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BT OPENING RANGE INDICATOR - without vertical lines at session changes
I have a question: I just downloaded this range band indicator and put it on a chart of the DAX ($DAX-XET with eSignal). It seems to show different ranges depending on which in timeframe I look at the chart.
Please see below one 5 minute chart, one 15 minute and my settings (1hour IB time on both charts).
As you know the DAX as an index does not come with volume as one can not trade it, its volume is expressed by the ticks counted; maybe that makes a difference for the indicator.
Actually I use the DAX chart as I buy CFD`s on it from time to time.
Thanks so much for all that you do, it is really amazing how much you contribute.
I will also try to join your webinar, maybe I will be on holiday then, but if I will, I will look at the recorded webinar. Many thanks again!
The problem here is probably your session template. The opening range indicator requires a session break at the opening of the session. If you use a session template that opens the session at midnight, the indicator concludes that the opening period is over at 1:00 AM. So it only plotted a one bar opening range and then closed the period. I agree that it would be even better, if it plotted nothing at all.
If you want to display the opening range of the cash market, please use session template 1, and set the session number for RTH to Second. The initial balance will include price action between 9:00 AM and 10:00 AM CET.
If you want to display the opening range of the futures market starting with the pre-session at 8:00 AM CET, then you can use session template 1 or session template 2, but should set the session number to First.
Chart attached with initial balance of the cash market. Session templates attached.
I added a session template, 5 times 3 sessions, please see the picture below.
The second pictures shows my default indicator settings which I changed.
The issue I still have is that if I set "session # for RTH" to "second", I do not get any IB range. If I set it to "first", the whole day is marked. So something still doesnt work.
By the way, it wont make be a difference I suppose, I look at the DAX instead of the FDAX ..
The problem is the indicator setting. There is a difference between the opening time (9:00 AM) and the opening period (0:30 hours). A period is an interval from start to end, not a specific time.
The indicator catches the opening time (9:00 AM) from your session template and the opening period (for example 0:30 or 1:00) from your indicator dialoge box.
If you set an opening period of 9 hours, the indicator will indeed think that your opening range ends at 6:00 PM.
Actually, my session template was meant for the FDAX. The DAX index depends on the Xetra segment of the Deutsche Börse, so the simple session template attached is appropriate for the DAX index, and you should set the session number to 1.
I built a new session template and it plots correctly but I get an error printed on the screen "(not enough)historical data to calculate opening range of current session. Please increase chart look back...". I have 10 days loaded.
The indicator also plots the pre-session range. On the first trading day, it will not know whether all necessary data has been loaded correctly and display the message - that is if you shift your chart horizontally to display the very beginning of the lookback period.
But it will plot the opening range and pre-session range on the second day. A lookback period of 2 days is enough to plot today's range.
this is not a big deal. just curious if I did something wrong again.
looking at TF. trading normally starts at 8 o"clock except sunday at 6. the opening range indicator (IB range bands as well) does not start plotting the pre-session high and low till 8 o'clock on sunday. but interestingly the numbers are correct, just doesn't plot it. the pivot indicators are working perfectly, so I believe my session template is correct.
settings are full for pre-session and second for session # for rth
again the numbers are correct and it's really no biggie and thanks again for this very helpful tool.
