Cold Brew Ranges

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🧭 Core Logic and Calculation
The fundamental logic for each range (OR and CR) is identical:

Time Definition: Each range is defined by a specific Start Time and a fixed 30-second duration. The timestamp function, using the "America/New_York" time zone, is used to calculate the exact start time in Unix milliseconds for the current day.

Example: t0200 = timestamp(TZ, yC, mC, dC, 2, 0, 0) sets the start time for the 02:00 OR to 2:00:00 AM NY time.

Range Data Collection: The indicator uses the request.security_lower_tf() function to collect the High (hArr) and Low (lArr) prices of all bars that fall within the defined 30-second window, using a user-specified, sub-chart-timeframe (openrangetime, defaulted to "1" second, "30S", or "5" minutes). This ensures high precision in capturing the exact high and low during the 30-second window.

High/Low Determination: It iteratively finds the absolute highest price (OR_high) and the absolute lowest price (OR_low) recorded by the bars during that 30-second window.

Range Locking: Once the current chart bar's time (lastTs) passes the 30-second End Time (tEnd), the High and Low are locked (OR_locked = true), meaning the range calculation is complete for the day.

Drawing: Upon locking, the range is drawn on the chart using line.new for the High, Low, and Equilibrium, and box.new for the shaded fill. The lines are extended to a subsequent time anchor point (e.g., the 02:00 OR is extended to 08:20, the 09:30 OR is extended to 16:00).

Equilibrium (EQ): This is calculated as the simple average (midpoint) of the High and Low of the range.

EQ=
2
OR_High+OR_Low
​

⏰ Defined Trading Ranges
The indicator defines and tracks the following specific 30-second ranges:

Range Name Type Start Time (NY) Line Extension End Time (NY) Common Market Context
02:00 OR Opening 02:00:00 08:20:00 Asian/European Market Overlap
08:20 OR Opening 08:20:00 16:00:00 Pre-New York Open
09:30 OR Opening 09:30:00 16:00:00 New York Stock Exchange Open (Most significant OR)
18:00 OR Opening 18:00:00 20:00:00 Futures Market Open (Sunday/Monday)
20:00 OR Opening 20:00:00 Next Day's session start Asian Session Start
15:50 CR Closing 15:50:00 20:00:00 New York Close Range
⚙️ Key User Inputs and Customization
The script offers extensive control over which ranges are displayed and how they are visualized:

Range Time & History

openrangetime: Sets the sub-timeframe (e.g., "1" for 1 second) used to calculate the precise High/Low of the 30-second range. Crucial for accuracy.

showHistory: A toggle to show the ranges from previous days (up to a histCap of 50 days).

Range Toggles and Styling

On/Off Toggles: Independent input.bool (e.g., OR_0200_on) to enable or disable the display of each individual range.

Colors & Width: Separate color and width inputs for the High/Low lines (hlC), the Equilibrium line (eqC), and the background fill (fillC) for each range.

Line Styles: Global inputs for the line styles of High/Low (lineStyleInput) and Equilibrium (eqLineStyleInput) lines (Solid, Dotted, or Dashed).

showFill: Global toggle to enable the shaded background box that highlights the area between the High and Low.

Extensions

The script calculates and plots extensions (multiples of the initial range) above the High and below the Low.

showExt: Toggles the visibility of the extension lines.

useRangeMultiples: If true, the step size for each extension level is equal to the initial range size:

Step=Range=OR_High−OR_Low
If false, the step size is a fixed value defined by stepPts (e.g., 60.0 points, which is a common value for NQ futures).

stepCnt: Determines how many extension levels (multiples) are drawn above and below the range (default is 10).

📈 Trading Strategy Implications
The Cold Brew Ranges indicator is a tool for session-based support and resistance and range breakout/reversal strategies.

Key Support/Resistance: The High and Low of these defined opening ranges often act as strong, predefined price levels. Traders look for price rejection off these boundaries or a breakout with conviction.

Equilibrium (Midpoint): The EQ often represents a fair value for that specific session's opening. Movements away from it are seen as opportunities, and a return to it is common.

Extensions: The range extensions serve as potential profit targets or stronger, layered support/resistance levels if the market trends aggressively after the opening range is set.

The core idea is that the activity in the first 30 seconds of a significant trading session (like the NYSE or a market session open) sets a bias and initial boundary for the trading period that follows.

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