Opening Range & Daily and Weekly Pivots

The Opening Range & Daily and Weekly Pivots tool identifies key breakout levels by combining intraday opening ranges with major multi-day price extremes to help traders spot significant trend shifts and support/resistance zones.

Usage

The tool is primarily used for identifying breakout opportunities during the early stages of a trading session or when price interacts with longer-term historical levels.

• Opening Range Breakouts (ORB): Traders can monitor the high and low of the first X minutes of a session. A close above the ORB High often indicates bullish momentum for the session, while a close below the ORB Low suggests bearish sentiment.
• Pivot Levels: By plotting the previous day's and previous week's highs and lows, the indicator provides clear visual targets for support and resistance. If the price clears yesterday's high, it may signal a continuation of a daily uptrend.
• Alerting: The script includes built-in alert conditions for all major level crosses, allowing users to be notified immediately when price action shifts relative to these key levels.

Details

The script calculates the opening range based on a user-defined session time and duration. It captures the maximum high and minimum low recorded during that specific window. Simultaneously, it fetches data from higher timeframes (Daily and Weekly) using request.security to determine the extremes of the prior periods. These levels are then projected onto the current intraday chart, providing a multi-timeframe perspective on price action.

Settings

• ORB total time (minutes): Determines the maximum intraday timeframe where the opening range lines remain visible on the chart.
• ORB Timeframe: Defines the specific start and end time (e.g., 0930-1000) used to calculate the opening range high and low.

FAQ

How do I use the Opening Range & Daily and Weekly Pivots for day trading? You can look for price to consolidate within the opening range and enter a trade when a candle closes outside of the defined high or low, ideally in the direction of the daily or weekly pivot trend.

Can I change the session time for different markets? Yes, the "ORB Timeframe" input allows you to adjust the session start and end times to match the opening bells of different global exchanges like the NYSE, London, or Tokyo.

How do I get access to the Opening Range & Daily and Weekly Pivots? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.