Support Board
Date/Time: Wed, 27 Nov 2024 04:55:41 +0000
[User Discussion] - Help adding extensions to opening range.
View Count: 499
| [2023-09-19 17:30:54] |
| Optionyout - Posts: 7 |
|
I use a 30 minute opening range and want to add extensions based on the opening both up and down for say 3 extensions. Simple formula, high and low/2 and I want to see 3 of these extensions. So, if the opening 30 min high was 4300 and the low 4270 I would like to see lines +/- $15/$30/$45. I have searched and searched and can only gather I may have to create a custom study somehow but I read about imbalance that may do it. Any thoughts would be GREAT.
|
| [2023-09-19 20:22:55] |
| Optionyout - Posts: 7 |
|
Maybe it's initial balance?
|
| [2023-09-19 22:17:27] |
| John - SC Support - Posts: 36309 |
|
If you are asking for both how to get the Opening Range and how to get the lines above/below, then the Initial Balance can work to get the Opening Range. For whatever study you use, you need to ensure that your bars are evenly divisible into the range you want. For example, since you want a 30 minute opening range, as long as you have 1 minute, 3 minute, 5 minute, 10 minute, or 30 minute bars, you can gat what you want. But if you have 4 minute or 60 minute bars, it will not work properly. In terms of the upper/lower lines, since you want multiple lines, the Spreadsheet Study is the easiest way to do it. Just reference the study you use to create the Top/Bottom of the range and then add the amount you want to that (or multiply, if you want to do it as a percentage). For example, to add 10.00 to the price of the Top of the range, you would enter a formula like: =ID1.SG1@$3 + 10 This will give you a straight line across the chart. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-09-19 23:24:57] |
| Optionyout - Posts: 7 |
|
Thanks for the response John. I'm good with the opening range already using the high/low study and set the time for the first 30 min. This is on a 1 minute chart but that's not really important. It's the extensions I'm trying to enter. Again, I want to have multiple extensions up and down that are my opening range high minus opening range low/2. So as my previous example was 4300 ORH & 4270 ORL, I want to plot horizontal lines at (4300-4270/2=15) 4315,4330,4345 and 4255, 4240 and 4225. In your example I do not know how to apply bc you reference a specific number but the extensions will be different every day. I attached a screenshot of what I used to use. Thank you so much. |
 oprangeext.PNG / V - Attached On 2023-09-19 23:23:01 UTC - Size: 61.03 KB - 89 views Attachment Deleted. |
| [2023-09-20 01:41:50] |
| cmet - Posts: 552 |
|
I could be misunderstanding exactly what you mean but, why wouldn't you just use the extensions built into the Initial Balance study? Pretty sure they do exactly what you're looking for. Just use a 30 minute range instead of 60. H - L/2 is simply the midpoint of the range. You would then just use that mid for your extension levels - which are already there by default. .5, 1, 1.5 above and below. You'll also need to round to tick size and the study does it for you automatically. Pic attached from today's ES of what it looks like and the chartbook. Date Time Of Last Edit: 2023-09-20 01:53:46
|
Open Range Extension.jpg / V - Attached On 2023-09-20 01:40:32 UTC - Size: 176.36 KB - 108 views  Range Extension.Cht - Attached On 2023-09-20 01:53:33 UTC - Size: 3.63 KB - 147 views |
To post a message in this thread, you need to log in with your Sierra Chart account: