ORB + Fib Breakout Signals 1.0

The ORB + Fib Breakout Signals indicator provides an automated framework for identifying high-probability trade setups by combining Opening Range Breakout (ORB) mechanics with Fibonacci extension and retracement levels. It detects volatility expansions beyond the initial session range and projects technical targets to assist with intraday momentum trading.

Usage

The Usage section describes how the script can be used to identify breakouts and potential profit targets. The indicator functions by tracking the high and low of a specific time window at the start of the trading session. Once this range is established, it monitors price action relative to these boundaries.

• Breakout Identification: A "BUY" signal is generated when the price crosses above the opening range high, while a "SELL" signal occurs when the price crosses below the opening range low.
• Targeting and Retracements: Users can utilize the plotted Fibonacci levels (e.g., 0.5, 0.618, 0.786) to identify potential pullbacks for entries or extension levels (1.272, 1.618) to set profit targets.
• Session Management: The tool is designed for intraday use, particularly on indices, forex, and high-volume equities. Users can define the specific hours for the opening range and the broader session during which signals remain active.

Details

The script executes by first calculating a user-defined opening range duration (15, 30, or 60 minutes). During this "ORB Window," the script dynamically tracks the highest and lowest prices. Once the window closes, the range becomes fixed.

The Fibonacci levels are calculated based on the total height of the opening range. The internal levels (retracements) are derived by adding fractions of the range to the low, while the extension levels are calculated by adding or subtracting fractions of the range from the high or low. The breakout logic includes a "One signal per direction" filter to prevent multiple signals during choppy market conditions, ensuring a cleaner chart output.

Settings

Opening Range

• Opening Range Length: Selects the duration of the initial range calculation (15 min, 30 min, or 1 hour).
• Session Start Hour/Minute: Defines the exact time the opening range begins based on exchange time.
• Timezone: Adjusts the calculation to match specific regional exchanges (e.g., America/Chicago).
• Active Session: Sets the total daily window where levels and signals are valid.

Signals

• Breakout Trigger: Choose whether signals trigger on a candle "Close" beyond the range or a "Wick" touch.
• One signal per direction per day: When enabled, the script limits output to one bullish and one bearish signal per session.

Fibonacci

• Show inner fibs: Toggles the visibility of the .236, .382, .5, .618, and .786 retracement levels.
• Show extension targets: Toggles the visibility of the 1.272 and 1.618 extension levels used for take-profit zones.

Visuals

• Shade opening-range window: Highlights the background during the initial range formation period.

FAQ

How do I adjust the indicator for different market opens? You can modify the "Session Start Hour" and "Timezone" settings to align with the specific market you are trading, such as the NYSE open at 09:30 AM EST.

Can I use this for scalping on 1-minute charts? Yes, the indicator is compatible with lower timeframes; however, the breakout signals will depend on the "Opening Range Length" setting (e.g., a 15-minute range will still take 15 minutes to form regardless of the chart timeframe).

How do I access the ORB + Fib Breakout Signals? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.