Opening Range & Session Liquidity [LTS]

“Opening Range & Session Liquidity [LTS]” is an intraday planning tool that combines a configurable Opening Range box with session highs/lows and previous-day reference levels. It is designed to help you visualize where liquidity is likely to build up around the cash open and major global sessions, without making any forecasts or performance promises. It is designed with our signature attention to user customization and accessibility.

Opening Range & Bias
The script builds a configurable Opening Range (OR) in New York time (default 08:00–08:15 on a 15-minute basis), regardless of your chart timeframe (up to 1-hour). The high, low, and midline of this window are drawn as a transparent box and dashed midline that extend forward so you can see how the session trades around that range.
At a user-defined Bias Check Time (default 09:30–09:31 NY), the script classifies the OR as:

• Bullish if price is above the OR high
  
• Bearish if price is below the OR low
  
• Neutral if price is still trading inside the OR
  

The box color updates to reflect the current bias if bias mode is enabled. All OR parameters (formation window, bias check, colors, maximum number of zones, etc.) are adjustable.

Entry Signal Logic
The indicator can optionally generate non-repainting visual signals when price interacts with the OR midline.

1. 9:30 Bias mode (trend-following)

• A directional bias is locked in at the bias check time.
  
• Signals trigger only when price trades through the OR midline inside the box, aligned with that bias:
  Bullish bias → long signal when price touches the midline from below and closes inside the range.
  Bearish bias → short signal when price touches the midline from above and closes inside the range.
  
• Each “episode” can fire only once; signals are confirmed on the bar where the conditions first become true.
  

2. Entry Direction mode (reaction to first touch)

• Instead of using a fixed 9:30 bias, the script detects from which side price first enters the OR (from above or from below).
  
• That “entry direction” stays active until price fully exits and closes outside the OR again.
  
• When price later touches the midline while the entry direction is defined, a single long or short signal is triggered based on the stored direction of entry.
  

In both modes, historical signals are plotted without using future data; only the real-time bar can change state until it closes.

Optional TP/SL Visualization
When a long or short signal appears, the script can draw simple take-profit/stop-loss boxes to illustrate a basic one-trade idea:

• Stop-loss distance can be defined as:
  A fixed number of points beyond the OR high/low, or
  A percentage of ATR (configurable length and percent).
  
• Take-profit is automatically placed at a user-defined risk-to-reward multiple of that stop distance.
  
• The boxes extend forward bar by bar and stop updating once either TP or SL is touched, or when a new OR session resets the context.
  

These boxes are for visualization only and do not place or manage orders.

Session Liquidity & PDH/PDL
To help you map where liquidity frequently builds up, the script tracks three configurable intraday sessions in New York time:

• Asian session (default 18:00–02:00)
  
• London session (default 03:00–08:00)
  
• New York session (default 09:30–16:00)
  

For each completed session, the indicator records the session high and low, then:

• Draws solid horizontal lines and labels (e.g., “Asia Hi/Lo”, “London Hi/Lo”, “NY Hi/Lo”).
  
• Extends these solid lines to the right as long as they remain untouched by price.
  
• When price first trades through a level, the solid line is cut at that bar and replaced by a dashed line that extends only until the next session of the same type begins.
  
• Older sessions are automatically removed according to the “Max Sessions to Display” setting to reduce chart clutter.
  

In addition, the indicator plots:

• Previous Day High (PDH) & Previous Day Low (PDL)
• Previous Day Point of Control (PDPoC) – an approximate volume-weighted price computed from intraday data using a simple binning approach on a user-chosen lower timeframe.
  

Like the session levels, PDH/PDL/PDPoC start as solid lines. After the first touch, each level switches to a dashed style and continues only until the following trading day, at which point the previous day’s dashed lines are stopped and new levels are created.

Info Table & Multi-Timeframe Logic
An optional on-chart info table summarizes the most recent Opening Range:

• OR high, low, and midline
  
• Current OR range in points
  
• Active mode (9:30 Bias vs. Entry Direction)
  
• Current bias or entry-direction status
  
• Whether a signal is “Waiting”, “Armed”, or “Triggered”
  
• Whether the OR was built from the chart timeframe or from a 15-minute higher-timeframe feed
  

If your chart timeframe is higher than the OR calculation timeframe, the script automatically uses multi-timeframe data to build a consistent OR, while enforcing a maximum chart timeframe of 1-hour for reliability.

How to Use This Tool

• Use the OR box and bias to define your primary intraday context around the cash open.
  
• Use session highs/lows and PDH/PDL/PDPoC as objective reference levels for where price may react or where stops and liquidity might cluster.
  
• Treat the signal markers and TP/SL boxes as visual guides only. They can help you structure trade ideas, but they are not a trading system by themselves.
  
• Always confirm levels and signals with your own analysis, risk management, and execution rules.
  

Limitations & Notes

• The script is intended for intraday charts up to 1-hour. By the nature of the information being displayed, any time frame above that may result is undesirable visual clutter.
  
• The POC calculation is an approximation based on lower timeframe bar-level volume and binning; it is not a tick-by-tick volume profile.
  
• Signals and levels update in real time on the current forming bar. Once a bar closes, completed historical signals do not repaint, but the last live bar can change until it closes.
  
• The indicator does not use lookahead or offset plotting into the past; it is not designed to predict the future or guarantee any particular trading result.
  
• Always test settings on a demo environment first and manage risk according to your own plan.