ORB + Session VWAP Pro (London & NY) — fixed

The ORB + Session VWAP Pro (London & NY) indicator is a specialized intraday tool that combines Opening Range Breakout (ORB) mechanics with session-anchored VWAP filtering to identify high-probability breakout opportunities during the London and New York sessions.

Usage

The indicator identifies the high and low of a user-defined opening range (e.g., the first 15 minutes of a session). A signal is generated when the price breaks out of this range, provided the price is also on the correct side of the session-anchored VWAP. This ensures that trades are aligned with the intraday volume-weighted trend.

Examples:

• Trend Following: Use the London session breakout on EURUSD (5m chart) with a 15-minute OR. Enter long when price breaks above the OR High while remaining above the session VWAP.
• Retest Confirmation: Enable the "Require Retest" setting for volatile indices like NAS100. This requires the price to return to the breakout level before confirming the signal, reducing the impact of initial whipsaws.
• Mean Reversion: Monitor price action near the outer VWAP bands (±2 or ±3) for potential exhaustion points or profit-taking targets following a successful ORB breakout.

Details

The script builds the OR lines within fixed time windows based on the current bar's timestamp. The VWAP calculation is cumulative specifically within the session window (London or New York) and resets automatically, falling back to the standard daily VWAP when outside these specific signal windows. The Confidence metric (0–100) is calculated by blending breakout depth relative to ATR, the slope of the VWAP, and the current distance from the VWAP bands.

Settings

Sessions & ORB

• Open Range Length (minutes): Defines the duration of the opening range calculation.
• London/NY Open Hour/Minute: Sets the start time for each session.
• London/NY Timezone: Allows explicit timezone selection to match specific instruments.

VWAP & Bands

• Bands Mode: Choose between Standard Deviation or Percentage-based bands.
• Bands Lookback: Sets the period for standard deviation calculations.
• Mult #1, #2, #3: Adjusts the multiplier for the three optional band levels.

Filters

• ATR Buffer factor: Adds a minimum distance requirement (based on ATR) for a breakout to be considered valid.
• Require Retest: When enabled, price must tag the OR level (within tolerance) after a breakout before the signal fires.
• Min Confidence %: Filters signals based on the internal confidence scoring algorithm.
• Signal cooldown: Prevents multiple signals from firing in rapid succession on a single move.

FAQ

How do I use the Confidence metric?

The Confidence metric scores breakouts from 0 to 100 based on momentum and trend alignment. You can set a "Min Confidence" threshold in the settings to filter out weaker setups.

Can this be used on Daily timeframes?

This tool is designed for intraday analysis. On daily or higher timeframes, the session windows will compress, and the logic may not provide meaningful outputs.

How can I access the ORB + Session VWAP Pro (London & NY)?

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