Automatic Opening Range and Fibonacci Levels for Think or Swim

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:

# Automatic Opening Range and Fibonacci Levels
# By Prospectus @ https://readtheprospectus.wordpress.com
# Inspired by Trader-X @ http://traderx.blogspot.com
#
# This Thinkscript is designed to plot the OR high, low,
# 50% fib retrace, and fib extensions for the current day.
# This will only work correctly on time-based charts,
# where the OR timeframe is divisible by the bar period
# e.g. 30 minute OR, 10 min bars. An extra fib extension
# may be used if desired to create a target zone.
#
def na=double.nan;
#
# Define time that OR begins (in hhmm format,
# 0930 is the default):
#
input ORBegin = 0930;
#
# Define time that OR is finished (in hhmm format,
# 10:00 is the default):
#
input OREnd = 1000;
#
# Input first and second fib extension levels
# (default 1.382, 1.621):
#
Input FibExt1=1.382;
Input FibExt2=1.621;
#
# Show Today only? (Default Yes)
#
input ShowTodayOnly={"No", default "Yes"};
def s=ShowTodayOnly;
#
# Show Second fib extension? (Default No)
#
input ShowFibExt2={default "No", "Yes"};
def sf2=ShowFibExt2;
#
# Create logic for OR definition:
#
Def ORActive = if secondstilltime(OREnd)>0 AND secondsfromtime(ORBegin)>=0 then 1 else 0;
#
# Create logic to paint only current day post-open:
#
def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin)>=0 then 1 else 0;
#
# Track OR High:
#
Rec ORHigh = if ORHigh[1]==0 or ORActive[1]==0 AND ORActive==1 then high else if ORActive AND high>ORHigh[1] then high else ORHigh[1];
#
# Track OR Low:
#
Rec ORLow = if ORLow[1]==0 or ORActive[1]==0 AND ORActive==1 then low else if ORActive AND low<ORLow[1] then low else ORLow[1];
#
# Calculate OR width:
#
Def ORWidth = ORHigh - ORLow;
#
# Calculate fib levels:
#
Def fib_mid = (ORHigh+ORLow)/2;
Def fib_ext_up1 = ORHigh + ORWidth*(FibExt1 - 1);
Def fib_ext_down1 = ORLow - ORWidth*(FibExt1 - 1);
Def fib_ext_up2= ORHigh + ORWidth*(FibExt2 - 1);
Def fib_ext_down2 = ORLow - ORWidth*(FibExt2 - 1);
#
# Define all the plots:
#
Plot ORH=if ORActive OR today<1 then na else ORHigh;
Plot ORL=if ORActive OR today<1 then na else ORLow;
Plot FibMid=if ORActive OR today<1 then na else fib_mid;
Plot FibExtUp1=if ORActive OR today<1 then na else fib_ext_up1;
Plot FibExtDown1=if ORActive OR today<1 then na else fib_ext_down1;
Plot FibExtUp2=if ORActive OR today<1 OR sf2<1 then na else fib_ext_up2;
Plot FibExtDown2=if ORActive OR today<1 OR sf2<1 then na else fib_ext_down2;
#
# Formatting:
#
ORH.setdefaultcolor(color.green);
ORH.setStyle(curve.Long_DASH);
ORH.setlineweight(3);
ORL.setdefaultcolor(color.red);
ORL.setStyle(curve.Long_DASH);
ORL.setlineweight(3);
FibMid.setdefaultcolor(color.gray);
FibMid.setStyle(curve.SHORT_DASH);
FibMid.setlineweight(3);
FibExtUp1.setdefaultcolor(color.green);
FibExtUp1.setStyle(curve.SHORT_DASH);
FibExtUp1.setlineweight(2);
FibExtDown1.setdefaultcolor(color.red);
FibExtDown1.setStyle(curve.SHORT_DASH);
FibExtDown1.setlineweight(2);
FibExtUp2.setdefaultcolor(color.green);
FibExtUp2.setStyle(curve.SHORT_DASH);
FibExtUp2.setlineweight(1);
FibExtDown2.setdefaultcolor(color.red);
FibExtDown2.setStyle(curve.SHORT_DASH);
FibExtDown2.setlineweight(1);

Tags: fibonacci_retracements, opening_range, Thinkscript, trader-x