Open Range Breakout (ORB) with Alerts

The Open Range Breakout (ORB) with Alerts indicator identifies the high and low price levels established during a user-defined opening period to help traders capitalize on intraday momentum and trend continuation.

Usage

The tool is primarily used by intraday traders to identify potential entry points based on the market's initial volatility. Traders often look for long opportunities when the price closes above the range high and short opportunities when the price closes below the range low.

Example usage includes:

• Intraday Momentum: Identifying breakouts in high-volatility assets like futures (MNQ, MES) or stocks during the first 15–30 minutes of the New York session.
• Trend Confirmation: Using the range high and low as dynamic support or resistance levels once the initial session has concluded.
• Filtered Alerts: Using the breakout repetition settings to avoid multiple alerts from the same range, ensuring a focus on the initial move.

Details

The indicator operates by tracking the highest and lowest price points during a specific time window defined in the settings. Once this "Range Session" concludes, the tool locks these levels and begins monitoring price action relative to them.

The script includes logic to reset these levels at the start of each new trading day. Breakouts are defined by a candle close outside of the established range. To maintain chart cleanliness and reduce noise, the indicator allows users to limit the number of breakout signals shown and provides an option to display only the current day's range.

Settings

Session Settings

• Range Session: Defines the time window (e.g., "0930-0945") used to calculate the opening range.
• Timezone: Specifies the timezone for the session input, with options for "America/New_York" or "GMT+0".

Breakout Settings

• Number of Bullish Breakout Signals: Limits the total number of upward breakout markers and alerts shown per session.
• Number of Bearish Breakout Signals: Limits the total number of downward breakout markers and alerts shown per session.

Display Settings

• Show Background Fill?: Toggles a shaded area between the range high and low for better visual identification.
• Show Breakout Signals?: Enables or disables the triangle markers that appear on the chart during a breakout.
• Only Show Today's Range?: When enabled, previous days' ranges are hidden to keep the chart focused on live price action.

Color Settings

• Range High/Low Line Color: Customizes the colors of the horizontal range boundaries.
• Background Fill Color: Adjusts the color of the shaded area between the high and low lines.

FAQ

How do I use the breakout signals?

Breakout signals appear as triangles on the chart (upward for bullish, downward for bearish) when the price closes outside the established opening range. You can set the frequency of these signals in the Breakout Settings.

Can I use this for pre-market ranges?

Yes, you can adjust the "Range Session" setting to any custom time frame, including pre-market hours or specific international market opens.

How do I access Open Range Breakout (ORB) with Alerts?

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