European Opening Range Indicator with Session Levels and Prior Closes

Summary

This indicator marks the European pre-opening range on an intraday chart. It draws a rectangle around the range, reports its high, low, and width, and can extend the range boundaries as horizontal segments into the American session. Optional displays show the opening price and prior European and US closes. Controls toggle the information, range box, boundary lines, and open-close levels, while transparency and label spacing can be adjusted.

The code detects chart intervals of 1, 5, 10, 15, or 30 minutes and maps each to a corresponding pre-opening start time, ending the range at 09:00 in the configured time basis. The author says time settings may need adjustment and mentions an occasional “highest” error in the European version, speculating that the data feed may be responsible. The document gives no backtest, entry rules, or evidence that these levels predict price movement; it is a visualization aid whose session settings depend on the asset and feed.

Key ideas

• The indicator marks the European pre-opening high-low range with a chart rectangle.
• It can extend range boundaries and display the opening price and prior European and US closes.
• Its time detection supports 1, 5, 10, 15, and 30-minute charts.
• Session times may need adjustment, and the author reports an occasional range calculation error.
• The indicator visualizes levels but supplies no trade-entry rules or performance evidence.

Tags

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