Opening Range Legstart Finder

16 saat önce

This multi-faceted indicator uses 4 key time-based price levels to help traders identify when price is likely to revert or reverse. These key times are:

18:00 (Globex open)
00:00 (Midnight open)
9:30 (RTH open)
9:45 (End of first 15 minutes of RTH)

The key concept here is that price is likely to revert back into the current daily range if it is below all 4 of the time-based prices or above all of the time-based prices. When price is between those levels it will often chop around and be harder to navigate.

The first component of this indicator provides traders with a snapshot of price relative to those 4 levels across up to 6 different tradable instruments, indicating which direction price is expected to move for each of those instruments. This way, the trader can see which instruments are expected to potentially reverse and which ones are more likely to chop.

The second component are configurable price windows where the indicator will anticipate reversals in price. By default, the indicator is focused on price reversals that happen at the end or beginning of an hourly candle. As such, the default time windows are the last 15 minutes of one hour and the first 15 minutes of the next (ie. 9:45 to 10:15). The number of hours used is configurable by the user. We are looking to trade OHLC and OLHC of an hourly candle within these windows during which price is expected to reverse or have impulsive moves.

The third component is a structure shift detection mechanism. This mechanism is based on relative pivot strength of recent price action. New legs in price action form by breaking above or below the pivots based on recent price action. By default, the pivots are based on the current timeframe but can be adjusted to watch for price breaks above any timeframe larger than the current chart.

The fourth component of the indicator will is a mechanism to provide targets based on these new price legs. By default, in bullish scenarios, these targets will only be displayed if price is 'below all' of the price levels described above and we form a new price leg up during the specified time windows where we anticipate a reversal. Alternatively, in bearish scenarios, these targets will only be displayed if price is 'above all' of the price levels described above and we form a new price leg down during the specified time windows where we anticipate a reversal.
This default configuration can be changed to show targets regardless of relationship to the price levels above and/or to disregard the time windows configured above.
In all scenarios, targets are based on widely used fibonacci extensions on price leg patterns (ie. 2-2.5 and 4 standard deviations up from a move down).

Finally there is a volatility filter built-in to the indicator to prevent traders from trying to 'catch the falling knife' when price action is strongly moving in one direction and is likely to continue to do so. This filter is a custom implementation of the Ehlers Super PassBand Filter to accommodate for timeframes less than 1 minute.

This indicator is intended to be used on lower timeframes (15 seconds to 2 minutes) as the goal is to catch large reversals with minimal stops. When aligned with higher timeframe trends, the results can be impressive.

15 saat önce

Sürüm Notları

Added filters for bullish bias and bearish bias. Use these when wanted to trade with the larger trend based on your personal preferences.