First Range of the first opening hour

Core Concept

The indicator draws and tracks the high and low of the first hour of each trading day. It enhances this base strategy with technical visuals and trader-friendly UI elements to help traders make informed and quick decisions.

Dashboard Settings

• ShowDashboard : Enables or disables a visual panel.

• DashboardColor , TextColor : Customize dashboard appearance.

RSI Settings

• ShowRSI : Displays the RSI (Relative Strength Index) panel.

• RSI calculation settings:

  • RSI_Period : RSI lookback period.

  • RSI_Overbought / RSI_Oversold : Thresholds for signaling OB/OS levels.

  • RSI_OB_Color , RSI_OS_Color : Color coding for these zones.

Range Box Settings

• ShowRange : Toggles drawing of the first hour’s high/low range.

• RangeColor , RangeWidth : Color and thickness of the box.

• ArrowUpColor , ArrowDownColor : Visual cue arrows when price breaks out.

Fibonacci Settings

• ShowFibonacci : Toggle drawing Fibonacci retracement from the hour range.

• FibColor , FibWidth : Style customization.

Chart Visual Settings

• ShowPairName : Displays large text of the current pair name.

• Colors:

  • ChartBackground

  • BullishCandle , BearishCandle

  • PairNameColor , PairNameSize

Trading Buttons

• ShowTradingButtons : Enables a SmartCharts-style trading panel.

• DefaultLotSize : Used for trade placement via the panel.

Market Profile

• ShowMarketProfile : Enables a simplified Market Profile or volume area overlay.

• ProfileColor : Customizes profile appearance.

Period Display

• ShowPeriods : Highlights market session periods.

• PeriodColor : Style of the session display lines/zones.

Operational Logic

 Initialization ( OnInit )

• Sets up:

  • RSI handle

  • Chart properties (background, candles)

  • Optional modules (dashboard, buttons, pair name, etc.)

  • Triggers periodic updates every second via EventSetTimer(1) .

 Time-Based Logic

• Internally tracks g_LastHourStart , g_HourHigh , g_HourLow to detect a new hourly candle and update visuals accordingly.

• Helps define breakout conditions post first-hour formation.

Purpose & Use Case

Ideal for:

• London Open, New York Open, or any first-hour breakout strategy.

• Traders who use visual confluence tools (Fibs + RSI + structure).

• Anyone who prefers an interactive, UI-rich chart experience with direct trade execution buttons.