Opening Range Retest

█ OVERVIEW

This indicator shows the opening range as a box. It also draws markers and triggers alerts when the opening range is retested. The opening range time is configurable, as is the period of time that must elapse before each return to the opening range is considered a retest.

█ FEATURES

• Opening range time configurable in bars or minutes
  
• Configurable "resting" period between the end of the opening range or since the last retest before a new retest is considered valid
  
• Configurable tolerance so that a retest can trigger sooner
  
• Active time range can be used to filter alerts and markers to a specific time window
  
• Visual box showing the opening range, which can be optionally limited to the above-mentioned active time window
  
• Well-documented, high-quality, open-source code for those interested
  

█ CONCEPTS

This indicator can be used for an opening range retest trading strategy, where long or short positions are taken on the retest of the opening range.



The opening range can be user-configured, so it is suitable for use with any opening range time period (e.g., 1-min, 5-min, 15-min, etc.).

The markers and alerts are equivalent, in the sense that whenever a marker appears, an alert will also trigger (assuming the user has set an alert up).

The alert active time range is simply used as a filter for markers and alerts, meaning that these will not draw or trigger outside of the specified time range.

█ LIMITATIONS

The indicator is intended for equities that have a highly active regular market open. For other security types, it will draw the opening range box from whenever TradingView specifies the market open time.