Opening/Closing Range [Pro] (jdam18)

Apr 26

Indicator Summary
The Opening/Closing Range indicator systematically captures and displays the Opening Range (OR) (9:30am ET) and Closing Range (CR) (3:50pm ET) for each trading session with flexible historical tracking and visual customization options.

Key functionalities include:

• Opening and Closing Ranges: Dynamically plots the OR and CR session boxes with options for high/low lines, midline (equilibrium) plotting, and customizable extension to the current bar.
  
  
• Extensions: Automatically generates extension levels above and below the range based on user-defined multipliers, facilitating clearer identification of price expansion levels.
  
  
• Merging Logic: Optionally merges overlapping OR and CR ranges into unified boxes, enhancing clarity when sessions overlap significantly. Merged boxes may display a consolidated central line (CE) and visual extensions.
  
  
• Event Horizons: Detects and highlights meaningful price gaps ("Event Horizons") between non-overlapping ranges, with optional subdivision into quarters and eighths for detailed gap structure analysis.
  
  
• Weekly Extensions: Independently tracks Monday and Wednesday Opening and Closing Ranges, projecting expansion levels for the week.
  
  
• Weekly Extension Table: Provides an optional summary table displaying the status of Monday and Wednesday extensions, range size, and the current location of price relative to key extension thresholds. Table positioning is customizable.
  
  
• The script is designed to be performance-conscious, modular, and highly configurable, supporting intraday timeframes up to 15 minutes, and providing comprehensive visualizations to aid in market structure analysis and trading decisions.
  

Apr 30

Release Notes

Wednesday Alternative Extensions provide a post-market analysis tool that measures potential price expansion from the Wednesday Opening Range (OR) using observed highs and lows from subsequent OR or Closing Range (CR) structures. After 4:00pm ET on Wednesday, the script identifies the next higher high and next lower low from visible OR/CR boxes and projects extension zones upward and downward, respectively. These zones are annotated with standardized multiplier levels and tracked in a summary table, offering traders a structured view of price deviation beyond Wednesday’s session range.

May 1

Release Notes

Fixed bug in table for calculating Standard Deviations.

May 8

Release Notes

Small fix to retracement levels in table.

May 12

Release Notes

Small bug with turning off table fixed.

May 14

Release Notes

Added Tuesday Extension Range Calculation
The Tuesday extension calculates a price range based on the relationship between Monday's trading range and the next higher/lower ranges found on the chart.

If both up and down extensions exist, use whichever is smaller
If only one exists (up or down), use that one
If no extensions exist, default to using Monday's range

May 15

Release Notes

Minor Adjustment to Alternative Extensions.

Jun 16

Release Notes

Added date labels to ranges.

Jul 12

Release Notes

Fixed bugs associated with only showing OR or CR and extensions.

Jul 12

Release Notes

Another bug fixed for the Alternative Extension display with only OR or CR.