Opening Range Gap + Std Dev

The Opening Range Gap + Std Dev indicator automatically identifies and plots the ICT Opening Range Gap (ORG) alongside customizable standard deviation projections to highlight potential support, resistance, and liquidity targets. This tool allows traders to visualize overnight gaps and their symmetrical extensions directly on Electronic Trading Hours (ETH) charts, providing a clear narrative for daily price action.

Usage

The Opening Range Gap + Std Dev script is primarily used to identify institutional price levels derived from the gap between the close of the previous day's Regular Trading Hours (RTH) and the open of the current day.

• Support and Resistance: The upper and lower boundaries of the ORG often act as significant support or resistance levels. Acceptance outside the gap after a retest can signal a trend expansion.
• Draw on Liquidity: Large gaps often act as magnets for price. Traders can monitor if the market seeks to rebalance the ORG during current trading hours.
• Symmetrical Projections: By using the Standard Deviation levels, you can project where price might expand. For example, the 2.0 and -1.0 levels represent a 1:1 "symmetrical price" projection of the range.
• Equilibrium (EQ): The midline (0.5) of the ORG serves as a pivot point; holding above the EQ suggests bullish sentiment toward the range high, while holding below suggests bearish sentiment toward the range low.

Details

The indicator calculates the Opening Range Gap by referencing the specific session time (defaulting to 16:15 PM - 09:30 AM EST). It identifies the close price of the first candle and the open price of the second to form the range box. Because this gap is technically "hidden" on Electronic Trading Hours (ETH) charts, the script uses lower timeframe data to accurately pinpoint these values and project them forward. The standard deviation levels are calculated based on the total height of the identified gap, projecting multiples of that range above the high and below the low.

Settings

• Range box: Toggles the visibility of the ORG area and allows for custom background coloring.
• Range midline: Enables a dotted line at the 50% equilibrium level of the gap.
• Std. dev.: A comma-separated list of values (e.g., "0.5, 1, 1.5, 2") used to plot expansion levels above and below the range.
• Labels / Offset: Controls the visibility and horizontal position of the standard deviation labels.
• Time: Defines the specific session hours used to determine the gap.
• Timezone: Selects the reference timezone (UTC, US/New York, or UK/London) for the session input.

FAQ

How do I access the Opening Range Gap + Std Dev? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Which charts should I use this on? While the concept is derived from Regular Trading Hours (RTH), this indicator is specifically designed to be used on Electronic Trading Hours (ETH) charts so you can see the gap levels while viewing overnight price action.

Can I use this for other sessions besides the Opening Range Gap? Yes, by adjusting the "Time" setting in the inputs, you can use the tool to create range boxes and standard deviation projections for any specific session or ICT Killzone.