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.
Indicator will only run on NT 7.0.1000.5 or later.
The indicator displays the current open, the initial balance (IB) and upper and lower range bands that are calculated by adding and subtracting fractions of the initial balance to the IB high and IB low. This version is a multi-timeframe (MTF) version of the standard Initial Balance Range Bands V42 indicator. The indicator adds a second minute bar series to the chart, which is used to calculate the initial balance. It has the following advantages over the standard version:
For tick, range and volume charts: The standard indicator may not display the initial balance correctly, if the last bar expands the initial balance and closes after the opening period. The MTF version of the indicator will display the initial balance 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 session template. 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 length of the period for establishing the initial balance can be selected via indicator dialogue box. The default setting is 60 minutes.
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.
Multipliers for range bands: The multipliers for the upper and lower range bands can also be changed. The default settings for the bands are 0.5, 1 and 2, meaning that the first upper band is built from the IB high by adding half of the IB range, and similar for the other bands.
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: The indicator also has an option to display the full night session, European or Asian session range. This feature is not used with the default settings. I did not add it on purpose, it was already part of the opening range indicator, and it was easier to leave it than to remove it.
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.
For true Point and figure charting and analysis NT 7 does not work because of a issue with drawing new bars on sessions. What I did is tweak the existing PointAndFigure chart code and replaced some logic so that it will no longer plot a new bar on session breaks (Sessions still exist).
What this means; longer term PnF charts are not only possible, but with my PnF suite might just be the best PnF setup out there. I will let you make your own decision on that opinion.
After downloading the code it must be copied to folder:
\My Documents\Ninja Trader 7\bin\Custom\Type
and because it is provided as a .cs file it must be compiled (by compiling any other indicator). Once compiled Ninja Trader must be closed and reopened before the new chart type, named “SodyPointAndFigure” will replace the old PnF.
February 27th, 2015
Size: 4.90 KB
Downloaded: 181 times
1617
SodyTexas
Hey Elite,
Following up my last indicator, QuantumMechanicsSMA, I wanted to show how easy it it is to change the indicator from a SMA to a CMO. This version looks at the CMO probabilities.
February 25th, 2015
Size: 8.63 KB
Downloaded: 297 times
1616
SodyTexas
Hey Elite,
Here is a indicator that uses probability and hypothesis testing to define if a indicator contains predictability. For example what is the mean and probability of a SMA cross four bars after the cross?
The code is built for SMA Cross Up or Down, but with a little tweaking can be applied to any trading rules. Tell me do you know the predictability of the indicators that you use trading?
February 24th, 2015
Size: 6.92 KB
Downloaded: 318 times
1615
SodyTexas
I'm not a developer, but I thought other Big Mike members who would be looking in this section would like to know about a cool NT7 indicator that places upcoming news from Forex Factory on a chart. This free indicator is offered by Day Trade To Win, who I have no allegiance to. So, free and useful.
February 18th, 2015
Size: 44.17 KB
Downloaded: 364 times
1614
DJTrader
Exported using NT Version 7.0.1000.26
This is a simple version of the Better Volume Indicator from https://www.emini-watch.com/. It is not based on the later versions but the original version and identifies the following events
Breakout or Climax Bars: A breakout or climax bar is a bar with the highest value for the product of volume and range within the lookback period.
Churn Bars: A churn bar is a bar with the highest value for the volume per range within the lookback period.
Climax Churn Bars: A climax churn bar is a high volume bar that qualifies as both climax and churn bar.
Low Volume Bars: A low volume bar is a bar that has the lowest volume within the lookback period.
The indicator uses two lookback periods. The larger lookback period identifies stronger climax and churn bars, the smaller lookback period points to weaker climax and churn bars and is used to identify low volume bars.
Sound Files: The sound files are user selectable. You first need to copy your sound files to the directory C:\Program Files\Ninjatrader 7 \sounds. You can then select these files via the indicator dialogue box. Make sure that your sound files are compatible with NinjaTrader. NinjaTrader 7 does not support wav\MPEG, you need to convert it to wav\PCM first with an audio recorder.
Version 1.1, April 22, 2011: Bug fixed, low volume bars were not shown correctly.
Version 1.2, January 22, 2012: Paint bar option added. Overlay version showing paint bars only is included. Values for different bar types are exposed as IntSeries
Version 1.3, September 27, 2012: Code efficiency improved, following suggestions by @Zondor.
Version 1.4. December 28, 2012: Bug removed, sound alert for low volume alert was triggered for all bars with setting COBC = false.
Version 1.5. February 10, 2015: Bug removed, paintbar opacity was not applied for low volume upclose bars with setting COBC = false.
This version fixes the original problem where the chart shifts as a user tries to drag or stretch a drawing object. It also uses a different method to enable his AutoScroll feature. This version uses a Middle Button click on the price scale to enable it.
I truly cannot imagine living without this indicator.
TIP: Put this on your 'Default' template. It will appear on every new chart !
UPDATE Feb 8 2015
Previous version would shift the chart when using the Magnifying Glass.
Sorry.
April 5th, 2022 07:28 AM ScootersRoofing Can this indi plot the 30 sec OR - I have this setup on SC without issue and I'm looking to move to NT
June 18th, 2017 09:34 AM kiro Thanks Harry,
as always top performance!
March 15th, 2017 12:55 AM Vedant Sincerely appreciate your generous work...
March 7th, 2017 08:30 PM romus Many thanks
June 1st, 2016 09:40 PM 1973Hog Thanks for the Indicator. However, try as I might, I cannot figure out how to make the Opening Range start at 09:30 ET.
I tried using the Offset as you suggested, but the OR disappears with anything other than + 00:00. I am sure it is somet
hing I am doing wrong but I cannot figure it out. Your help would be most gratefully appreciated.