This indicator uses the concept of the "Opening Range" to create a Fibonacci zone from the high and low set during a specific time period after open (Defaults to 9:30 - 10:05 AM, EST)
The Opening Range is a popular tool for intraday technical analysis. Price frequently uses these levels as support/resistance, and a breakout from within the range can be a sign of further movement.
The Fibonacci levels are set such that the opening range high/low fall on the +/-0.5 fib. This creates an "extended range" outside of the opening range that may be useful during breakouts.
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Reordered plot drawing and increased the default size of the opening range high/low circles to improve readability.
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Added a "Fibonacci Scale" input option to improve customization. Default value of 1.0 matches the current settings.
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Added an optional "Afternoon Range" option. When on, this sets a new range based on the high/low set during the period of 1:30pm to 2:05pm EST (or custom time period).
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Added a "Plot For Today Only" toggle that hides ranges on previous days on intraday charts.
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Added a timezone selection to input options to make customizing for different markets easier.
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Added a toggle to display price labels for each Fibonacci level - "Show Price Labels" at the bottom of the input settings.
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Updated the default time periods for calculating ranges.
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Fixed problem where price labels wouldn't advance with new bars.
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Added the option to base the opening range plots on 1 minute candles regardless of chart resolution. Useful for short periods, such as the opening minute.
Fixed bug where toggling fib levels off still showed the fill.
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Fixed bug with Zone Fill setting not working properly.
Added 'Show Fib Value Labels" option. This and Show Price Labels can be used independently or together.
Hi bro., this is chethan, and i would like to ask you one question regarding your ORB Script., hope you respond soon how can i change your script; time zone from American/New-york TO Indian standard time (IST)., kindly do something.,
colejustice
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Hi @Chethan_haliyur, I just updated the indicator with a timezone selection option that should make it easier to customize to whatever market you wish without having to do any conversions yourself. I hope that helps!
Hi...nice script..how to set opening range FIBONACCI in stock market in in india gmt... Dosen't see anything on chart..
colejustice
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@vinikumar72, currently the time is set based on EST (-5 GMT) so you'd need to do a conversion to your local timezone, which if you're in IST is 7:00 PM to 7:35 PM (to match the default values).
Great ideas using Fibonacci to Opening Range Strategy. Most People now didnt aware the Classic use of Opening Range as a Base for Daytrading are still quite Powerful and Effective till today.
wiseamo
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Thank you so much, the show today only is not working, it is showing all the previous days too.
codename_trading
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Is it possible to do True Open range, and things like quarterly range, weekly range, et? Weekly would be like monday is opening range for the rest of the week?
how can i change your script; time zone from American/New-york TO Indian standard time (IST)., kindly do something.,