[itradesize] ICT Opening range

This indicator automatically annotates the opening ranges of the AM and PM sessions. It should be used on the 1-minute timeframe, although you can check and build a further models when using a 2-3-4 or even 5-minute timeframe. You can customize this under the settings tab.
Additionally, it includes features such as standard deviations and the initial fair value gap presented. Everything is based on what ICT said in his algorithmic timing video.

The algorithm will continue to adjust prices higher or lower until it reaches a predetermined target price. This process will occur within specific time frames: the last 10 minutes before the hour and the first 10 minutes after a new hour begins.

For the AM session opening range, this is from 9:30 to 10:00, and for the PM session, it's from 13:30 to 14:00. Defining these ranges allows us to identify the first presented fair value gaps there, as the algorithm is designed to leave these signatures for smart money. This process of time-based delivery precision repeats every day. You can build a whole New York model on this.

It's important to journal and backtest your results results. If the market breaks the opening range on either side and there is evident liquidity, it is highly likely that it will pursue that liquidity.
However, before doing so, the market should retrace back to the first fair value gap if it hasn’t already occurred or back to the 0.75 or 0.5 level of the range at maximum.
When does this happen? Typically, when a macro event occurs— for example, during the lunch macro from 11:30 to 12:00. In most cases, you can expect a retracement during lunch macro. If the market retraces beyond these levels, there is a higher probability that the expected scenario will not play out.

The algorithm primarily refers to the 30-minute opening range each time. The standard deviation levels can be used to establish algorithmic delivery targets and anticipate another run after the PM session opening range has occurred. The AM session often helps determine the likely direction of movement after the PM session range concludes.
The PM macro runs from 15:15 to 15:45. At this time, the market will typically operate within the narrative that is currently underway.