Lesson 1
Choose the session before the setup
Specify the market, timezone and opening window so every replay uses the same clock.
Study time: about 8m
Lesson
An opening range belongs to a defined session. The U.S. equity core session normally opens at 9:30 a.m. Eastern time, but futures and other products have their own trading schedules. Using the cash open as a reference for a futures study does not make it the futures exchange’s daily opening time.
Set the chart to America/New_York when using that reference so daylight-saving changes are handled. Check the exchange calendar for holidays and shortened sessions. Keep the product’s trading session, your study window and the calendar timezone separate.
Choose the range length before you inspect the outcome. A five-minute opening range and a fifteen-minute opening range produce different boundaries and available entry times. Neither is automatically better. Record which one you are studying and do not switch to whichever would have worked that day.
Worked example
For a five-minute study anchored at 9:30 a.m. Eastern, use prices from 9:30:00 up to, but not including, 9:35:00. The range becomes complete at 9:35. A fifteen-minute version becomes complete at 9:45. Chart labels may show a candle’s start or end time, so confirm the convention.
Try it in replay
Write a session specification containing instrument, timezone, calendar, start time, window length and the first eligible decision time. Verify a date near a daylight-saving change.
Check your reasoning
The first decision must follow the completed window. Use the timezone name rather than a fixed UTC offset throughout the year. Check the product’s actual session even when the study uses a cash-market reference.