9:30 AM 15m Fib Breakout

The 9:30 AM 15m Fib Breakout indicator identifies high-volatility opening ranges by monitoring the initial 15 minutes of the New York session and projecting Fibonacci retracement levels when the opening candle's range exceeds the Average True Range (ATR).

USAGE

The tool focuses on the "Opening Drive" or initial price discovery phase of the market. It automatically highlights the 9:30 AM – 9:45 AM EST session on the chart.

• The script checks the price range (High - Low) of the first 15-minute candle against the 15-minute ATR.
• If the range is significant (breaking the ATR multiplier), it signifies a high-momentum start to the day.
• Fibonacci levels are then automatically projected from the session high/low towards the direction of the close until midday (12:00 PM).
• Traders can use these levels as potential support or resistance areas for mean reversion or continuation plays during the morning session.

DETAILS

The indicator uses a multi-timeframe approach by requesting the ATR from the 15-minute timeframe regardless of your current chart resolution. If the opening 15-minute candle's range is wider than the ATR multiplied by the user-defined value, the script considers the breakout valid.

Directionality

The Fibonacci levels are drawn based on the candle's bias:

• If the session close is higher than the open (Bullish), levels are projected upwards from the low.
• If the session close is lower than the open (Bearish), levels are projected downwards from the high.

SETTINGS

Main Settings

• Timezone: Defines the timezone for session detection (Default: America/New_York).
• ATR Length: The lookback period used to calculate the 15-minute ATR.
• ATR Multiplier: The threshold the opening candle range must exceed to trigger the Fibonacci projections.
• Fib Levels Color: The base color used for the Fibonacci retracement lines.