OPR Asia-New-York [Elykia]

This Pine Script indicator, is designed to help traders identify potentially significant price zones based on morning and afternoon Opening Price Ranges (OPR), while integrating a customizable Relative Strength Index (RSI) to assess market momentum.

Key Features:

1. Morning and Afternoon Opening Price Ranges (OPR):

• The indicator defines two distinct OPR periods: one for the morning and one for the afternoon (often used for European and American trading sessions, respectively).
  

• Initial OPR Boxes: For each period, a box is drawn in real-time during the defined opening range. It dynamically adjusts to encompass the high and low prices reached during that period.
  

• OPR Fixation: Once the initial opening period ends, the OPR box becomes fixed at the final high and low levels of that period.
  

• OPR Extensions: After the initial OPR is fixed, an extension box is drawn. This extension box maintains the price levels (high and low) of the initial OPR but extends horizontally in time, providing a continuous reference zone.
  

• Midline: Each box (initial and extension) is accompanied by a dashed midline, representing the midpoint of the OPR range.
  

• Color and Transparency Customization: Users can adjust the colors of the boxes, midlines, and their transparency for both initial OPRs and their extensions, independently for morning and afternoon.
  

• Adjustable Time Zone: A global time zone setting allows precise adaptation of OPR start and end times to the user's local trading session, which is crucial for the accuracy of these zones.
  

2. Integrated Relative Strength Index (RSI):

• A fully customizable RSI is included, calculated on the closing price.
  

• RSI Table (Optional): Displays the current RSI value in a table at the top right of the chart. The table's background color changes based on the RSI's state (green for neutral, red for overbought/oversold).
  

• Dynamic RSI Label (Optional): A floating label follows the price, displaying the current RSI value. This label also changes its background color (green/red) based on overbought/oversold levels.
  

• Full RSI Customization: Users can define the RSI length, overbought and oversold levels, text and background colors, text size for both the table and label, and the horizontal shift of the dynamic label.
  

Originalities:

• Advanced OPR Management with Extension: Unlike many simple OPR indicators, this one offers sophisticated management of range fixation and extension. The extension that maintains the initial price levels is an asset for observing price reactions to these historical zones throughout the day.
  

• Dual OPR (Morning/Afternoon) with Independent Settings: The ability to clearly define and visualize two distinct OPRs for different trading sessions is highly beneficial for multi-market traders or those tracking major session openings.
  

• RSI Integration and Flexibility: The RSI is not just an add-on; it's finely integrated with distinct display options (table or dynamic label), allowing traders to choose how they prefer to visualize this crucial information without cluttering the chart.
  

• Global Time Zone Setting: The inclusion of a global time zone parameter is a practical feature that ensures the indicator's accuracy for traders worldwide, without requiring complex manual calculations.
  

Setups for Information

Here are some typical configurations that may be useful. These setups are starting points and should be adapted to your trading style and the instruments you use.

OPR Setup "Europe/US Opening" (for EURUSD, European/US Indices):

• Time Zone: GMT+2 (for summer in Europe, adjust to GMT+1 for winter)
  

• Morning OPR:

• Start Hour: 9:00 (London/Europe opening)
  

• End Hour: 9:15
  

• Extension Hour: 11:30 (before New York opening)
  

• Afternoon OPR:

• Start Hour: 15:30 (New York opening)
  

• End Hour: 15:45
  

• Extension Hour: 18:30
  

RSI Setup "Standard Momentum":

• RSI Length: 14
  

• Overbought Level: 70
  

• Oversold Level: 30
  

• Display: Dynamic RSI Label enabled for quick reading near the price.
  

Disclaimer on Usage:

This indicator is provided for informational and educational purposes only. It does not constitute investment advice or a trading recommendation in any way. Trading in financial markets carries substantial risks of loss, including the total loss of invested capital.

• No Guarantee: There is no guarantee that using this indicator will result in profits or prevent losses. Past performance is not indicative of future results.
  

• Personal Analysis: OPR zones and RSI readings are analytical and decision-making tools. They should always be used in conjunction with your own technical and fundamental analysis, risk management, and trading plan.