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BT OPENING RANGE INDICATOR - without vertical lines at session changes
I do not have a chart to show but its only two horizontal lines.
Basically the indicator looks at a) the difference between the HH less the open and b) the open less the LL for the RTH for a certain day. Then picks the lower of a or b for that day (Z).
Then add the Z's of the past x days and divide by x (averZ).
The next day at the open it will draw two lines 1) at the open + averZ, and 2) the open - averZ. The lines cover only RTH.
That would be sort of a minimum price target for the day. You could display this in a similar fashion as the SessionVolatility Bands. Calculate averageZ for two periods, for example 3 and 10 days. You can then plot a band above and below the open for the RTH session.
The SessionVolatilityBands indicator already has an ETH and RTH option, uses the session logic and calculates averages of the daily range, so it should not be too diiffcult to modify the calculation
- take the minimum Min(high - open, open - low) instead of the daily range, then apply the average calculatation
- add/subtract this to the open value instead adding to low and subtracting from high
Yes it makes sense. Will the user be able to set the number of days for the average calculations or it will be hard coded? I need the number to be a variable to be input by user. Can this be done?
Thank you again.
Am I correct that V30 Opening Range indicator only colours the opening session high and low bands until the session opening time is complete and not the range between the bands.
The indicator colors the high, low and midline of the developping opening range in gray until it is complete. Once the opening period is completed it will switch to Goldenrod. The colors can be changed by the user. For example you can set the incomplete opening range to transparent. In this case the opening range will only be displayed after completion.
The indicator does not fill the range between the bands with a colour.
