Securities day session - Opening-Range

The Securities day session - Opening-Range indicator tool provides a robust framework for identifying and trading the opening range across various global stock exchanges. By plotting the initial high and low of a specified morning period, it helps traders establish key intraday levels and potential expansion targets based on Fibonacci extensions.

Usage

The indicator can be used to identify the "Opening Range" (OR) for major securities markets such as the NYSE, London, India, Tokyo, and more. Once the opening range is established, the tool plots target levels derived from the range's height. These targets serve as potential take-profit areas or points of reversal for intraday mean reversion or trend-following strategies.

Users can select from pre-defined session times or input a custom session to match their specific market. The tool also allows for plotting internal Fibonacci retracements within the range to gauge strength before a breakout occurs.

Details

The opening range is a classic trading concept that captures the initial volatility of a market session. This implementation refactors traditional OR logic to ensure stability across chart refreshes and avoid compilation syntax errors.

The target levels are based on specific Fibonacci percentages (e.g., 127%, 161.8%, 200%, etc.), which are commonly used in various trading methodologies to project price movement after an initial balance is formed. The script also includes an option to use the previous day's daily range as a reference point (Kipp setting), providing a broader context for the current session's volatility.

Settings

Core Configuration

• Length/Time Of Opening Range: Sets the timeframe used to calculate the opening range (e.g., '15' for a 15-minute range).
• Opening Range in minutes: An alternative way to set the range duration in minutes; set to 0 to use the timeframe setting above.
• Show the fib range of yesterdays daily range: When enabled, uses the previous day's high and low instead of the current session's opening range.

Targets and Visuals

• Target A - 8: Individual inputs to adjust the percentage extensions for the upper and lower targets.
• Show 361.8% / 423% / 685% / 1109%: Toggles the visibility of higher-tier Fibonacci targets.
• Plot fibs within OR from bottom up/top down: Displays internal Fibonacci levels (23.6%, 38.2%, 61.8%, 78.6%) within the opening range boundaries.

Session Selection

• Market Checkboxes: A list of pre-defined sessions for various global exchanges (NYSE, London, India, etc.).
• Check for plot your own session: Enables custom session inputs.
• Opening Range / Plotting: Fields to define custom start and end times for the session calculation and visual plotting.

FAQ

How do I use a custom time for my opening range?

To use a custom time, check the "Check for plot your own session" box and enter your desired start and end times in the "Opening Range" and "Plotting" session input fields.

What are the target levels based on?

The targets are calculated as percentage extensions of the total height of the opening range. For example, a 161.8% target represents the range height multiplied by 1.618 and added to the high (for bullish targets) or subtracted from the low (for bearish targets).

How can I access this tool?

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