Opening Range

The Opening Range is the range obtained from the highest and lowest price of a security during the first minutes of daily trading activity. The Premium Opening Range version can be compared to the Library Opening Range version here. You may register for FREE trial anytime.

Indicator Price $ 125.00

Indicator Description

A number of trading systems rely on the Opening Range for clues on directional bias. They usually look for Opening Range breakouts, i.e. measure the high-low range of an opening market period and breakouts above or below that range. For example, an opening range can be calculated for the first 5, 15 or 30 minutes.

The indicator displays the opening range and the current open of the RTH session. This version is the multi-timeframe (MTF) version of the standard OpeningRange indicator. The indicator adds a secondary minute bar series to the chart, which is used to calculate the opening range.

The following are the advantages over the standard version:

For tick, range and volume charts the standard indicator may not display the opening range correctly, if the last bar expands the opening range and closes after the opening period. The MTF version of the indicator will display the opening range correctly, even if the primary bar series does not contain the necessary information for its calculation.

For minute charts, you will want to use this indicator if the opening period is not an integer multiple of the bar period. Example: You trade 3 min charts and your opening period is 10 minutes.

The opening period can be selected via indicator dialogue box you may display the regular open and the range of the first minute of trading after the start time selected for the opening range. You may also display the night session or pre-session range. This is different for each instrument and refers to the electronic session prior to the session selected for the opening range. By default the indicator pulls the instrument trading times, regular open as well as pre-session times from it’s own databank (applies for the following exchanges: CME, NYMEX, CBOT, EUREX, ICE, you may furthermore add your own additional exchange trading hours).