Support Board
Date/Time: Sun, 01 Jun 2025 01:16:05 +0000
Opening Range
View Count: 98
| [2025-05-20 20:39:40] |
| User750920 - Posts: 285 |
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Wanted to confirm an observation to see if it is correct. If the opening range calculation is set by using (either using the initial balance study or the built in one of the TPO study), is the high or the low of the opening range the closing price of the time set regardless of whether it was higher or lower during the timeframe of the range. Example: Say the timeframe set is 5 minutes. For the ES the open is 5912 and the last price at the end of 5 minutes is 5920, BUT the high during that 5 minutes is 5925. Would the Opening Range be set at 5912 -5920 or 5912-5925? Thanks |
| [2025-05-20 20:45:01] |
| John - SC Support - Posts: 40127 |
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The Initial Balance/Opening Range is the High to Low for that time period. It does not involve the Open or Close.
For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2025-05-20 21:43:13] |
| User750920 - Posts: 285 |
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Then I think there is an issue. The Initial Balance/Opening Range High is higher than the Opening Range high on the TPO profile Chart on 5-14-25 and on 5-15-25. And the Initial Balance/Opening Range Low is lower than the Opening Range low on the TPO profile Chart on 5-16-25. NOTE the Initial Balance/Opening Range is set for 30 seconds and Opening Range on the TPO profile Chart is set for 1 minute. So it should be that if there was a discrepancy it would be reversed The longer the timeframe the potential for a high or lower opening range. Note: the OR for the Initial Balace/Opening range are the Red and Green dotted lines around the B lettering off to the right. And the OR for the TPO chart is the purplish colored bar to the left of the B letter. https://www.sierrachart.com/image.php?Image=17477773051.png https://www.sierrachart.com/image.php?Image=1747778470764.png Date Time Of Last Edit: 2025-05-20 22:02:02
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 Sierra_Chart_MainWindow_2025-05-20 14_31_34.553.png / V - Attached On 2025-05-20 21:38:57 UTC - Size: 228.84 KB - 17 views |
| [2025-05-21 13:47:50] |
| John - SC Support - Posts: 40127 |
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The main thing you need to keep in mind is that when determining the High to Low for a time period, if that time period is contained within a bar, then you will get the result of the entire bar. For instance, you say that you specified that the Opening Range for the bar chart is 30 seconds, but your bars are 30 minutes. Therefore, you will get a 30 minute Opening Range since those 30 seconds are contained within that bar. If you really want a 30 second Opening Range then you need to have 30 second bars. And for the TPO profile, the Initial Balance is established by the number of blocks, not by a time. Therefore, if you enter a value of 1, you are looking at a 30 minute block time (per the way you have your TPO profile setup). Refer to the following: Time Price Opportunity (TPO) Profile Charts: Initial Balance Range You need to ensure that these two things are properly aligned in order to have the same values. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2025-05-21 15:59:24] |
| User750920 - Posts: 285 |
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To confirm there are no actual studies for bar charts that are just for the Opening Range - I must use the Initial Balance Study? If so, I understand what you are saying for the bar chart. To solve this I will make a 30 second chart for the OR and use the initial balance study as I have and the Study/Price Overlay for my other charts with higher timeframes. I understand for the TPO chart the Initial Balance is set by "blocks of time" (how the profile is set for each letter block. In my case it is 30 - so 2 blocks would be 1 hour. And if it was set at 15 minutes 2 blocks would be 30 minutes. However, Unless I am misunderstanding - There is an actual Opening Range selection for the TPO Chart (which is different than studies for bar charts) and it is in Minutes. So the lowest setting for that is 1 minute correct? As I tried doing a fraction of that (.5 specifically) and it would not take. Thanks |
| [2025-05-21 19:08:09] |
| John - SC Support - Posts: 40127 |
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Sorry, I had forgotten that the TPO Profile had both an Initial Balance and Opening Range. These calculate in the same method, the High to Low for the given time period. But the time periods can be different. In particular, the Initial Balance is based on the TPO blocks, as we have stated previously. The Initial Balance is based on the underlying bars, which are generally set to 1 minute, but depends on the "TPO Letter/Block Time Period Unit". If this is set to Minutes, then the underlying bars are 1 minute. Therefore, the lowest you can go is 1 minute for the Opening Range on a 30 minute TPO. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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