ORB opening range breakout

3天前

This indicator plots the opening range high and low for a selected period of time in minutes after the market opens on an intraday chart to allow the user to visualize the high and low of the opening range for use in the Opening Range Breakout (ORB) strategy.

The Opening Range Breakout (ORB) strategy is a trading approach that involves identifying the price range within the first few minutes of a market session and then waiting for the price to break out of that range. This indicator facilitates this strategy through the use of shaded regions and/or price levels.

Features

• Able to plot the high and low for any opening range above 1 min on any intraday timeframe
  
• Fully customizable ORB region, price level, price axis, label
  

The inclusion of the Bollinger band along with it's Moving Average serves multiple purposes to assist the user in the opening range breakout strategy

• Highlights to the user the deviation from the Moving Average due to an opening range breakout so that the user is better informed on whether to avoid entering a position, exit a position, or monitor the situation more closely
  
• Highlights area of support or resistance formed by the Moving Average of Bollinger Band
  
• Inform the user of the current trend direction to serve as confluence during an opening range breakout
  

What sets this indicator apart from others
In other ORB indicators, the opening range must be a multiple of the current chart's timeframe, restricting users on the intraday timeframes that can be used. E.g. if the user is using the 15 minutes opening range, they are restricted to use the 1, 3, 5, 15 minute(s) chart.

This indicator gives the user the flexibility to set any opening range above 1 min on any intraday timeframe. E.g. if the user is using the 15 minutes opening range, they are free to use any intraday timeframe on their chart, such as 1 hour or 2 hours chart.

How to use

1. Input the opening time range of interest in minutes
   
2. Check the "ORB region" checkbox to shade the ORB region
   
3. Check the "PRICE LEVEL" checkbox to draw a horizontal line of the high and low
   
4. Check the "PRICE AXIS" checkbox to plot the values on the price axis
   
5. Check the "LABEL" checkbox to draw a label of the high and low