Opening Candle Breakout
- Indicators
- Version: 1.1
- Activations: 5
The indicator forms a range based on the first 5-minute candle of the New York trading session open (9:30-9:35 New York time). The upper boundary is continued with a blue ray, the lower one with a red ray.
A range breakout by an imbalance is highlighted in yellow and accompanied by an alert.
If, after the imbalance forms, an absorption (engulfing) bar forms in the direction of the breakout, such a bar is highlighted on the chart in Red for SELL and Blue for BUY and is also accompanied by an Alert.
Additionally, there is an experimental inflection pattern (the inflection is formed/checked using 3 Median Price values).
The range time is set according to New York.
The US transition to daylight saving and winter time is taken into account automatically: from the 2nd Sunday of March to the 1st Sunday of November.
IMPORTANT! To correctly determine New York time, it is important to set the server time offset from UTC correctly.
Settings
Range bar start time, New York time (h:mm): start of the 5-minute range bar, New York time, format h:mm.
Server time offset from UTC: server time offset from UTC, selected from the list.
Imbalance breakout condition: imbalance check (Hard - with closing outside the range/Soft - closing inside the range is allowed)
Use Absorb signal (engulfing): enable the absorption signal.
Absorb: bars to wait after imbalance: how many bars after the imbalance to wait for absorption.
Use Pattern signal (inflection): enable the inflection signal.
Pattern: bars to wait after imbalance: how many bars after the imbalance to wait for the inflection.
Days to calculate/draw: how many days to calculate and draw.
Color imbalance bars: color the imbalance candles.
Color Absorb/Pattern signal bars: color the candles of the absorption and inflection signals.
Imbalance bars color: color of the imbalance candles (yellow).
SELL signal bar color: SELL signal color (red).
BUY signal bar color: BUY signal color (blue).
Range rectangle color: color of the range rectangle.
Range High ray color: color of the upper boundary ray (blue).
Range Low ray color: color of the lower boundary ray (red).
Rays width: ray thickness.
Rays length, bars after the range is formed: ray length in bars after the range is formed.
Alert after imbalance bars: alert after imbalance candles.
Alert after signal bars (Absorb/Pattern): alert after signal candles (Absorb/Pattern).
