Session Opening Ranges and Range-Projection Breakout Levels
Summary
The indicator marks opening ranges for the London or US session and projects price levels beyond each range. It measures the high-to-low span of two consecutive opening windows, then plots upper and lower targets at multiples of that span. The first window’s levels extend from the selected range’s high and low; a second set is calculated from the adjacent window. Rectangles show the ranges, while horizontal segments and labels display their boundaries and projected targets.
The chart timeframe can be selected from a fixed set of minute intervals, with timing parameters adjusted for each choice. The tool is intended to help traders watch for early session breakouts and potential target areas. The document provides no performance results, trading rules for entries or exits, or risk controls. Its projections are reference levels, not evidence that price will reach them; the author also warns that unsupported timeframe inputs can cause the indicator to fail.
Key ideas
- The indicator defines opening ranges for either the London or US session.
- It projects targets above and below each range using multiples of the range’s high-to-low distance.
- It displays range boundaries and projected levels as chart rectangles, labels, and horizontal segments.
- Timeframe selection is limited to specified minute intervals, and other inputs may cause the indicator to fail.
- The document gives no backtest, outcome evidence, or complete entry and risk-management rules.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.