The open of the market can provide critical information for traders as they prepare for the trading day ahead. NinjaTrader’s Current Day OHL Indicator makes it easy to view the open, high and low of each day as it rolls around. develops price action. This helps traders see how the market is trading and which way it may go.
Learn how to add the current day OHL indicator on a NinjaTrader, SuperDOM and Market Analyzer chart in this short video:
The importance of the open market
Traders often use the opening price action of the day to gauge the state of the market. Information available within this period, such as the open, high, and low, can help determine the strength, weakness, and sentiment of the market. In addition, these price action areas provide insight into potential support and resistance zones, as well as potential stop and profit target areas.
Use of the OHL indicator of the current day
A quick and easy way to monitor this opening data is the NinjaTrader Open High Low (OHL) Current Day indicator that is pre-installed with every NinjaTrader download.
At the close of the first bar, there are 3 horizontal lines on a chart showing the open (orange), high (green), and low (red) prices within the bar. While the Open line will remain static throughout the day, High and Low charts are dynamic.
As new highs and/or lows occur, the high and low lines will adjust accordingly. The OHL indicator for the current day can be added to the NinjaTrader, SuperDOM and Market Analyzer charts. You will find it in the “Indicators” list. ” within any of these 3 windows in NinjaTrader.
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