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I think people focus too much on the details of ACD, and often lose sight of the concept. There is no need to be tethered to a specific or fixed opening range, it's about identifying a range which is "significant". One example might be the range of an outside day, with lower lows, and higher highs.
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Can you help answer these questions from other members on NexusFi?
I do not recommend any opening range, because I do not use the ACD method. However, if I remember correctly, mark Fisher suggests a 20 min opening range from 9:30 AM EST to 9:50 AM EST, see chart below.
I personally prefer to use the noise bands to detect the breakout points.
The noise bands is an open source indicator that can be found in the download section.
Originally, I had posted the noise bands as a separate indicator. I have then integrated them with the Session Pivots in order to reduce the number of indicators that I have to maintain.
The idea behind the noise bands is similar to Toby Crabel's stretch:
Noise = the smaller of (High - Open) and (Open - Low) for the current session
The smaller move from the open - the unsuccessful move initiated by noise traders - is called the noise. The noise bands are calculated as an average over M and N days of the session noise. Consider noise bands as the distance from the open
-> where a price move initiated by noise traders typically stalls
-> where a breakout is confirmed if it is supported by other time frame than short term traders
I am not aware that there is a MultiCharts version.