The ORTool draws the Opening Range (OR) and the outer lines on your chart at a specified time of day.
The OR in ORTool stands for Opening Range. The Opening Range is the high and low created during the opening period of the market. This opening period could be 1, 15, 30 minutes or any other time frame. The start and end time that you use for the opening range depends on the market and the strategy that you are trading. You may also be watching multiple opening ranges where you watch the opening range from say 09:30 to 09:31 and 09:30 to 09:45.
The default implementation of the ORTool draws lines at the OR high and low and 1 point above and below these values. The default implementation uses 09:30 and 09:31 as start and end times.
The ORTool can be configured to plot the OR between any 2 times and so should be usable on any instrument/market. The ORTool can be loaded onto a chart multiple times which allows you to display multiple OR's for any breakout or rotation strategy that you may be trading.
To change the parameters on the ORTool:
- Right click on an advanced chart that has the ORTool loaded.
- Select Edit Studies... from the menu.
- In the top left corner of the Study Properties dialog select the ORTool Study.
- Now change the parameters you want to change. Below is a list of the parameters and what they do.
|Use Special Formatting||(Default false) Set this to true to have the values displayed in the native formatting for that symbol. This is mostly used for bonds which traders wish to see formatted in 32nds instead of decimal.|
(Default: Absolute). When Absolute is selected then
the outer lines that are drawn are calculated by adding and subtracting the
OuterValue to/from the high and low or the OR. If Multiple is
selected then the outer lines are calculated by multiplying the OR by the
OuterValue and adding and subtracting this value to/from the OR.
The ORType that you select will also change the name of this study in the chart. It will be called Absolute OR or Multiple OR to help you identify what style of OR you are watching.
|OuterValue||The value to add/subtract to/from the OR high/low. The value to multiply against the OR if Multiple is selected in the ORType parameter.|
|StartTime||(Default 09:30)Start time of OR.|
|EndTime||(Default 09:31) End time of OR.|
|NumOuterLines||(Default 1) Set to any number greater than or equal to 1. Will draw more lines in multiples which are the same distance from the OR high/low as the first outer lines are.|
|Color OR||Color of the OR lines.|
|Thickness OR||Thickness of the OR lines.|
|Style OR||Style of the OR lines.|
|Color Outer||Color of the outer lines.|
|Thickness Outer||Thickness of the outer lines.|
|Style Outer||Style of the outer lines.|
(Default true) Set this to false if you don't
want the line labels to appear to the right of the chart. (You need to drag
the chart to the left to see the labels as they will normally be hidden.)
See Cursor Labels for an explanation on the naming convention of the labels.
|Decimal Points||(Default 2) Number of decimal points to use to format the calculated values if Special Formatting is not used.|
Cursor Window and Labels
The ORTool values have labels which appear in both the Cursor Window and optionally to the right of the chart.
The labels have a prefix of either AOR- or MOR-. AOR- stands for
Absolute Opening Range and MOR for Multiple Opening Range. This allows you to load the
ORTool twice or more times onto one chart and
configure each one differently and still be able to distinguish between the
lines that you see. Appended to the prefix will be labels such as:
ORH - Opening Range High
ORL - Opening Range Low
UOOR1 - Upper Outside Opening Range 1, 2, 3 etc.
LOOR1 - Lower Outside Opening Range 1, 2, 3 etc.
You will also notice that the name of the study changes when you change the ORType. The study names will be either Absolute OR or Multiple OR.
If you can't work out a label then just ask in the forum and someone will let you know.
- Can be used in any time zone by changing the start and end times.
- OR period can be adjusted by changing the start and end times.
- Works on any time frame.
- Works on tick and volume based charts as well.
Tips on using the ORTool
- The ORTool will not show any lines until the time equals or passes the End time.
- Start the ORTool (open the chart with the ORTool) before the Start Time if you want to calculate an OR over a timer period which doesn't match the time period of the bars that you are plotting.
Other indicators in this Pack/Series: