RTH Opening Range with Extensions

The RTH Opening Range with Extensions indicator automatically identifies and plots the high, low, and midline of the initial trading period during Regular Trading Hours (RTH), providing traders with key volatility-based levels and expansion targets.

Usage

The tool is primarily used to identify the "Opening Range" (OR), which is often considered a baseline for the day's price action. Traders use these levels to gauge market sentiment: price holding above the OR high suggests bullish momentum, while price holding below the OR low suggests bearish momentum.

Key features include:

• Opening Range High/Low: Defines the initial boundaries of the session based on a user-defined timeframe.
• Midline: The 50% retracement level of the opening range, serving as a pivot point.
• Extensions: Standardized expansion levels (e.g., 1x or 2x the range size) projected above and below the range to identify potential take-profit zones or reversal areas.

For example, a trader might look for a breakout of the 5min Opening Range and target the "Extension 1" level for a scalp trade.

Details

The script operates specifically on the New York Session (RTH) starting at 09:30 AM. It tracks the highest and lowest prices reached within the specified "Opening Range Duration." Once the duration expires, the script calculates the range size and projects the midline and extensions through the remainder of the trading day (until 16:00). All levels are "backpainted" to the session start for a clean visual representation of the intraday structure.

Settings

Opening Range

• Opening Range Duration (minutes): Choose between 1, 5, 15, or 30-minute opening ranges.
• Range Line Color/Style/Width: Customizes the visual appearance of the high and low boundary lines.
• Range Fill Color: Adjusts the background shading within the opening range boundaries.

Midline

• Show Midline: Toggles the visibility of the 50% level.
• Midline Color/Style/Width: Customizes the appearance of the median line.

Extension 1 & 2

• Show Extension: Toggles the visibility of the expansion levels.
• Extension Multiplier: Determines the distance of the extension based on the size of the opening range (e.g., 1.0 = 100% of the range).
• Extension Color/Style/Width: Individual visual settings for each extension set.

FAQ

How do I access the RTH Opening Range with Extensions?

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

Can I use this for the London or Tokyo open?

The current implementation is hardcoded for the New York (America/New_York) RTH start at 09:30.

What is the most common duration used?

While it depends on the strategy, the 5-minute and 30-minute opening ranges are the most widely used among intraday traders.