This script plots the 30min Opening Range as well as the previous day's high & low.
Description:
Blue Line = Top of the 30min Opening Range for the session Pink Line = Bottom of the 30min Opening Range for the session White Line = Mid-Point of the 30min Opening Range for the session White Transparent Area = The full range of the 30min Opening Range
Green Line = Yesterday's High for the session Red Line = Yesterday's Low for the session
Use:
The Opening Range will continue to expand until the first 30minutes of trading has passed, at which point the range will lock in place for the remainder of the trading session. Many traders use these important levels to gauge trade entries and exits (e.g. Mark Fisher's ACD strategy).
This script does not work currently work for futures (e.g. ES, NQ, RTY) due to the session start time. Will configure for futures trading in a future update.
ملاحظات الأخبار
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Version Update: -Now works with Index Futures (e.g. ES, MES, NQ, RTY, etc.) -To use with stocks or ETFs, please make sure you have the Extended Hours visible on your chart (Right click on chart, go to Settings, and select Extended Hours)
Hi can I suggest to be able to change the orb time settings such as 15 minutes? Thanks
MatthewGSPX
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@StrikeTrades, You can prob change this manually? Line 4 of the code maybe
PajameTrader
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how does this script work
GreenUps
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This is a great script...thank you!...Is there a way to make this work on stocks/ETFs without selecting "Extended Hours"?...I don't want that noise on my charts but I'm finding by not selecting it, I'm losing previous day high and low...Also, possible to add in a previous day mid-line?
trepidity
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How much does yesterday's opening high/low matter in "today"? Meaning, do I care to know yesterday's opening range before today's opening range has been established? It doesn't matter at all, it matters 20% or I "must know it"?
Michigandolf
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@trepidity, I personally want to know those levels. It's incredibly common to see the market play "tag" with those levels prior to the 30min Opening Range being established.
nmallard
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Thanks for sharing! When you use it, do you keep a set risk to reward ratio? Obviously entries are breaks and closes of ORH/ORL, but from there, what is your plan? Just curious.
Benjamin_Bary
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Thanks for sharing. Would you use Extended Hours for ES and NQ as well?
Michigandolf
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@Benjamin_Bary, it's not as critical, but globex does often respect prior Opening Range levels.
JonnyF1ve
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Red Line e.g. yesterday's RTH low doesn't seem to properly reference the prior day; it seems to pull from a few days prior. All other lines look correct. Anybody else noticing this issue?