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Opening Range V42 MTF
Exported using NT Version 7.0.1000.26
Indicator will only run on NT 7.0.1000.5 or later
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 OpeningRange V42 indicator. The indicator adds a secondary minute bar series to the chart, which is used to calculate the opening range. It has the following advantages over the standard version:
For tick, range and volume charts
: The standard indicator may not display the opening range correctly, if the last bar expands the opening range and closes after the opening period. The MTF version of the indicator will display the opening range correctly, even if the primary bar series does not contain the necessary information for its calculation. An example is shown on the chart attached.
Use with minute charts:
You want to use this indicator with minute charts, if the opening period is not an integer multiple of the bar period. Example: You trade 7 min charts and your opening period is 30 minutes.
You can only use this indicator with an appropriate session template. The opening time will align itself to the start time of the RTH session, as specified via indicator settings. The hybrid setting assumes that you want to use the 3rd intraday session as RTH session for FOREX and currency futures and the second session for all other instruments.
Example ES: Select a session template with the following sessions: Session 1 (night session) 15:30 - 8:30 Central Time, Session 2 (RTH) 8:30 - 15:15 Central Time. Select second session for opening range.
Select length of opening period
: The opening period can be selected via indicator dialogue box.
Select Offset
: With an offset of 00:00, the indicator aligns to the start of the selected session. If you enter a positive value for the offset, the opening range will be shifted forward from the session start. For example if you open a chart for ES with the session template US CME Index Futures, then the session (and the trading day) starts at 5:00 PM Central Time. To display an opening range for the regular session, you need to enter an offset of 15:30, because the regular session starts 15 hours and 30 minutes after the start of the trading day.
Display regular open or one-minute-range
: The indicator allows to either display the regular open or the range of the first minute of trading after the start time selected for the opening range.
Developing range
: Prior to the completion of the opening range, the indicator plots the developing range in gray to show that the range is still incomplete.
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.
European Session Range
: You can select start and end time of the European Session in CET (Central European Time). The European Session is pre-configured for the time between 8:00 AM and 1:00 PM CET.
Asian Session Range
: You can select start and end time of the Asian Session in TST (Tokyo Standard Time). The Asian Session is pre-configured for the time between 9:00 AM and 3:00 PM TST.
Update July 25, 2011: Serialization of the plots and indicator dialogue box changed.
Update December 8, 2013: Indicator entirely recoded. Offset added, opening period no longer needs to be aligned to the session start. Drop down property added for time zones. Custom plot added.
Update March 15, 2015: Regular open and minute range were drawn back to start of trading day on tick charts. Bug removed.
Category
NinjaTrader 7 Indicators
Details:
Opening Range V42 MTF
Category:
NinjaTrader 7 Indicators
March 15th, 2015
Size: 12.12 KB
Downloaded: 3859 times
Keywords:
asiansession
globexsession
mtf
openingrange
europeansession
initialbalance
opening
937
Fat Tails
Comments/ratings
djkiwi
August 3rd, 2011 01:19 AM
Incredible display of generosity and talent....
learning0101
September 5th, 2011 09:14 AM
No Comment
MoCityTx
May 19th, 2013 02:56 PM
Thanks
Bobi
June 9th, 2013 12:13 PM
Thank you.
protrader77
November 13th, 2013 05:16 PM
Perfect. Thank you very much.
TangoCharlie
April 9th, 2014 01:09 AM
Thanks. I've been reading Logical Trader and will use this to study the method.
xplexis
September 9th, 2014 10:17 AM
kburks
November 21st, 2014 11:47 AM
Thank u so much your indicators are top notch-great, THANK YOU..
fido
December 24th, 2014 12:58 AM
Thank you
TraderTS
January 1st, 2015 09:02 AM
Great job... Thanks a million!
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All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.