Building an Opening Range Indicator with Session Price Levels

Summary

This indicator marks an opening range and extends selected prices as chart segments. It tracks the high and low during a configured morning window, draws a range rectangle, and can show the range boundaries, an opening reference, and the previous session’s closing price. The range boundaries are extended as potential support or resistance levels for part of the trading day.

The script detects bar duration and selects settings for one-, five-, ten-, fifteen-, or thirty-minute charts. Its timing is tied to particular session clock times, including a morning range and a previous close captured at a specified time. It also offers display controls for labels, boundaries, and price references. This is a charting tool rather than a tested trading strategy: the document gives no performance evidence, and its hard-coded session times may need adjustment for the instrument, market hours, and platform conventions.

Key ideas

• The indicator records the high and low over a defined opening range and displays them as a rectangle.
• It extends range boundaries as potential support and resistance levels.
• It can display an opening reference and the prior session’s closing price.
• It detects selected intraday chart intervals and adjusts the range settings accordingly.
• The session times are hard-coded, so the indicator’s timing depends on market and platform settings.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.