The market open can provide pivotal information for traders as they prepare for the trading day ahead. NinjaTrader’s Current Day OHL indicator makes it easy to visualize each day’s open, high, and low as price action develops. This helps traders see how the market is trading and what direction it may go.
Learn how to add the Current Day OHL indicator on a NinjaTrader Chart, SuperDOM and Market Analyzer in this short video:
The Importance of the Market Open
The opening price action of the day is often used by traders to evaluate the state of the market. The information available within this period, such as the open, high and low, can aid in determining market strength, weakness and sentiment. Additionally, these price action areas offer information on potential support and resistance zones as well as possible stop and profit target areas.
Using the Current Day OHL Indicator
A quick and easy way to monitor this opening data is NinjaTrader’s Current Day Open High Low (OHL) indicator that is pre-installed with every NinjaTrader download.
Upon the close of the first bar, 3 horizontal lines will be plotted on a chart displaying the Open (Orange), High (Green) and Low (Red) prices within the bar. While the Open line will remain static throughout the day, the High and Low plots are dynamic.
As new highs and/or lows occur, the high and low lines will adjust accordingly. The Current Day OHL indicator can be added to NinjaTrader charts, the SuperDOM, and the Market Analyzer. You’ll find it in the “Indicators” list within any of these 3 windows in NinjaTrader.
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Image and article originally from ninjatrader.com. Read the original article here.