OPEN-SOURCE SCRIPT
Updated OA Opening Range
Overview:
The OA Opening Range indicator is designed to help traders identify and visualize the opening range of the AM trading session and provides breakout buy and sell signals when the range, high or low, is broken.
What Is the Opening Range?
The term opening range (OR) refers to the high and low price for a short period just after the market opens, often the first 15 to 30 minutes of the trading day. Day traders often monitor the opening range because it can provide an indication of market sentiment and price trends for the day.
Features:
1. Opening Range Visualization: Draws the high and low prices of the opening range for the selected session time (default: 09:30 - 10:00).
- Option to shade the opening range box for better visual clarity.
- Customizable box border size and color settings.
2. Time Zone and Session Settings: Users can set the time zone and the specific session time to calculate the opening range.
- Option to display the opening range during regular trading hours only.
3. Previous Day Opening Ranges:
- Option to display opening ranges from previous days to observe historical levels.
- The indicator can show the range and volume data for the last 5 sessions.
4. Breakout Signals:
- Highlights potential breakout points when the price moves above the opening range's high or below the low.
- Customizable buy and sell signal colors and text labels.
5. Range and Volume Labels:
- Displays the calculated range and total volume within the opening range for the current session.
- Option to show range and volume data for previous sessions, providing valuable historical context.
6. Alerts:
- Alerts for when the price breaks above or below the opening range, helping traders stay informed of significant price movements.
Usage:
By visualizing the opening range and providing breakout signals, traders can identify potential trade setups and market trends early in the session. The historical data and customizable settings allow for a tailored approach to fit various trading strategies.
Happy trading!
Disclaimer: This indicator is a free tool that provides examples of how you can utilize Option Alpha webhooks. Option Alpha does not recommend, suggest, or advise any particular trading strategy or indicator and makes no claim this indicator will provide profitable signals. Past performance is never indicative of future results.
The OA Opening Range indicator is designed to help traders identify and visualize the opening range of the AM trading session and provides breakout buy and sell signals when the range, high or low, is broken.
What Is the Opening Range?
The term opening range (OR) refers to the high and low price for a short period just after the market opens, often the first 15 to 30 minutes of the trading day. Day traders often monitor the opening range because it can provide an indication of market sentiment and price trends for the day.
Features:
1. Opening Range Visualization: Draws the high and low prices of the opening range for the selected session time (default: 09:30 - 10:00).
- Option to shade the opening range box for better visual clarity.
- Customizable box border size and color settings.
2. Time Zone and Session Settings: Users can set the time zone and the specific session time to calculate the opening range.
- Option to display the opening range during regular trading hours only.
3. Previous Day Opening Ranges:
- Option to display opening ranges from previous days to observe historical levels.
- The indicator can show the range and volume data for the last 5 sessions.
4. Breakout Signals:
- Highlights potential breakout points when the price moves above the opening range's high or below the low.
- Customizable buy and sell signal colors and text labels.
5. Range and Volume Labels:
- Displays the calculated range and total volume within the opening range for the current session.
- Option to show range and volume data for previous sessions, providing valuable historical context.
6. Alerts:
- Alerts for when the price breaks above or below the opening range, helping traders stay informed of significant price movements.
Usage:
By visualizing the opening range and providing breakout signals, traders can identify potential trade setups and market trends early in the session. The historical data and customizable settings allow for a tailored approach to fit various trading strategies.
Happy trading!
Disclaimer: This indicator is a free tool that provides examples of how you can utilize Option Alpha webhooks. Option Alpha does not recommend, suggest, or advise any particular trading strategy or indicator and makes no claim this indicator will provide profitable signals. Past performance is never indicative of future results.
Release Notes
Corrected a minor bug that was displaying the Range and Volume info twice for the current session. Release Notes
Removed default 'any call' function to make alerts easier to establishOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.