Forex session - Opening Range - Fixed Updated

The Forex session - Opening Range indicator provides a comprehensive tool for tracking the opening price range and subsequent expansion targets across various global Forex sessions. It allows traders to define specific time windows—such as New York, London, Tokyo, or Sydney—and automatically calculates Fibonacci-based targets to identify potential intraday reversal or continuation levels.

Usage

The indicator is primarily used to identify the high and low of a specific opening period, which often sets the tone for the remainder of the trading session. Traders can use the shaded opening range as a zone of interest:

• Breakout Trading: Monitor price action as it moves beyond the opening range high or low to identify momentum.
• Fibonacci Targets: Use the multiple expansion levels (127%, 161.8%, 200%, etc.) as potential profit targets or areas where the trend might exhaust.
• Session Analysis: Toggle between predefined sessions like London (3 am - 11 am EST) or New York (8 am - 5 pm EST) to see how different market opens impact price volatility.

Details

This tool is specifically designed for the 24-hour Forex market rather than standard equity sessions. It includes sophisticated time-handling logic to address common issues with Forex data providers, such as the 17:00 EST session start. The script calculates Fibonacci extensions based on the initial range height, providing targets that scale dynamically with market volatility. It also includes "Time Shift" adjustments to account for discrepancies in exchange timezones or daylight savings transitions (EST/EDT).

Settings

Session Selection

• New York / Sydney / Tokyo / London: Checkboxes to select the specific global session to track.
• Build your own session: Enable this to input a custom start and end time.
• GMT Shift Forward/Back: Manual one-hour adjustments for timezone alignment.

Opening Range Configuration

• Length/Time Of Opening Range: Dropdown to select standard timeframes (e.g., 15m, 30m, 1h).
• Pick Opening Range 1 to 12 hours: An integer input that overrides the dropdown if a value greater than 0 is provided.

Fibonacci & Targets

• Target A - 8: Custom float inputs to define the percentage levels for expansion targets.
• Show 361.8% / 423% / 685% / 1109%: Toggles to clean up the chart by hiding higher-order targets.
• Plot fibs within OR: Options to plot internal retracement levels (0.236, 0.382, etc.) from the bottom up or top down.

FAQ

How do I adjust for Daylight Savings Time? You can use the "Check if EST time applies" toggle or the "Shift session" checkboxes to manually align the indicator with current New York time transitions.

Can I use this for non-Forex symbols? While optimized for Forex sessions (17:00 start), you can use the "Build your own session" feature to adapt the tool for any intraday market.

How can I access the Forex session - Opening Range? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.