UPDATE 4 May 2009: Modified code so user can specify the open time. This is useful for trading the OR in other markets such as the Globex futures session.
UPDATE 11 Feb 2009: Added second fib extension option per Jim’s comment.
Trader-X has returned to blogging recently (and there was much rejoicing)! He is sharing his new, simplified setups on his blog. I decided to do some Thinkscript code to automate the plotting of the opening range and the Fibonacci retracements and extensions that Trader-X now uses. This is all my own interpretation of what X is doing, so any errors are my own.
I decided that the plot behavior I would want is to plot these lines starting from when the OR is defined, showing nothing at any time earlier than that. This helps to visually cue you to NOT take a trade before the OR is completed! If you want to see the levels for each day, set the input “ShowTodayOnly” to “No”. You also input the time (EST) that the OR begins, and the time the OR is “completed”. If your market opened at 9:30 EST, and you wanted a 30 minute opening range, you would enter “0930″ for ORBegin, and “1000″ for OREnd (and that is the default). A 60 minute OR would be “0930″ and “1030″, respectively. Finally, you can input the fib extension you want plotted as well.
Here is the code: (more…)