Opening Range with Infinite Price Targets

The Opening Range with Infinite Price Targets indicator is an automated tool that generates an opening range zone and calculates dynamic price targets based on a user-defined percentage of that range.

Usage

The indicator is primarily used to identify breakout opportunities and establish take-profit levels following an initial balance period. Once the user-defined range time concludes, the tool plots the high, low, and mean of that period.

When the price closes outside of the established range, it marks a potential breakout. As the price moves further, the script dynamically generates additional price targets (PT1, PT2, etc.) "into infinity." New targets appear automatically whenever the price closes beyond the current furthest target, allowing traders to scale through trends without manual recalculations.

Details

The script construction focuses on flexibility and clean visual data. Unlike traditional Opening Range Breakout (ORB) tools that are fixed to market open, this tool allows for custom start and end times.

The targets are calculated using the formula:

• Long Targets: Range High + (Multiplier * (Range * Target %))
• Short Targets: Range Low - (Multiplier * (Range * Target %))

Key features include:

• Dynamic Labeling: Labels include tooltips; hovering over a "PT" label displays the exact price value.
• Visual Management: A historical view toggle allows users to clean up the chart by only displaying the current day's data or reviewing past performance.
• Alert Integration: Built-in alerts trigger on range breaks (first break or every break) and when new discovery price targets are reached.

Settings

Settings

• Display Historical Data?: Toggles whether the indicator shows ranges and targets for previous days or only the most recent session.

Range Time

• Start Time: Sets the hour and minute for the beginning of the range calculation.
• End Time: Sets the hour and minute for the conclusion of the range calculation.

Price Target

• Price Target %: Determines the distance between each dynamic price target as a percentage of the total opening range.

Colors

• High/Low/Mean: Customizes the colors for the range boundaries and the median line.
• Fill: Adjusts the background color and transparency of the opening range zone.
• Targets: Sets the color for the dotted target lines and labels.

FAQ

How do I use the Infinite Price Targets?

The targets generate automatically. Once the price closes above the first target (PT1), PT2 will appear, and so on. This allows the indicator to adapt to high-volatility moves.

Can I set the range to something other than the market open?

Yes, use the "Range Time" settings to define any specific window of time (e.g., a specific hourly candle or a pre-market range).

How can I access Opening Range with Infinite Price Targets?

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