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BT OPENING RANGE INDICATOR - without vertical lines at session changes
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BT OPENING RANGE INDICATOR - without vertical lines at session changes

  #101 (permalink)
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Surly View Post
Harry - thanks. To recap from a PM: I'm looking to make the IB rangeband indy work with a custom session template so I can view a bit of the pre-market in soy (ZS) and still have the IB set to 15 minutes starting at 9:30 AM CST.

I've attached the session template settings from the Session Manager (as a screenshot).

Can you tell me how to set up the indy for this?

thanks!

surly

As you use a single session template you would need to use the offset feature to shift the start of the opening period. Chart and screenshot with indicator settings attached.


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  #102 (permalink)
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As you use a single session template you would need to use the offset feature to shift the start of the opening period. Chart and screenshot with indicator settings attached.

Got it - working fine now. I had the "session # for RTH" set to auto - switching it to "first" did the trick. thanks!!

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  #103 (permalink)
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Surly View Post
Got it - working fine now. I had the "session # for RTH" set to auto - switching it to "first" did the trick. thanks!!

The Auto setting requires a session template with several intraday sessions.

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  #104 (permalink)
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BT Opening Range


Fat Tails View Post
Of course you can. It depends on your session template.

(1) With Nymex Energy RTH the session end time is 14:30 ET. If you want to start the opening range at 9:00 AM, you will enter a session length of 5 hours and 30 minutes under Session Length CL and you will set the opening period to 0:30 minutes.

(2) With Nymex Metals/Energy ETH the session end time would be 17:15 ET, so you will enter a session length of 8 hours and 15 minutes under Session Length CL and you will set the opening range to 0:30 minutes.

The screenshot below shows the second example. Opening Range is red, European Range is gray, Pivot Range is blue.


Is there a video on this site which shows a Trade Plan for the BT Opening Range. Also how are European Ranges and Pivot ranges set up?

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  #105 (permalink)
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Is there a video on this site which shows a Trade Plan for the BT Opening Range. Also how are European Ranges and Pivot ranges set up?

This is not the BT Opening Range, but anaOpeningRange, which can be found here:

https://futures.io/download/ninjatrader-7/indicators/620-download.html?view

For a trade plan, see "The Logical Trader" by Mark Fisher. Mark Fisher uses the opening range, breakout levels and stop levels / reverse breakout levels.

To set up the opening range, you need to use a session template that divides the trading day into the night session, the regular session and the evening session, or alternatively set "Session # for RTH" to "First" and select an "Offset" equivalent to the duration of the night session. The European Range can be selected as option under "Pre-Session". The start time and end time of the European Session can be entered in CET (Central European Time). This is to cope with different daylight savings schedules.

The pivot range can be calculated from the full session or regular session via the SessionPivots indicator, which can be found here:

https://futures.io/download/ninjatrader-7/indicators/371-download.html?view

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  #106 (permalink)
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Update OpeningRange and IBRangeBands indicators

There was a rare bug in the indicators that occured when

- when the indicators were set to COBC = false (which is not necessary, as it only increases CPU load)
- when they were used on smaller timeframe charts built from ticks
- when they were used with an offset relative to the session start

I think that I have removed the bug with the modifications that I made today. Feedback welcome.

Attached Files
Register to download File Type: zip IBRangeBandsV39.zip (9.7 KB, 106 views)
Register to download File Type: zip OpeningRangeV39.zip (8.8 KB, 135 views)
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Update IBRangeBands V40

Have added a drop down property to the Initial Balance Range Bands Indicator.

The latest versions of the Opening Range indicator and the Initial Balance Range Bands indicator are available here:

https://futures.io/download/ninjatrader-7/indicators/620-download.html?view
https://futures.io/download/ninjatrader-7/indicators/851-download.html?view

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Fat Tails View Post
Depends on the Time Zone of the Exchange

Your suggestion has a short coming. It only works, if the exchange is located in your time zone. If it is not, for example

-> you are trading the FDAX from the US
-> a European trader trades any CME or Nymex instrument

then you would need to change the setting between summer and winter time, which makes impossible coherent charts and backtesting.

The solution adapted auto-adjusts to different daylight savings rules. The indicator uses the session template as defined in the local time of the exchange.

I have only added the offset for two reasons.

-> some users do not wish to use a segmented session template for various reasons, but prefer an ETH chart with a single session
-> some very clever users think that the opening range should not start with the open

In all cases it is best to align the opening range to the end of the session by a negative offset.


No Problems during Halloween

When the US switches belatedly to winter time in order to take away an hour of darkness from Halloween criminals, it now does not adversely affect my trading.

You think of everything, Harry!

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