NY 5m & 15m Orb - Statistics & LTF Candle structure

The NY 5m & 15m Orb - Statistics & LTF Candle structure indicator tracks the first 5 and 15 minutes of the New York trading session to provide statistical price targets and lower timeframe structural analysis for NQ Futures. It visualizes opening range zones, calculates real-time probabilities for session outcomes, and displays internal candle structure to help traders identify high-probability setups.

Usage

The indicator is specifically designed for NQ (Nasdaq-100 E-mini futures) and provides several visual components:

• Opening Range Zones: Displays boxes for the 5-minute (9:30-9:35 AM ET) and 15-minute (9:30-9:45 AM ET) ranges.
• Median Extensions: Shows historical targets based on 12 years of NQ data analysis.
• LTF Candle Display: Projects 1-minute internal candle structure to the right of the price to help analyze how the range was formed (e.g., identifying liquidity sweeps or the order of extreme formation).
• Real-time Statistics Table: Monitors probabilities for midpoint retests, range breaks, and session close direction.

Details

This tool uses a conditional probability system. The statistics are calculated based on specific NQ historical behaviors, such as whether the opening candle was bullish or bearish and which extreme (high or low) was touched first. The Median Extensions represent the 50th percentile of price extensions observed historically when a range is breached. Note that for LTF candles to render, the chart timeframe must be equal to or lower than the range timeframe (e.g., use a 1m or 5m chart for the 5m ORB).

Settings

5-Minute & 15-Minute ORB Settings

• Show 5-Minute/15-Minute ORB: Toggles the visibility of the respective range boxes.
• Bullish/Bearish Colors: Customizes the colors and fills for the range boxes.
• Range Style/Width: Adjusts the visual appearance of the high and low boundaries.
• Show Midline: Toggles the 50% retracement level of the opening range.
• Show Median Extensions: Enables the +0.41%/-0.45% (5m) or +0.38%/-0.42% (15m) extension lines.
• Show LTF Candles: Toggles the display of 1-minute internal candles.
• LTF Offset/Spacing: Controls the horizontal positioning and spacing of the projected internal candles.

Statistics Table

• Show Statistics Table: Enables the live probability calculation table.
• Table Position/Size: Adjusts the location and scale of the data table on the chart.

FAQ

How do I interpret the "Pending" vs "Validated" status in the table? "Pending" (Yellow) indicates the condition has not yet been met, while "Validated" (Teal) means the event (such as a range break or direction confirmation) has occurred during the current session.

Does this work on Forex or Stocks? While it will plot ranges, the statistical probabilities and median extensions are strictly derived from NQ Futures data and will not be valid for other instruments.

How can I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.