Hi Gang!
I'm trying to build an opening range indicator that's based on first reversals of initial highs and lows and NOT time-dependent. I don't want to arbitrarily say my opening range is 2 bars or 10 bars, I want it determined by the price action itself.
Example: let's suppose we have 4 bars with the following OHLC values:
100-110-90-95 <-- highest high = 110
95-105-85-90 <-- lowest low set here at 85.
90-100-87-90 <-- we now know that 85 is the lowest low, because this bar has a higher low of 87
90-95-90-100 <-- this bar is immaterial as we've had our first higher low OR our first higher high.
So, I consider my opening range to be 85 - 110.
I'm jet lagged out of my mind or would try to write this myself right now, but instead am going to get some sunshine on my face and think about it. Meanwhile, If someone has this laying around, it would be much appreciated!
Thanks!
(just realized I'd originally posted this in the wrong place - apologies!)
I'm trying to build an opening range indicator that's based on first reversals of initial highs and lows and NOT time-dependent. I don't want to arbitrarily say my opening range is 2 bars or 10 bars, I want it determined by the price action itself.
Example: let's suppose we have 4 bars with the following OHLC values:
100-110-90-95 <-- highest high = 110
95-105-85-90 <-- lowest low set here at 85.
90-100-87-90 <-- we now know that 85 is the lowest low, because this bar has a higher low of 87
90-95-90-100 <-- this bar is immaterial as we've had our first higher low OR our first higher high.
So, I consider my opening range to be 85 - 110.
I'm jet lagged out of my mind or would try to write this myself right now, but instead am going to get some sunshine on my face and think about it. Meanwhile, If someone has this laying around, it would be much appreciated!
Thanks!
(just realized I'd originally posted this in the wrong place - apologies!)
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