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BT OPENING RANGE INDICATOR - without vertical lines at session changes
Fat tails,
Thank you for this great indicator.
You mentioned " enter a session length of 5 hours and 30 minutes under Session Length CL "
Is that in the indicator settings tab or under Tools/Session Manager?
Can you show an example?
Can you help answer these questions from other members on NexusFi?
The posts above refer to an old version of the indicator, which was designed to work on a session template with one single session per day. So it counted the open back from the session end via the session length. This somewhat complicated concept was designed to comply with different daylight savings time schedules.
The current version OpeningRangeV29 follows a different path. You need to set the session for the opening range first.
Example: You want to display the 30 min opening range for ES (9:30 to 10:00 EST). First create an appropriate session template
Sunday 5:00 PM - Monday 8:30 AM CT (Central Time for CME)
Monday 8:30 AM - Monday 3:15 PM CT
Monday 3:30 PM - Tuesday 8:30 AM
Tuesday 8:30 AM - Tuesday 3:15 PM
etc.
You now have a session template that features two intraday sessions. Now apply the opening range indicator and select the Second session via indicator dialogue, and the opening range will display starting from 8:30 CT. No need to enter the session start time or session length, just enter the length of the opening period. The default value is 30 minutes.
Further the indicator can also display the night session range, the range of the European Session or the range of the Asian session (one of them at choice). For the European and the Asian session you need to enter the session start and end times using CET (Central European Time = GMT +1) and TST (Tokyo Standard Time).
In between I have coded a new version of the OpeningRange, which I attach below. It has too further features
- plots the opening range in gray while it is incomplete, then upon completion changes the color
- has a Hybrid setting to select the session number
You do not need to use the Hybrid setting. I have created it for my own convenience and it will probably confuse everybody else. Let me try to explain what it does: For all stock index, interest rate and commodity futures I use templates where the main (regular trading hours) session is the second session, as for the example above. However for FOREX and currency futures I use templates with three sessions: the Asian, the European and the US session. So for these I want to display the opening range for the third session. The Hybrid setting automatically uses the third session for FOREX and currency futures and the second session for all other instruments to display the opening range. So if I trade during US hours and toggle between ES and 6E, I just set my indicators to Hybrid and do not need to change the settings of the indicator.
You can ignore the Hybrid setting, if you do not need it, it does not do any harm. Anyhow, indicator is attached below, so you can try how it works.
For CL (9 am/2:30 pm EST and 2:30pm to 9 am) to draw the correct H/L of the European session I set Europe begin at 9 CET and Europe End at 15:30 CET. Is working visually but is that the right thing to do? I am on EST.
Certainly not right. The RTH session for CL starts at 9:00 AM EST which is 15:00 CET *). The European session should end prior to the start of the US RTH session.
I set the European Session end to 13:00 CET. This is the noon break. After this time CL is more influenced by upcoming US news, so I do not consider this as European session. Up to you to define your session end, but 15:30 does not make sense.
*) Due to different DST schedules there are a few weeks in March and November, when the US RTH session starts at 14:00 CET.
I am sorry. I do not have any opening range indicator available for NT 6.5.
The opening range indicator plots the opening range for a session that is defined via the session manager. NT 6.5. does not have a session manager and the session cannot be defined via chart properties. So the whole logic cannot be applied.
I could theoretically transform an old version of the indicator to work with NT 6.5., but NT 6.5. is a dying species, and I do not use it anymore.
Fat Tails,
Could you convert this indicator to work with sessions (similar to the opening range v30 you posted above). I would like to use it on a 24 hours chart, and have the indicator calculate and draw the lines based on the session I select.
Thank you.
Darwin was only partly right. He suggested that evolution takes place via small changes and selection. NinjaTrader is an example for too many small changes and it is not sure that it will be selected.
Darwin however missed out on the big changes. There is no equilibrium, but a punctuated equilibrium. From time to time 90% of the species suffered sudden extinction, I guess we are just watching one of these cases now. Humans are a product of evolution, so the current example clearly is an endogenous crisis, not created by any external causes, but by human irrationality. So it is quite similar to NinjaTrader.
NinjaTrader is actually a good example for Darwin's theories. It is sort of a flying fish that either swallows water or hits the trees when flying.
