OPEN-SOURCE SCRIPT
Updated Market Open Range Breakaway v1.2
- Script Name: Market Open Range Breakaway 1.2
This TradingView script, "Market Open Range Breakaway," highlights the market's opening range for a user-selected day of the week. It calculates the high and low prices during a specified period after the market opens, plots these levels, and tracks the opening price. The script dynamically adjusts for time zones and only displays data during market hours on the chosen day, with optional background shading for the defined range period.
Purpose: Identifies and highlights the market's opening range for a selected day of the week.
Features:- Calculates and plots the high, low, and open price during the market's opening range.
- Configurable range duration (e.g., 15, 30, or 60 minutes).
- Automatically adjusts for different time zones.
- Displays levels only during market hours on the target day.
- Optional background shading for the opening range.
- Inputs:
- Target day of the week.
- Opening range duration.
- Use Case: Ideal for traders looking to analyze breakout levels or price movements around the opening range.
- Calculates and plots the high, low, and open price during the market's opening range.
Release Notes
Added an "All Days" option so you can see all days, including active day.Release Notes
Added ability to change the start of the Open Range calculation to run breakaway analysis on NY 2 pm or power hours, for example.Release Notes
This new release is adding fully adjustable entry signals, and exit type- Number of candles close required to be above the breakout zone for entry signal. 0 for immediate signal.
{*}Exit can be defined based on a chosen Rate of Return, or a forced End of Day.
NOTE: This will not trade for you, these are just markers added to the chart when selected conditions are met.
Enjoy!
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.