Opening Range

Opening Range Breakout Strategy

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 version can be compared to the standard Library indicator here. You may register for FREE trial anytime.

Indicator Price $ 150.00

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. For example, the 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 a multi-timeframe (MTF) version of the standard library version. The MTF indicator adds a secondary minute bar series to the chart, which is used to calculate the opening range.

Premium Features:

For tick, range and volume charts the standard indicator may not display the opening range correctly. This will occur if the last bar expands the range and closes after the opening period. This version will display a correct range even if the primary bars do not contain the necessary information for its calculation.

Furthermore, if using minute charts, you will want to use the premium version if the opening period is not an integer multiple of the bar period. For example: If you trade a 3 min chart and use an opening period of 10 minutes, it is not an integer multiple of the bar period.

The opening period can be selected via indicator dialogue box. Furthermore, the regular open and the range of the first minute of trading after the open may also be displayed. The premium version also includes a separate indicator designed to calculate the opening range in seconds.

In addition, 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). The premium version may also be used with e-micros and cryptocurrencies. You may furthermore add your own additional exchange trading hours.

Finally, the premium version comes with a market analyzer column. Specifically, the Market Analyzer returns information on how far prices have moved outside the range.

The premium version is available for NinjaTrader 8 and additional information has been published on our blog.