Opening Ranges are important to a lot of traders because they often provide an indication of sentiment for the day’s price action. A number of trading systems rely on breakouts or failed breakouts of the extremes of the opening range.
The Price Action Opening Range indicator (indicator name: PAOpeningRange) is able to calculate the Opening Range High and Low for the first 5, 15, 30 or 60 minutes of the trading session.
It also shows the candle sticks for all of the higher time frames selected to point to a possible change of sentiment during the forming of the opening range. Closes from the higher time frame bars can be plotted on the trading chart to spot aggressive trading at these important prices.
