ICT Opening Range Projections (tristanlee85)

ICT Opening Range Projections

This indicator visualizes key price levels based on ICT's (Inner Circle Trader) "Opening Range" concept. This 30-minute time interval establishes price levels that the algorithm will refer to throughout the session. The indicator displays these levels, including standard deviation projections, internal subdivisions (quadrants), and the opening price.



🟪 What It Does

The Opening Range is a crucial 30-minute window where market algorithms establish significant price levels. ICT theory suggests this range forms the basis for daily price movement.

This script helps you:

• Mark the high, low, and opening price of each session.
  
• Divide the range into quadrants (premium, discount, and midpoint/Consequent Encroachment).
  
• Project potential price targets beyond the range using configurable standard deviation multiples.
  

🟪 How to Use It

This tool aids in time-based technical analysis rooted in ICT's Opening Range model, helping you observe price interaction with algorithmic levels.

Example uses include:

• Identifying early structural boundaries.
  
• Observing price behavior within premium/discount zones.
  
• Visualizing initial displacement from the range to anticipate future moves.
  
• Comparing price reactions at projected standard deviation levels.
  
• Aligning price action with significant times like London or NY Open.
  

Note: This indicator provides a visual framework; it does not offer trade signals or interpretations.

🟪 Key Information

• Time Zone:New York time (ET) is required on your chart.
  
• Sessions: Supports multiple sessions, including NY midnight, NY AM, NY PM, and three custom timeframes.
  
• Time Interval: Supports multi-timeframe up to 15 minutes. Best used on a 1-minute chart for accuracy.
  

🟪 Session Options

The Opening Range interval is configurable for up to 6 sessions:

Pre-defined ICT Sessions:

• NY Midnight: 12:00 AM – 12:30 AM ET
  
• NY AM: 9:30 AM – 10:00 AM ET
  
• NY PM: 1:30 PM – 2:00 PM ET
  

Custom Sessions:

• Three user-defined start/end time pairs.
  

This example shows a custom session from 03:30 - 04:00:


🟪 Understanding the Levels

The Opening Price is the open of the first 1-minute candle within the chosen session.

At session close, the Opening Range is calculated using its High and Low. An optional swing-based mode uses swing highs/lows for range boundaries.

The range is divided into quadrants by its midpoint (Consequent Encroachment or CE):

• Upper Quadrant: CE to high (premium).
  
• Lower Quadrant: Low to CE (discount).
  

These subdivisions help visualize internal range dynamics, where price often reacts during algorithmic delivery.

🟪 Working with Ranges

By default, the range is determined by the highest high and lowest low of the 30-minute session:


A range can also be determined by the highest/lowest swing points:


Quadrants outline the premium and discount of a range that price will reference:


Small ranges still follow the same algorithmic logic, but may be deemed insignificant for one's trading. These can be filtered in the settings by specifying a minimum ticks limit. In this example, the range is 42 ticks (10.5 points) but the indicator is configured for 80 ticks (20 points). We can select which levels will plot if the range is below the limit. Here, only the 00:00 opening price is plotted:


You may opt to include the range high/low, quadrants, and projections as well. This will plot a red (configurable) range bracket to indicate it is below the limit while plotting the levels:


🟪 Price Projections

Projections extend beyond the Opening Range using standard deviations, framing the market beyond the initial session and identifying potential targets. You define the standard deviation multiples (e.g., 1.0, 1.5, 2.0).

Both positive and negative extensions are displayed, symmetrically projected from the range's high and low.

The Dynamic Levels option plots only the next projection level once price crosses the previous extreme. For example, only the 0.5 STDEV level plots until price reaches it, then the 1.0 level appears, and so on. This continues up to your defined maximum projections, or indefinitely if standard deviations are set to 0.

This example shows dynamic levels for a total of 6 sessions, only 1 of which meet a configured minimum limit of 50 ticks:


Small ranges followed by significant displacement are impacted the most with the number of levels plotted. You may hide projections when configuring the minimum ticks.

A fixed standard deviation will plot levels in both directions, regardless of the price range. Here, we plot up to 3.0 which hiding projections for small ranges:


🟪 Legal Disclaimer

This indicator is provided for informational and educational purposes only. It is not financial advice, and should not be construed as a recommendation to buy or sell any financial instrument. Trading involves substantial risk, and you could lose a significant amount of money. Past performance is not indicative of future results. Always consult with a qualified financial professional before making any trading or investment decisions. The creators and distributors of this indicator assume no responsibility for your trading outcomes.