The Opening Range is the range obtained from the highest and lowest price of a security during the first minutes of daily trading activity. A general introduction to the concept was discussed in our Opening Range Spotlight (with video). You may also register for FREE trial here any time.
Indicator Description
The Opening Range breakout indicator will plot the high low range for a security during the first minutes of the regular session. For example, you may plot the initial 5, 15 or 30 minutes. One may then identify breakout scenarios when prices move above or below the chosen range.
The indicator will also allow you to plot target levels at specific Range Extension Bands. These are based on either the pre-session range, or the specified opening range. Also, the regular open for all major futures contracts are preset in a dedicated database. Therefore, you won’t need custom session templates, provided NinjaTrader’s default <Use Instrument Setting> Trading Hours are used.
Multi Time Frame Feature:
This version is a multi-timeframe (MTF) version of the standard library version. The MTF feature adds a secondary minute bar series to the chart, which calculates the opening range. This is particularly useful for tick, range and volume charts where standard Opening Range Breakout indicators may not display correctly. Problems generally occur with these bar types if the last bar expands beyond the range, closing after the specified opening range period. Because of the MTF feature however, the premium Opening Range breakout indicator will display the correct range for all bar types.
Furthermore, if using minute charts, you will want to use the premium version if the opening period is not an integer multiple of the bar period. For example: If you trade a 3 min chart and use an opening period of 10 minutes, it is not an integer multiple of the bar period.
Other Premium Features:
You may define the opening period directly via indicator dialogue box. In addition, one may plot the regular open together with the initial one (1) minute range after the open. The premium Opening Range Breakout indicator also features a separate version designed to calculate the opening range in seconds.
In addition, you may also display the night session or pre-session range. This is different for each instrument and refers to the electronic session prior to the regular open. By default the indicator pulls the instrument trading times, regular open as well as pre-session times from it’s own databank. This feature applies for the following exchanges: CME, NYMEX, CBOT, EUREX and ICE. You may also use the premium Opening Range with e-micros and cryptocurrencies. Finally, you may add your own trading hours to this database.
Finally, the premium Opening Range Breakout indicator comes with a market analyzer column. Specifically, the Market Analyzer returns information on how far prices have moved outside the range.
The indicator is available for NinjaTrader 8 and additional information on applying it in the Opening Range Breakout Setup is available on our blog.
