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BT OPENING RANGE INDICATOR - without vertical lines at session changes
It is a limitation of the custom plot of the indicator.
The pre-session high and low is meant to be used as support and resistance during the regular session. Prior to the regular session it is a developing range, which uses a different color. There are only few instruments which start early on Sunday evening, and although it is possible to extend that line, it would cause additional CPU load without any real benefit.
As you said the pre-session high and low are calculated correctly, the developing range is just not displayed during the first 2 hours on Sunday evening.
Following request by a few members here, I have updated the opening range indicator. You can now set the start time of the opening range independent from the session start.
For example you may use an opening period for crude oil starting from 8:00 AM EST, but leave the session begin at 9:00 AM EST. The session break time at 9:00 AM can then be used by other indicators.
Or you can use an ETH template for ES, but calculate the opening range starting from 8:30 AM CT.
With respect to different daylight savings schedules, I have not allowed to enter the market open directly in local time. If you wish that the opening range should start prior to or after the session break you need to enter an offset. For the first subsession of the day only a positive offset is allowed, for the second and third subsession either positive or negative offsets can be entered.
I have also thought about allowing for different offsets depending on the day of the week. You could then use an opening range starting from 9:30 AM EST on Mondays, Tuesdays and Wednesdays, and an opening period starting from 8:30 AM on Thursdays and Fridays. Not yet coded, because I think it is a bit of an exotic idea.
I will put this indicator into the download section of the forum afterwards, but would invite anybody who has the courage to do so to participate in testing it. Please send me a private message, if you want to test.
Thank You @Fat Tails /Henry i've been using the BTopening range with much success! Rjay has been kind enough to update it according to the specs that i was going after.
This is what we did, see if it is the same as your update! Looking forward to start testing yourown update
Let us say you do not want to use segment session templates, but prefer to use standard ETH session templates, which do not divide the day and do not break up any bars.
In that case you can now easily use the opening range indicator, which will align itself to your session, even if you are in a different time zone with different daylight savings rules.
Let us take the case of NQ. The ETH session for NQ starts at 3:30 PM CT and ends at 3:15 PM CT. You want to see the opening range starting from 8:30 AM CT. Now you have two options to get that opening range.
Option 1: First Session + 17:00 hours
You select the first session (which starts at 3:30 PM CT) and you apply a positive offset of 17 hours. This will give you the correct opening range from Tuesday to Friday, but for Monday you would need a positive of 15:30 hours, because that stupid Sunday session starts late. Also the indicator will not display the overnight range, if the opening range is applied to the first session.
Option 2: Second Session - 6:45 hours
The problem can be solved by applying the opening range to the second session and using a negative offset. Now you will tell me that there is no second session. Remember that you use an ETH template. It is absolutely true that there is no second session, but the indicator does not know it, while the first session is still running. So it will apply the negative offset to the session break after session 1 - which actually is the only session on the chart - and display the opening range. In that case, as the opening range is calculated for the second session, the overnight session range will be displayed as well.
Why not ask the user to enter the start time and number of minutes to consider for the O.R. instead of using an offset ? This way you would avoid the stupid Sunday imbroglio.
For example, if i am interested by the opening range that starts at 8:00am EST (my time) then i'd just enter that with the length of time: 8:00 AM, 60 minutes.
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.
Exported using NT Version 7.0.1000.26
The indicator will only run on NT 7.0.1000.5 or later
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmik …
Exported using NT Version 7.0.1000.26
Indicator will only run on NT 7.0.1000.5 or later.
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmiketra …
The main improvement is the offset added to allow for
-> selecting opening periods not aligned to the start of the RTH session
-> displaying RTH opening ranges on charts with an ETH session template
I have had some requests to further enhance the Opening Range Indicator.
After the last change, with which I had introduced an offset for the start time, I have now added an option that the opening range can either be drawn
-> until the end of the current session
-> until the end of the trading day
The new option somehow interfered with the other option to select an offset, and the two options together have sinigificantly increased the complexity of the code. The first version that I had put in the download section had a bug, when an offset was selected.
Hopefully, the latest version will work as expected. I would be happy, if anybody is willing to test the indicator.
Exported using NT Version 7.0.1000.26
The indicator will only run on NT 7.0.1000.5 or later
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmik …
i've been using the BTopening 
