XBrat Range Breakout - Defining Ranges & The Trading Bias
Designed to help define opening ranges of major markets, along with Gold Pit opens, Oil Pit opens and for major economic data points. We recommend timeframes for opening ranges on different type of instruments further down this description
There are 6 range data points available, 4 of which are pre-defined (but can be adjusted and renamed) and then 2 spare for those important data points. All the times and label names can be adjusted.
4 Pre-Defined Openings are:
Europe Gold Pit Open (8am Europe time)
London Stock Exchange Open (9am Europe time)
New York Gold Pit Open (8.20am EST)
NYSE Open (9.30am EST)
The range is defined by a parallel coloured cloud which changes colour depending on the BIAS of the opening range, calculated automatically for our users. At the same time the Open Tag is also coloured to help identify the BIAS and indeed which direction traders should trade the Range Breakout after the first candle has closed. The range BIAS continues to be drawn on the chart until the following days open. The colour will change as per the BIAS of that opening range. This allows for multiple entries of breakouts of the defined range throughout the following 24 hours.
Range Breakout BIAS Colours
Green - Bullish BIAS - When first candle has closed only look for breakouts to the upside
Red - Bearish BIAS - When first candle has closed only look for breakouts to the downside
Yellow - Neutral BIAS - When first candle closed, look for breakouts to both upside and downside or best not to trade the breakouts as neutral BIAS indicates indecision
Time Frames we suggest for open ranges of any market open or data points are:
Metals & Energy Futures or CFDs - 5 minute time frame
Currencies - Forex Pairs or Futures - 10 minute time frame
Index Futures or CFDs - 15 minute time frame
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact PBratbyOfficial directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact PBratbyOfficial directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.