Adjustable ORB with ORB Multipliers 1x or 2x by dhaval chhayani

3天前

Key Features:
Adjustable Timeframe:

The ORB is calculated using a user-defined timeframe, which defaults to 15 minutes.
Dynamic High/Low Levels:

Identifies the high and low of the first bar of the specified timeframe for each trading day.
Resets these levels at the start of each new day.
Multipliers for Breakout Levels:

Calculates breakout levels using 1.3x and 2x the ORB range, both above and below the opening range.
Displays these levels on the chart with user-controlled visibility.
Labels for Breakout Levels:

Adds labels (1x, 2x) at the breakout levels for better visualization.
Dynamically updates or removes labels based on current conditions.
Visual Representation:

The opening range (high and low) is plotted with blue lines and filled with a shaded area for clarity.
Breakout levels are plotted in white and yellow, representing the respective multipliers.
Day-Specific Logic:

Ensures the indicator only operates for the current day and clears data for previous or upcoming days.