Open Range

This is a simple script that will look back a set number of candles at a specified time (example: Ny Open) and find the "High and Low " of the range/ market in the given look back period. It will then draw two lines and the range zone as a box. Breakout traders can use these levels to help find interesting areas for a breakout. Reversal traders can use these levels to help locate false breakouts.

Simple type in your time zone Example: GMT-4
Set the time you want the indicator to draw the start line Example: 8:30am
then set the candle look back Example: 60

Hope this script helps spark some ideas
Happy trading

Release Notes

I modified the script and removed the manual look back variable. It worked well however it didn't add flexibility to the user as it would require the user to update the look back each time they wanted to look at a different timeframe. I initially designed it for use on one timeframe. Not the script will auto adjust for the timeframe change so it will determine the candle lookback over a time range instead of a set candle look back amount much more flexible and consistent. Happy trading.

Release Notes

Update is a response to a user request for a mid point line
The script now has as Line the can be shown or hidden the will mark the center point of the range.
Happy trading

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.

melodicfish

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

melodicfish