Once you have your indie installed and added to your chart, you are likely going to want to customise it with your own settings. This section covers the most common settings and an explanation of each one.
Many of the settings will be self-explanatory, but this is an attempt to explain in a little more detail about some of the common ones.
|ORstarts||This is the time to START the recording of the opening range. |
This is a whole number, indicating the hours, minutes, and seconds of the 24hr clock. Set this using your own local time frame per the time on the bottom of your chart scale. For 9am, use 09, for 1pm, use 13, etc. The leading zero at the start of the number may be removed. This is OK.
Here are some example times
9am = 090000 (so, hhmmss)
10am = 100000
2:30pm = 143000
2:30 pm and 30 seconds = 143030
|OREnds||As above. the time period to STOP recording the opening range.|
|Duration (in seconds – Optional)||This setting allows you to omit the above OREnds parameter and simply specify the length of the OR in seconds. The OR will stop recording when the ORstarts + Duration is reached. There is no need to use both OREnds and duration. Duration at zero will be ignored.|
The primary reason for this setting is to cover scenarios where the end time is less than the start time, for example, overnight ranges, which might start at the close, and close at the open the next day. As the ORends time must always be greater than the ORstarts time, this parameter exists to allow for these types of scenarios.
|Extension 1 %||This option, if set, will plot a line at x percent above and below the opening range. For example, if you specify 0.5, a line will be added at the opening range high and low +/- 50% of the opening range. etc. You can specify up to 3 extensions. Common values you might want to explore are 0.5, 1, 1.5|
OHLC – Prior session
|Show range noise H/L||This is a range projection that is not common, but which I have found most useful. It is best explained at the limit to the range where the market is considered to be ‘making noise’. I.e., this is the boundary at which the market may be considered ranging.|
Through observation, you will see the market often tests to this range, then reverses. If it is broken, the market frequently retests it. I suggest if you add this to your chart, you observe the action around it for your instrument and see if it has value for you.
There is nothing else to configure with this setting. The formula is fixed, but dependent on several days of data to formulate its levels. I would suggest a minimum of 7 days of chart data. For this reason, you might want to plot this on a longer-term, rather than a very short-term entry chart, for example.
Some common opening range terms
|High (OR high)||The highest traded price during the opening range period.|
|Low (OR Low)||The lowest traded price during the opening range period.|
|Mid (OR mid)||The mid point between the OR high and the OR low. This is a common retracement level.|