish to scan. Ensure the checkbox next to the symbol is enabled.

Can I use this on daily or weekly charts?

While the script will run, it is specifically designed for intraday trading to capture opening range momentum. Using it on higher timeframes may not yield meaningful results for OHL strategies.

How can I access OHL Screener?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.