Opening Range Fibonaccis

The Opening Range Fibonaccis indicator automatically identifies the high and low of a specific time period after the market open to generate Fibonacci-based support and resistance zones. This tool helps intraday traders visualize potential breakout targets and reversal areas by extending the opening range volatility across various Fibonacci ratios.

Usage

The tool can be used to identify key intraday levels where price may react. By default, the opening range is set to the first 30 minutes of the New York session (09:30 - 10:00 EST).

• Support and Resistance: The Fibonacci levels derived from the range frequently act as zones where price pauses or reverses.
• Breakout Targets: Movement outside the initial range can signal the start of a trend, with extended Fibonacci levels (such as 1.618 or 2.618) serving as logical take-profit or extension targets.
• Dynamic Mode: When enabled, higher Fibonacci levels only appear if price action has successfully breached the preceding level, keeping the chart clean during low-volatility periods.

Details

The indicator calculates the high and low within a user-defined session. It then determines a midpoint and applies Fibonacci multipliers to the range width (High - Low) to project levels above and below the range. A unique feature of this script is the Fibonacci Scale setting, which adjusts how the levels are plotted relative to the range boundaries; for instance, a scale of 0.5 aligns the 1.0 Fibonacci level exactly with the opening range high/low.

Settings

General Settings

• Opening Range Time Period (EST): Defines the start and end time used to calculate the range high and low.
• Timezone: Sets the reference timezone for the session inputs.
• Afternoon Range (EST): Optionally includes a second session (e.g., post-lunch) to update or redefine the range levels.
• Base on One (1) Minute Candles: If enabled, the high/low calculation uses 1-minute data regardless of the current chart timeframe, ensuring precision on higher-interval charts.

Fibonacci Levels

• Fibonacci Levels (1-10): Toggle individual levels on/off, customize the ratio, color, and line thickness.
• Dynamic Toggle: When active, levels past the 1.0 ratio only display if the current Day's High (HOD) or Low (LOD) has crossed the prior level.
• Fibonacci Scale: Adjusts the scaling of the levels.

Visuals

• Fill Zones: Toggles the background shading between Fibonacci levels.
• Show Price/Fib Labels: Displays the coordinate price or ratio value next to the plotted lines.
• Plot For Today Only: Restricts the drawings to the current trading day.

FAQ

How do I use the Opening Range Fibonaccis?

You can use it to define the initial volatility of the day and trade breakouts from that range using the Fibonacci extensions as targets.

Can I change the opening range duration?

Yes, you can modify the "Opening Range Time Period" in the settings to reflect any duration, such as a 5-minute, 15-minute, or 1-hour range.

How can I access Opening Range Fibonaccis?

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