Pre Market \ Opening Range High Low

The Pre Market \ Opening Range High Low indicator identifies and plots key institutional levels from the pre-market session and the initial opening range of the NYSE market session to help traders identify breakout and reversal opportunities.

Usage

The tool is designed primarily for intraday traders operating on lower timeframes, such as the 5-minute chart. It visualizes the high and low boundaries of two specific time windows:

• Pre-Market Range (PM): Represented by blue lines, this marks the high and low established before the official market open.
• Opening Range (OR): Represented by white lines, this captures the volatility of the first hour of trading (e.g., 9:30 AM to 10:30 AM EST).

Traders typically look for price action to break above or below these ranges to signal trend continuation. To filter entries, the script includes a 5-period and 12-period Simple Moving Average (SMA). A common strategy involves entering a long position when price breaks above a range high and resides above the moving averages, or entering a short position when price breaks below a range low and resides below the moving averages.

Details

The script uses green vertical lines to denote the specific timestamps where ranges begin and end. The logic calculates the maximum and minimum price points between these vertical markers and extends those levels forward until the market close (4:30 PM). By default, the script is configured for Eastern Time (EST) with an adjustable offset to ensure compatibility across various time zones and session settings.

Settings

Line Settings

• Vert Line 1 Hour/Minute: Sets the start time for the pre-market range calculation.
• Vert Line 2 Hour/Minute: Sets the end of the pre-market range and the start of the opening range.
• Vert Line 3 Hour/Minute: Sets the end of the opening range calculation.
• Hour offset for eastern time: Allows users to subtract hours from the input time to align the indicator with their local chart timezone.

FAQ

How do I access Pre Market \ Opening Range High Low?

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

What is the best timeframe for this indicator?

While it can function on various intraday periods, the 5-minute timeframe is recommended for the most balanced view of range breaks and moving average interactions.

Can I change the session times?

Yes, the "Line Settings" section in the indicator inputs allows you to customize the exact hours and minutes used to define both the pre-market and the opening range.