Opening Range Zone [#]

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ETH/RTH Opening Ranges Indicator

A comprehensive opening range indicator designed for both stock and futures traders, tracking Regular Trading Hours (RTH) and Extended Trading Hours (ETH) opening ranges with precision.

Features

RTH Opening Range (9:30-10:00 AM)

• Tracks the first 30 minutes of regular trading hours
  
• Displays customizable number of historical ranges (1-20)
  
• Shows high, low, and center encroachment (midpoint) levels
  
• Fully customizable colors and line styles
  

ETH Opening Range (6:00-6:30 PM)

• Captures the first 30 minutes of evening session for futures
  
• Tracks multiple historical ranges (1-20)
  
• Independent styling from RTH ranges
  
• Essential for futures traders monitoring overnight action
  

Smart Timezone Detection

• Automatic COMEX futures detection (GC, SI, MGC)
  
• Manual timezone offset adjustment for other futures contracts
  
• Seamless stock/futures compatibility
  
• Properly handles session transitions
  

Visual Customization

• Adjustable line widths for ranges and center lines
  
• Color customization for all elements
  
• Date-stamped labels for easy reference
  
• Toggle individual components on/off
  
• Multiple label size options
  

Date Labels
Each range displays clear identification:

• "RTH OR High/Low [Date]"
  
• "ETH OR High/Low [Date]"
  
• "RTH/ETH OR C.E. [Date]" (Center Encroachment)
  

Usage

For Stock Traders:
Focus on RTH opening ranges to identify key support/resistance levels established in the first 30 minutes of trading.

For Futures Traders:
Monitor both RTH and ETH ranges. The evening session (ETH) often sets the tone for the next day's action.

Settings Configuration:

• Enable/disable RTH or ETH ranges as needed
  
• Adjust the number of historical ranges to display
  
• Customize colors to match your chart theme
  
• Toggle center encroachment lines for additional reference points
  
• Show/hide labels and adjust size for clarity
  

Key Concepts

Opening Range (OR): The initial high and low established during the first 30 minutes of a session. Smart Money often uses these levels to engineer liquidity sweeps and establish directional bias. The OR acts as a premium/discount framework for the session.

Center Encroachment (C.E.): The equilibrium point (50% level) between the opening range high and low. This represents fair value within the OR structure. Price returning to C.E. often indicates a rebalancing before the next directional move. Rejection from C.E. can signal strong institutional positioning.

ETH vs RTH Ranges: The Extended Trading Hours (ETH) range captures where smart money positions during the overnight session (6:00-6:30 PM), often revealing true institutional intent. The Regular Trading Hours (RTH) range (9:30-10:00 AM) shows where retail participation enters. Displacement from either range can signal algorithmic delivery.

Timezone Offset: For futures contracts, this adjusts the indicator to properly recognize session times based on your chart's timezone versus the exchange timezone, ensuring accurate capture of true session opens.

Best Practices

• Use multiple timeframes to confirm range breakouts
  
• Watch for price reactions at OR levels throughout the session
  
• Combine with volume analysis for stronger confirmation
  
• Consider the size of the opening range (tight vs. wide) for volatility context
  

Technical Details

• Supports up to 500 lines and labels
  
• Efficient array-based storage for multiple ranges
  
• Real-time updates as new ranges form
  
• Compatible with all timeframes (recommended: 5min or lower for accuracy)
  

This indicator is for educational and informational purposes only. It does not constitute financial advice. Always conduct your own analysis and risk management.

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Informacje o Wersji

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