PSCorp Opening Channel
Opening Channel Method Indicator
Automatically marks, on the 1-minute chart, the opening channel formed by the first candles of the time you choose. When price breaks the channel, the indicator projects a second channel in the breakout direction and draws the entry, stop, target and partial levels, with clear labels and the size of the move in points.
- Reference channel
- Confirmed breakout
- Trade levels
- Long and short
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Reference channel
The high and low of the first candles at the configured time form the neutral zone.
Confirmed breakout
The candle has to close beyond the channel — a lone wick doesn't count.
Trade levels
Entry, stop, target and partial drawn with labels and the size of the move in points.
Long and short
Mirrored logic: an upside breakout builds the long scenario; a downside one, the short.
How it works
- Reference channel (neutral zone)
At the configured start time (for example, 08:00 New York), the indicator reads the first 1-minute candles (4 by default). Their high and low form the reference channel. - Breakout and channel doubling
The indicator waits for the first breakout. By default, a candle has to close above the channel high or below the channel low. Once confirmed, the channel is doubled in the direction of the move, forming a second channel of the same size. - Trade levels
Entry at the edge of the doubled channel; stop on the opposite side of the neutral zone (exact low for longs, exact high for shorts); target at the neutral zone plus the doubled channel, projected from the entry; optional partial at a configurable share of the way to the target (60% by default). The entry label shows the combined points of the neutral zone and the doubled channel. - Long and short
The whole logic is mirrored: an upside breakout builds the long scenario, and a downside breakout builds the short one.
Requirements & compatibility
- NinjaTrader 8
- 1-minute chart
- Active license key (format PSTRADE-XXXXX-XXXXX-XXXXX-XXXXX)
- Internet connection for the first license activation
The installer automatically removes any older version on this machine. On other timeframes the indicator doesn't draw the channel. Full install and activation steps are on the Documentation page.
Highlights
- No lag, no repainting — The channel and the breakout appear on the close of the candle itself, without using data from future candles.
- Readable labels — Colored boxes aligned with each line that don't overlap when two levels are very close.
- Shaded regions — Neutral zone, doubled channel and target zone highlighted by color.
- Daily or hourly mode — One channel per day at the chosen time, or a new channel every full hour.
- History — Shows the channels from the last days (5 by default, configurable) so you can study past behavior.
- New York time — The start time is read in New York time by default, regardless of your computer's time zone.
- Wide-channel filter (optional) — Skips days when the channel forms too wide.
Main parameters
| Parameter | Default |
|---|---|
| Channel start time | 08:00 (NY) |
| Candles forming the channel | 4 |
| Breakout confirmation | Candle close |
| Target | 2× the channel height, from the entry |
| Partial | 60% of the way to the target |
| Days of history on the chart | 5 |
This indicator is a visual analysis tool: it draws levels on the chart but doesn't send orders or trade for you. The levels are not investment advice. Trading involves risk of loss, and past results don't guarantee future results.