ChrisMoody

Opening Range Breakout with 2 Profit Targets.

Opening Range Breakout with 2 Profit Targets.

Updated Indicator now works on all Symbols with Many Different Session Options.

***Known PineScript Issue…While the Opening Range is being Formed the lines only adjust for that individual bar. Just reset Indicator after Opening Range Completes.

***All Times are Based on New York Time
Session Options Forex U.S. Banks Open (8:00), Gold             U.S. Open (8:20), Oil             U.S. Open (9:00), U.S. Cash Session - Stocks (9:30), NY Forex Open (17:00) , Europe Open (02:00), or if you choose Setting 0 the Session Runs from 00:00 to 00:00 (Midnight to Midnight).

***Ability to use 60 minute Opening Range, 30 minute, 15 minute, and many other options.

***However you can manually change the times in the Inputs Tab to adjust for any session you prefer. This is useful for Day Light Savings Adjustments. Also the default times work if your charts are set to EST Time. If you use A different time zone in your settings you need to Adjust the times in the inputs tab.

Initially Opening Range High and Low plot as Yellow Lines. If Price Goes Above Opening Range then Line Turns Green. If Price Goes Below Opening Range Line Turns Red.

By default the First Profit Target is 1/2 the Width of the Opening Range and the 2nd Profit Target is 1 Times the Opening Range. However these are Adjustable in the Inputs Tab.

By Default the Opening Range Length is 1 Hour. However, you can Change the Opening Range Length to 15 min, 30 min, 2 hours etc. in the Inputs Tab.

Plots a 1 Above or Below Candle when 1st Profit Target is Achieved, and a 2 when 2nd Profit Target is Achieved.
Remove from Favorite Scripts Add to Favorite Scripts
//Created by ChrisMoody on 7-07-2014, Special Thanks To "The Coding Genius Behind The Curtain"
study(title="_CM_Opening-Range-Final", shorttitle="_CM_OpenRange_PlusTargets", overlay=true)

sessNum = input(4, title="Session to use (0 = 24 Hours, Other Numbers Listed Below)", minval=0, maxval=6)
desc = input(false, title="Below---Line Plot Start Times and End Times---Change Input Above To Select")
forex_US_BankingOpen = input('0800-1700', type=session, title="1 - Forex U.S. Banks Open -- ALL START TIMES = START OF OPENING RANGE!!!")
gold_US_Open = input('0820-1700', type=session, title="2 - Gold U.S. Open -- All End Times are when Lines Stop Plotting")
oil_US_Open = input('0900-1700', type=session, title="3 - Oil U.S. Open")
usStocksOpen = input('0930-1600', type=session, title="4 - U.S. Cash Cash Session - Stocks Session")
nyForexOpen = input('1700-1600', type=session, title="5 - NY Forex Open")
europeOpen = input('0200-1700', type=session, title="6 - Europe")
pt1 = input(5, minval=1, maxval=15, title="Profit Target 1 - Multiple of Opening Range *.1, 5 = .5, 7 = .7, 10 = 1, 15 = 1.5 etc.")
pt2 = input(10, minval=1, maxval=30, title="Profit Target 2 - Multiple of Opening Range *.1, 10 = 1, 15 = 1.5, 18 = 1.8, etc.")
res = input('60', type=resolution, title="Length Of Opening Range?")
snp = input(true, title="Plot 1 and 2 When 1st and 2nd Profit Target are Achieved?")

//Session Selection Rules
sessToUse = sessNum == 1 ? forex_US_BankingOpen : sessNum == 2 ? gold_US_Open : sessNum == 3 ? oil_US_Open : sessNum == 4 ? usStocksOpen : sessNum == 5 ? nyForexOpen : sessNum == 6 ? europeOpen :'0000-0000'

//Session Rules
bartimeSess = (sessNum == 0 ? time('D') : time('D', sessToUse))
fr2to17 = (sessNum == 0 ? time(period) : time(period, sessToUse)) 
newbarSess = bartimeSess != bartimeSess[1]
high_range = valuewhen(newbarSess,high,0)
low_range = valuewhen(newbarSess,low,0)
adopt(r, s) => security(tickerid, r, s)

//Formula For Opening Range
highRes = adopt(res, high_range)
lowRes = adopt(res, low_range)
range = highRes - lowRes

//Highlighting Line Rules For Opening Range
highColor = high > highRes ? lime : yellow
lowColor = low < lowRes ? red : yellow

//Plot Statements For Opening Range Lines
openRangeHigh = plot(fr2to17 > 0 ? highRes : na, color=highColor, style=circles, linewidth=4)
openRangeLow = plot(fr2to17 > 0 ? lowRes : na, color=lowColor, style=circles, linewidth=4)
bgcolor(fr2to17 > 0 ? silver : na, transp=85)
fill(openRangeHigh, openRangeLow, color=silver, transp=70, title="Opening Range Fill")

//Formula For Profit Target 1
pft1 = pt1*.1
highRes2 = highRes+range*pft1
lowRes2 = lowRes-range*pft1

//Highlighting Line rules for Profit Target 1
highColor2 = high > highRes2 ? lime : fuchsia
lowColor2 = low < lowRes2 ? lime : fuchsia

//Plots For Profit Target 1
p1=plot(fr2to17 > 0 ? highRes2 : na, color=highColor2, style=circles, linewidth=4)
p2=plot(fr2to17 > 0 ? lowRes2 : na, color=lowColor2, style=circles, linewidth=4)

//Formula For Profit Target 2
pft2 = pt2*.1
highRes3 = highRes+range*pft2
lowRes3 = lowRes-range*pft2

//Highlighting Line rules for Profit Target 2
highColor3 = high > highRes3 ? lime : aqua
lowColor3 = low < lowRes3 ? lime : aqua

//Plots For Profit Targe 2
plot(fr2to17 > 0 ? highRes3 : na, color=highColor3, style=circles, linewidth=4)
plot(fr2to17 > 0 ? lowRes3 : na, color=lowColor3, style=circles, linewidth=4)

//Rules for when to plot Numbers 1 or 2 When Profit Target 1 or 2 is Reached
pt1UHit = (high >= highRes2  and high[1] < highRes2 and high[2] < highRes2 and high[3] < highRes2 and high[4] < highRes2 and high[5] < highRes2) and fr2to17 > 0 
pt1LHit = (low <= lowRes2  and low[1] > lowRes2 and low[2] > lowRes2 and low[3] > lowRes2 and low[4] > lowRes2 and low[5] > lowRes2) and low > lowRes3 and fr2to17 > 0
pt2UHit = (high >= highRes3  and high[1] < highRes3 and high[2] < highRes3 and high[3] < highRes3 and high[4] < highRes3 and high[5] < highRes3) and fr2to17 > 0 
pt2LHit = (low <= lowRes3  and low[1] > lowRes3 and low[2] > lowRes3 and low[3] > lowRes3 and low[4] > lowRes3 and low[5] > lowRes3) and fr2to17 > 0

//Rules for plotting 1 or 2 When Profit Target 1 or 2 is Reached
plotchar(snp and pt1UHit ? pt1UHit : na, title='UpSide Profit Target 1 Achieved', char='1', location=location.abovebar, color=white, transp=0, offset=0)
plotchar(snp and pt1LHit ? pt1LHit : na, title='DownSide Profit Target 1 Achieved', char='1', location=location.belowbar, color=white, transp=0, offset=0)
plotchar(snp and pt2UHit ? pt2UHit : na, title='UpSide Profit Target 2 Achieved', char='2', location=location.abovebar, color=white, transp=0, offset=0)
plotchar(snp and pt2LHit ? pt2LHit : na, title='DownSide Profit Target 2 Achieved', char='2', location=location.belowbar, color=white, transp=0, offset=0)
Hi Chris, I am fairly new to Pine Script and this indicator is excellent as a reference to what I am trying to write at the moment ( overnight range breakout strategy for the European market ).

Do you have a strategy version which places orders at the high and low of the range and enters a trade based on say the range being greater than 15 pips, there is no existing open position for the strategy ( to stop eg the long order being triggered if the short is already in play ) and the market time in Europe is before 13:00 hours ? Any open positions should also be closed at 17:00 hours if profit targets / stops haven't been hit.

Any help on this would be enormously appreciated !

Many thanks.
Reply
Hi Chris, same as TraderAJL, any chance we could get it to plot 10 minute opening range please, perfect for SPX, great if possible, thanks!
Reply
Hi Chris, would you be able to add profit targets 3 & 4 please for x1.5 and x2 open range?

Many thanks
Reply
@ChrisMoody , how could I change the code to display the opening range for the 10 minute chart? Thank you in advance.
+4 Reply
Hi Chris, are you able to put together a quick indicator to plot a horizontal line from the opening price of a set time? Perhaps even to have the option to plot multiple user defined opening prices.

Example here of manually drawn lines

Thanks mate
Reply
ChrisMoody DanLaffas
@DanLaffas, Well...I could...kind of a niche request...do me a favor...I created 2 indicators that plot the High, Low, Open, Close on different time frames the intra day one I believe is _CM_High_Low_Open_Close_Weekly-Intraday if you search for that one. Difference is on this one I let you select actual times it starts plotting. the other one I mentioned since were using the open, I didn't put user inputs to adjust the time...Example...You can pick a Daily, or 1 hour, etc and choose whether it plots today and or plots the previous days HLOC on todays bar.

Let me know if that one will work for you...hopefully it does...if not it's just taking the features from 2 separate codes an combining them isn't that hard...

just let me know...just found the link...

Reply
DanLaffas ChrisMoody
@ChrisMoody, Thanks Chris. I currently use this opening range indicator for trading sessions and it can't do what I'm looking for. The '_CM_High_Low_Open_Close_Weekly-Intraday' on the other hand is very close to what I'm looking for. I've unchecked all the options and just left 'Daily Open' checked in the style tab. All it needs now is to allow the user to input which candle open to use. What do you think?

Reply
DanLaffas DanLaffas
@ChrisMoody Oh and to still plot the line for 24hrs from the chosen candle. Cheers mate.
Reply
DanLaffas ChrisMoody
@ChrisMoody, Here is what I've done so far (by cutting out all the unnecessary options).

//Created By ChrisMoody on 6-14-2014 -- Modified by DanLaffas 11-23-2016
//Updated for Forex and Intraday traders. No plots Current and Previous Sessions Data based on Weekly, Daily, 4 hour, 2 hour, 1 hour OHLC
//Daily Session To be used on IntraDay Charts
study(title="_CM_Candle_Open", shorttitle="_CM_Candle_Open", overlay=true)
st = input(true, title="Show Todays OHLC?")
sy = input(false, title="Show Yesterdays OHLC?")

//Daily
tdo = security(tickerid, 'D', open)
pdo = security(tickerid, 'D', open)

//Daily Plots
offs_daily = 0
plot(st and tdo ? tdo : na, title="Daily Open", style=circles, linewidth=2, color=silver)
plot(sy and pdo ? pdo : na, title="Previous Days Open", style=cross, linewidth=2, color=silver)
Reply
Isaac4gold ChrisMoody
@ChrisMoody, Please can you send me this indicator?
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out