Opening Range Breakout (ORB) with Fib Retracement

The Opening Range Breakout (ORB) with Fib Retracement indicator automatically identifies the high and low of a specified opening session and projects a comprehensive Fibonacci framework for the remainder of the trading day. This tool provides traders with precise retracement levels within the initial range and symmetric extension zones to identify potential trend targets and reversal points.

Usage

The Usage section focuses on how the indicator anchors Fibonacci levels to intraday price action. Once the opening range window (e.g., the first 15 minutes of the New York session) concludes, the script locks the high and low of that period. These boundaries serve as the 0% and 100% levels.

Traders can use the resulting grid in several ways:

• Intra-Range Retracements: Use the 23.6%, 38.2%, 50%, 61.8%, and 78.6% levels to find support or resistance within the initial breakout zone.
• Trend Extensions: Monitor the primary extension levels (defaulting to ±1.618, ±2.618, ±3.618, and ±4.618) as price expands beyond the opening range.
• Zone Analysis: Each major extension slice is sub-divided with its own internal Fibonacci grid, allowing for granular analysis of "zones" during strong trending moves.

Details

The indicator is constructed by identifying the maximum and minimum prices within a user-defined time window. Upon the closing of this window, the script calculates a series of Fibonacci ratios. Unlike standard retracement tools, this script applies a recursive Fibonacci logic: it not only calculates the main extensions but also treats the space between each extension level as a new range, populating it with mid-line Fibonacci levels (23.6% through 78.6%). This creates a continuous "ladder" effect across the chart.

Settings

Orb Time Range

• Range: Defines the start and end time for the opening range calculation.
• Zone: Sets the timezone for the session input to ensure alignment with specific exchanges.

Line Management

• Show All Fib levels: Toggles the visibility of all internal retracement and extension lines.
• Show Extended Fib Retracement Lines: Enables horizontal projections of the levels into the future for persistent reference.

Orb Colors

• Buy: Sets the color for the upper extension levels (bullish targets).
• Sell: Sets the color for the lower extension levels (bearish targets).
• Lines: Sets the color for internal Fibonacci mid-lines and retracements.

Extension Values

• Buy Retracement Values: Four customizable inputs to define the upper Fibonacci extension ratios.
• Sell Retracement Values: Four customizable inputs to define the lower Fibonacci extension ratios.

FAQ

How do I access Opening Range Breakout (ORB) with Fib Retracement?

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

Can I change the opening range duration?

Yes, you can modify the "Range" setting in the Orb Time Range group to any duration, such as 5, 15, or 30 minutes, depending on your trading strategy.

What do the different line colors represent?

By default, green lines represent bullish extension targets above the opening range, red lines represent bearish extension targets below the range, and gray lines represent internal retracement levels within those zones.