Opening Range with Fibs

The indicator uses a time range and another instrument for time reference, so that it works in the time zone you care about. I have set the default to SPX500USD since it is in EST ( SPX , ES and many futures are on Chicago time and opening range gets confused). You can change the reference instrument in the settings.

You can also change the multipliers and use other values instead of 1.272 and 1.618 for Fib extensions.

TradingView has a limit as to how many objects an indicator can create so if you want to go back further for visual backtesting - use the replay tool - it will be able to draw up to the time you selected within its limits.

Let me know if you need anything else...

Happy Trading!

Follow me for some interesting Risk:Reward ideas. I have a purely technical analysis approach. I mainly watch and trade US stocks that have weekly options. This is not an investment advice, do your own due diligence.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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