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BT OPENING RANGE INDICATOR - without vertical lines at session changes
Started:August 26th, 2010 (09:09 AM) by Todd Views / Replies:17,200 / 108
Last Reply:December 7th, 2013 (10:02 PM) Attachments:49

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BT OPENING RANGE INDICATOR - without vertical lines at session changes

Old November 23rd, 2010, 04:59 PM   #31 (permalink)
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Opening Ranges on Tick Based Charts

FT,

Does the opening range indicator work on Tick based charts?

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Old November 23rd, 2010, 06:23 PM   #32 (permalink)
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Trafford View Post
FT,

Does the opening range indicator work on Tick based charts?

Have not tested yet, but it should.

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Old November 24th, 2010, 10:36 AM   #33 (permalink)
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Yes it works great I put two of the same indicator on, one to capture first 30 mins and second to capture completion of IB.

Thanks,

Trafford

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Old November 24th, 2010, 10:55 AM   #34 (permalink)
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Trafford View Post
Yes it works great I put two of the same indicator on, one to capture first 30 mins and second to capture completion of IB.

Thanks,

Trafford

Colors can be changed to make the difference.

You can also save the original indicator under a different name, such as anaInitialBalanceV30. You will then need to replace the string "OR30" with "IB30" within the indicator code to have different enums. You can then replace the text in lines 111-113 to show "IB-High", IB-Low" and "IB-Mid" and afterwards compile. Compiling of the copied indicator will not work, if you do not change the names of the enums.

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Old November 27th, 2010, 12:11 PM   #35 (permalink)
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Fat Tails View Post
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

Does this make sense for you?

Any luck with this? No rush, no rush lol

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Old November 27th, 2010, 01:05 PM   #36 (permalink)
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meyer99 View Post
Any luck with this? No rush, no rush lol

It is on my ever growing to-do-list, as it canc be done with moderate effort.

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Old November 28th, 2010, 01:53 PM   #37 (permalink)
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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.

I have posted it here, as it is a modified version of the SessionVolatilityBands Indicator.

https://www.bigmiketrading.com/elite-group-trading-methods/4287-average-daily-range-adr-8.html#post79311

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Old November 28th, 2010, 02:34 PM   #38 (permalink)
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Fat Tails View Post
Colors can be changed to make the difference.

You can also save the original indicator under a different name, such as anaInitialBalanceV30. You will then need to replace the string "OR30" with "IB30" within the indicator code to have different enums. You can then replace the text in lines 111-113 to show "IB-High", IB-Low" and "IB-Mid" and afterwards compile. Compiling of the copied indicator will not work, if you do not change the names of the enums.


Thanks FT I will give tha a go.

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Old December 16th, 2010, 02:54 PM   #39 (permalink)
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Indicator Update OpeningRange V30

I have updated the opening range indicator.

Following a suggestion by @trendisyourfriend, the indicator will now show all incomplete ranges in gray. Once they are completed they switch to their usual color.

This applies to the opening range between session start and completion, to the night session or pre-session range prior to session start, the Asian range during the Asian session and the European range during the European session.

I would appreciate, if some of you tested the indicator. It works correctly on my machine, but with all the rules for the different timezones, it could well be that the Plot() meethod does something unexpected, if you are sitting in the US or Asia.

https://www.bigmiketrading.com/free_downloads/ninjatrader-7/indicators/620-download.html?view

The charts below show how incomplete and complete ranges now should be drawn. I did not change the version number of the indicator.

Attached Thumbnails
BT OPENING RANGE INDICATOR - without vertical lines at session changes-eurusd-5-min-16_12_2010-asian.jpg   BT OPENING RANGE INDICATOR - without vertical lines at session changes-eurusd-5-min-16_12_2010-european.jpg   BT OPENING RANGE INDICATOR - without vertical lines at session changes-eurusd-5-min-16_12_2010-new-york.jpg  
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Old March 28th, 2011, 08:10 AM   #40 (permalink)
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NinjaTrader Bug Affects Indicator for Small TimeFrames


A short note on the OpeningRange V31 and Initial Balance Range Bands V31 Indicators.

There are several NinjaTrader bugs that affect the indicator and occur, when you use it on volume or tick bars with very small periods. The bugs are the consequence of a strange behavior of NinjaTrader time stamps. More details are here:

https://www.bigmiketrading.com/platforms-indicators/980-truth-ninjatrader-67.html#post109687


The problem will translate to a very narrow opening range, which is calculated from the high and the low of the first bar.

It will only affect the super fast scalpers, which use tick and volume charts with a resolution that allows to complete the first bar of the session prior to the end of the first second of the trading session.

Normal traders are not affected by the bug.

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