Moreover the newly-updated opening range indicator will also plot targets above and below the range, at any custom multiple of the opening range size … for instance, 1.5x, 2.0x the range, etc. All the plot colors including the cloud can be customized to whatever colors you want them to be. You can set it to show only today’s levels, or levels for every day you have loaded on your chart. This Thinkscript will optionally allow you to plot a cloud between the high and low of the forming initial balance, to highlight it on the chart more clearly and to signal that the range is still forming. This indicator will also optionally plot the midpoint (50%) and quarters (25% and 75%) between the Opening Range high and the Opening Range low. However, you can optionally change the Opening Range start and end times and shorten the Opening Range to any time period you want – 120 minutes, 60 minutes, 30 minutes, 15 minutes, 10 minutes, 5 minutes, etc. The Initial Balance levels are usually considered to be the high-low range of the first 30-60 minutes of the trading day, and by default this indicator comes set to 30. This new Thinkscript study automatically plots the Opening Range breakout levels, sometimes called the Initial Balance, on your chart each morning in ThinkOrSwim. **** NEW VERSION 2.3 2.5 INCLUDES TRADE SIGNALS, TARGETS, LABELS, AND ALERTS! **** High Probability ETF Trading – FULL PACK OF 7 STRATEGIES!ĭescription Opening Range Breakout Indicator for Thinkorswim.Short Term Trading Strategies That Work – FULL PACK OF 7 STRATEGIES!.Pre-Market High Low Range Breakout Scan.Thinkorswim Bid-Ask Spread Lines Indicator.Tools for the Independent Trader + Digital Nomad.

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