Opening Range & Prior Day High/Low [Gorb]

23 thg 11, 2023

Introduction:
Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders.

Overview:

• The Opening Range, draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges.
  
• Prior Day High/Low, draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels.
  
• The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you.
  

Features:

• All skill-level friendly presets, easy to enable with one-click
  
• Opening Range: Allows user to choose what time the range starts and ends to measure the high & low.
  
• Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time.
  
• Enable Opening Range Box: allows the user to choose to plot the opening range or not.
  
• ORB Border Color: allows the user to change the box border color.
  
• ORB Box Shade Color: allows the user to change the background of the opening range box.
  
• ORB Line Width: allows users to chose the width of the opening range box lines.
  
• Enable Previous Day High: allows users to enable the previous days high to be plotted.
  
• Enable Previous Day Low: allows users to enable the previous days high to be plotted.
  
• Previous Day High Color: allows users to choose the color for this line.
  
• Previous Day Low Color: allows users to choose the color for this line.
  
• All colors are changeable for the user to customize to their liking.
  

Usage Demonstration

In the image below, we can see a basic example of how these 3 features function.



As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled.

In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy.



This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups.

In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout.



The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well.

In the image below, we can see how previous days levels can act as resistance to use with the opening range.



Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again.

Conclusion:
We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style.

RISK DISCLAIMER
All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.

25 thg 11, 2023

Phát hành các Ghi chú

Small enhancement to increase user customizability:

• Arranged settings for a cleaner UI
  

26 thg 7

Phát hành các Ghi chú

Added the removal of previous day lines and boxes to create a less cluttered chart for users