Fibonacci Opening Range Candle
Oct 26, 2021
The Fibonacci Opening Range Candle indicator identifies key Fibonacci levels derived from the initial price action of a trading session to establish intraday support and resistance zones.
Usage
The indicator is primarily used to identify high-probability reversal or continuation zones within the first minutes of the trading day. Traders often look for buying opportunities when the price trades below the 0.618 level and selling opportunities when price action remains above the 0.50 level.
Key applications include:
- Intraday Support/Resistance: The plotted lines act as dynamic levels where price frequently reacts or consolidates.
- Trend Confirmation: Observing how price interacts with the 50% median line can help determine the immediate bias for the session.
- Index Trading: This tool is specifically optimized for use with major indices where opening volatility provides clear range boundaries.
Details
The script calculates the high, low, open, and close of a user-defined session window (typically the first 5 minutes of the market open). Once the range is established, it calculates a median line (50%) and a secondary "gold" level based on a specific multiplier of the median price. Unlike standard static Fibonacci retracements, this tool focuses on the specific momentum of the opening range candle to project relevant intraday levels.
Settings
- ORB total time (minutes): Determines the duration of the opening range to be considered for calculation.
- Session Time: Defines the specific start and end time for the opening range period (e.g., '0915-0920').
FAQ
How do I use the levels for entries?
Generally, price trading below the lower Fibonacci level suggests potential buying interest, while price holding above the 50% median suggests potential selling interest or mean reversion.
Which timeframes work best?
The script is designed for intraday use, typically on 5-minute, 30-minute, or 1-hour charts, focusing on the very first candle of the session.
How can I access Fibonacci Opening Range Candle?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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