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. For example, an opening range can be calculated for the first 5, 15 or 30 minutes. TheLibrary version can be compared to the Premium version here.

Indicator Description

A number of trading systems rely on the Opening Range for clues on directional bias. They usually look for breakouts, i.e. measure the high-low range of an opening market period and breakouts above or below that range. The indicator displays the opening range and the current open of the RTH session for a defined time period, as well as the pre-session range.

In order to retrieve the correct opening price, we strongly recommend to use a trading hours template that adds a session break for the regular open.

Such a trading hours template should always be used with tick, volume, range or renko bars. For minute bars the indicator may also be used with the trading hours template <instrument settings>, if the first price bar of the opening range aligns to the opening time.

For example, the indicator will show the correct opening prices for the E-mini S&P futures contract on 1 min, 2 min, 3 min, 5 min, 10 min, 15 min and 30 min charts.

The indicator is available for NinjaTrader 8.