Opening 1 min. range -V1

The Opening 1 min. range -V1 indicator tracks the high and low levels established during the first minute of the trading day to identify key support and resistance zones.

Usage

The Usage section focuses on identifying how price interacts with the initial balance of the market. Traders often use the 1-minute opening range as a "gravity" area where price tends to return throughout the session.

• Mean Reversion: If price extends far from the opening range, traders often look for signs of exhaustion and a return to the range levels.
• Support & Resistance: On the first approach to the range from above or below, the levels often act as significant hurdles where orders may stack up.
• Trend Shifts: A decisive break and hold above or below the opening range can signal a shift in intraday trend and market structure.
• Exhaustion Points: Wave structures and intraday swings frequently find their start or end points at these specific levels.

Details

This script is based on the concept that the opening minute of a session represents the delivery of overnight energy into the market. Floor traders and institutional participants often view the "open" as more relevant than the "close" for determining market sentiment. By plotting the first minute's high and low, the script creates a visual framework for the day's price action. Additionally, the indicator provides an optional 30-minute opening range to offer a broader perspective on the initial balance, allowing users to compare short-term and medium-term opening energy.

Settings

• 30 Minute Opening Range High: Toggles the visibility of the high level established during the first 30 minutes of the session.
• 30 Minute Opening Range Low: Toggles the visibility of the low level established during the first 30 minutes of the session.
• 1 Minute Opening Range High: Toggles the visibility of the high level established during the first minute of the session.
• 1 Minute Opening Range Low: Toggles the visibility of the low level established during the first minute of the session.

FAQ

How do I use the Opening 1 min. range -V1?

You can use it to identify early intraday support and resistance. Price often reacts strongly when returning to the 1-minute high or low for the first time in a session.

What instruments work best with this tool?

While applicable to many markets, it is particularly popular in Futures and Equities where the session open carries significant volume and directional energy.

How can I access this script?

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