Opening Range - 30m range based on Chris Moody's
Sep 25, 2018
The Opening Range indicator identifies and plots the high and low price levels established during the first 30 minutes of the trading session to help traders anticipate potential breakouts or daily price boundaries.
Usage
The Usage section focuses on identifying the initial volatility window of the market. Traders often use the 30-minute opening range as a benchmark for the rest of the trading day.
- Range Trading: If the price remains within the 30-minute high and low, it suggests a range-bound market where these levels act as primary support and resistance.
- Breakout Trading: A sustained move above the high or below the low can signify an early breakout, indicating the likely trend direction for the session.
- Support/Resistance Flip: Once a breakout occurs, the breached level (high or low) often flips roles, acting as new support or resistance during retracements.
Details
This script is based on concepts popularized by Chris Moody. It captures the price extremes from the first 30-minute candle of the daily session. The script utilizes the request.security function to fetch the high and low values from the 30-minute timeframe and projects them across the current chart. This allows traders on lower timeframes (such as 1m, 5m, or 15m) to maintain visibility on the critical opening range levels without switching intervals.
Settings
- 30 Minute Opening Range High: Toggles the visibility of the line representing the highest price reached during the first 30 minutes.
- 30 Minute Opening Range Low: Toggles the visibility of the line representing the lowest price reached during the first 30 minutes.
FAQ
How do I access the Opening Range indicator?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
Can I use this on any timeframe?
While the range is calculated based on the 30-minute interval, the levels are best viewed on intraday timeframes lower than 30 minutes (e.g., 1m, 5m, 15m) to see how price interacts with the boundaries.
Does this indicator provide alerts?
Yes, the script includes built-in alert conditions that trigger when the price crosses above the 30-minute high or below the 30-minute low.
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