This script draws Opening Range, Initial Balance and Opening Price with options to show mid levels.
By default, lines changes color depending on whether closing price is above or below the lines. Red if price is below, green if price is above.
Colors and line styles are all configurable.
Options to change label positions.
Some definitions: Opening Range - The opening range is high and low for a given period after the market opens. This period is generally the first 30 or 60 minutes of trading Initial Balance - WRT to TPO profile chart, the Initial Balance is the price range resulting from the market’s trade during the first two 30 minute periods of the regular trading hours session.
Why is this useful? The first hour of the trading day is the most active and dynamic period. The price range defined by this period of trading creates some key support / resistance levels for the rest of the day. Example below:
Phát hành các Ghi chú
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Updated time zone bug to that it will work properly on futures
Phát hành các Ghi chú
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Added time zone options for sessions time. This allows users to adjust to their local time zone,
"WRT to TPO profile chart" - wat does WRT stand for?
PtGambler
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@maxtomaxoff, lol with reference to with respect to with regards to
maxtomaxoff
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@PtGambler, lol. gotcha! I thought it was some market profile i didn't know about.
wernitschanton
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Nice Indicator. Would it be possible to add the option to hide previous IB´s. Get´s a bit cluttered on the chart =)
PtGambler
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@wernitschanton, hey~ unfortunately no. Can't do it given the current script architecture. It is doable with line object, but that means a major overhaul of the script.
NGtrader
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Looks great. Is it possible to customize the period of the opening range, example first 15 min plus change the start and end times as well to use on instruments such as bonds or oil which have different opening times?
PtGambler
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@NGtrader, yes of course~ you can set those in the settings.
plasmabrasov
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Congratulation for this great indicator! Is it possible to add an option to display the lines back in time only for a specific number of days, in order to have the chart less congested? For example, I would like to view the lines only for the last 10 days.
PtGambler
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@plasmabrasov, hey there~ thanks for using my script. What you said can be done theoretically, but the entire script architecture will need to be changed and rewritten. So unfortunately no, this can't be done with minor changes to the script. Sorry.
NAKOT
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Thank you for this script! I am using it to set alerts for when price exits Opening Range. One thing I noticed is that your Opening Range Mid is labeled as "OR Low".