The script shows the opening range of the instrument based on different resolutions and timeframes.
Inputs :
1. Resolution
It decides the calculation frequency of the script.
In Auto resolution, Standard values have been used.
2. Timeframe
It decides the timeframe for the OHLC values.
By default, it will use the chart timeframe and so chart OHLC values.
3. Lookback
It decides the no. of ranges shown on the chart.
Middle Line can be hidden from the settings.
The script can be used for any instrument and on any timeframe.
If price is above the opening range or the middle line, a trader should look for long opportunities.
If price is below the opening range or the middle line, a trader should look for short opportunities.
A sideways or choppy move is exoected if Middle line is crossed again and again.
For trading, wait for atleast 1st bar to close. and let the opening range build up first.
Happy Trading