Description:
This indicator compares the high and low range of today’s opening candle. It provides insights into the extent of price movement within a single trading day relative to the first candle. A wider range compared may indicate increased volatility or momentum, while a narrower range could suggest a consolidation or indecision in the market. Traders often use this indicator to gauge the intraday market sentiment and potential trading opportunities based on breakout or reversal patterns. This is best if used within scripting in features such as the Market Scanner or Strategy Tester.
Input Parameters:
n/a
Use Case:
- Breakout Trading: Identify bullish or bearish breakout opportunities by observing if the price breaks above the upper end or below the lower end of the opening range.
- Range-Bound Trading: Take advantage of short-term price fluctuations within the opening range by buying near the lower end and selling near the upper end in sideways markets.
- Volatility Assessment: Gauge market volatility by comparing the width of the opening range to historical levels, adjusting trading strategies and risk management accordingly.
This feature can be used in:
- Market Scanner
- Strategy Tester
- Dynamic Alerts
- Multi-Factor Alerts
- Smart Checklist
May 15, 2024