Opening range indicator

Check out one of our founders explaining this report in the video below:

This report compares the correlation between the market's volatility in the first 15min after the open, known as the opening range, and the rest of the trading day's behavior. It takes the high and low of the opening range, to see if it can predict the day's overall trading range and volatility. If the correlation is high, the opening range is a strong predictor — if it's low, means they're not as strongly related so the opening range doesn't impact the rest of the day as much.

Using the gear icon can you change the size of the opening range as shown below:

Now lets view a live chart so you can understand what two ranges we are comparing

As you can see above we are comparing the size of the NY opening range with the size of the rest of the NY range. This will vary depending on the session and opening range size you choose.

HOW DO I USE THIS IN MY TRADING ? This provides you with insights into how the early market movements could influence trading decisions and risk management for the day. Understanding this correlation can help in developing strategies that capitalize on the initial volatility to forecast the day's market trends.

Example : if you notice that today's 15 minute opening range is larger than average, and the correlation is high, you can expect the rest of the day to have a larger range as well. if you notice that today's 15 minute opening range is smaller than average, and the correlation is high, you can expect the rest of the day to have a smaller range as well.