NOTE: These indicators are not sanctioned by Acorn Wealth Corp.
As part of Acorn Wealth Corps' smart money teachings, this indicator tracks the symbol of your choice and displays the status of Open Range. When you are on that symbol, it can also display the success history of Open Range for that symbol. How cool is that?
This indicator is made for US Indexes and defaults to SPX.
There are two open ranges in each month.
1st trading day of the month to the day before expiration Friday
Expiration Friday to the last trading day of the month
The indicator will draw a yellow box on the chart starting on Open Range day.
To set the bias for Open Range the stock must:
Close at least $3 above the high of Open Range day for a bullish bias
The outline of the current Open Range will be colored green
Close at least $3 below the low of Open Range day for a bearish bias
The outline of the current Open Range will be colored red
The expectation for Open Range to be successful is:
Bullish Bias - Close at or above the low of Open Range day
Bearish Bias - Close at or below the high of Open Range day
The indicator will display the history of open ranges. Successful open ranges will be colored in as:
Bullish Bias - Green background
Bearish Bias - Red Background
The top right corner (configurable) of the chart will display the status of the current open range regardless of which symbol you are on.
When you are on the same symbol as the symbol configured in the indicator, you will see a success rate (the chart below shows 83.9%)
See below for the chart or click here for an expanded view.
US Indexes Only
This is because holidays affect the indicator and it will give incorrect results if the holidays are incorrect
Only on symbols that do not operate 24 hours per day
For example, this will not work on the SPX500 symbol but works on the SPX symbol