Opening Range & Prior Day High/Low

The Opening Range & Prior Day High/Low indicator automatically plots the previous day's high and low levels alongside a customizable opening range box to help day traders identify market sentiment and key breakout zones.

Usage

The indicator is designed to simplify intraday analysis by providing two core components:

• The Opening Range (ORB): This feature draws a box encompassing the high and low of a user-defined time period (e.g., the first 5, 15, or 30 minutes of trading). Traders often watch for a breakout above or below this range to determine the trend for the remainder of the session.
• Prior Day High/Low (PDH/L): The tool plots horizontal lines representing the previous trading day's peak and trough. These levels act as significant support and resistance. A move above the Prior Day High suggests bullish sentiment, while a move below the Prior Day Low suggests bearish sentiment.

Traders can use these levels together to confirm trade setups. For example, an opening range breakout that also clears the Prior Day High can be seen as a high-probability bullish signal. Conversely, a failed breakout of the opening range that rejects a prior day level can signal a potential reversal.

Details

The script utilizes request.security() to fetch daily timeframe data for the high and low of the previous session. The opening range box is constructed using box.new(), which dynamically updates its boundaries during the specified range period. The "Extend Range Lines" setting ensures the levels remain visible across the chart until the specified session end time.

Settings

Opening Range Break Settings

• Opening Range: Defines the start and end time used to calculate the session's initial high and low range.
• Extend Range Lines: Sets the session time during which the opening range box will remain extended on the chart.

Opening Range Colors

• Enable Opening Range Box: Toggles the visibility of the ORB box.
• Border: Sets the color and transparency for the box border.
• Background: Sets the fill color and transparency for the interior of the box.
• Width: Adjusts the thickness of the box border lines.

Previous Day High/Lows

• Enable PDH: Toggles the visibility of the Previous Day High line.
• Enable PDL: Toggles the visibility of the Previous Day Low line.
• PDH Color: Customizes the color of the Previous Day High line.
• PDL Color: Customizes the color of the Previous Day Low line.

FAQ

How do I use the Opening Range & Prior Day High/Low on my chart?

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

Can I change the opening range time?

Yes, the indicator allows you to specify any time session for the opening range calculation, such as the first 5, 15, or 30 minutes of the market open.

Does this indicator work on all timeframes?

While the script is designed for intraday timeframes (1m, 5m, 15m, etc.), it fetches daily data to ensure the prior day's levels are accurate regardless of the chart interval.