Open Range Strategy - Coming Soon

About the indicator

This indicator is made for US Indexes and defaults to SPX.

There are two open ranges in each month.

1. 1st trading day of the month to the day before expiration Friday

2. 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.

Limitations

• 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