First-Hour High-Low Bands

Article ProRealCode

Summary

This intraday indicator sets upper and lower reference lines from the session’s first-hour extremes. After the first hour, it adds a historical average distance from the daily open to the first-hour high to the current first-hour high; it subtracts the corresponding average distance to the first-hour low from the current first-hour low. The described lookback is 20 days, and the bands become available after the first hour ends.

The approach gives traders a way to compare early-session extremes with typical opening-hour movement, potentially framing later price action against a recent range. The document supplies an indicator formula but no trading rules, performance evidence, or asset-specific guidance. Its calculation depends on intraday bar timing and a fixed session schedule, so the results may need adaptation for instruments with different market hours or data conventions.

Key ideas

The indicator tracks the highest and lowest prices during the first hour of a session.
It expands the first-hour extremes by historical average distances from the daily open.
The stated lookback period is 20 days, and the lines are shown after the first hour.
The bands provide context for later intraday prices but do not define a complete strategy.
Session hours and intraday bar construction affect how the calculation applies to other markets.

First-Hour High-Low Bands Adjusted by Historical Opening Ranges

Summary

Key ideas

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