ORB Break & Retest 15m - Opening Range Strategy

The ORB Break & Retest 15m - Opening Range Strategy indicator automates the identification and execution of the 15-minute opening range breakout strategy with a midpoint retest filter. It captures the high, low, and midpoint of a specific time window to generate high-probability entry signals based on confirmed momentum and price retracement.

Usage

The script is designed to identify institutional levels established during the market open or pre-market hours. Users can utilize the tool to filter out false breakouts by requiring a two-step confirmation process:

1. Breakout Confirmation: The price must close beyond the Opening Range (OR) high or low by a user-defined distance.
2. Retest Entry: Once the breakout is confirmed, the script monitors for a pullback to the OR midpoint. A signal is generated when the price touches this level, offering a more favorable risk-to-reward entry compared to chasing the initial breakout.

Example Scenarios:

• Long Setup: Price closes above the OR High + Breakout Distance. The script then waits for a touch of the OR Midpoint to trigger a "LONG" label.
• Short Setup: Price closes below the OR Low - Breakout Distance. The script then waits for a touch of the OR Midpoint to trigger a "SHORT" label.

The status box in the bottom right corner provides real-time updates on whether the script is currently "Watching" for a breakout, "Active" (waiting for a retest), or "Closed" for the session.

Details

The 15-minute Opening Range is widely considered more reliable than shorter timeframes as it captures a more significant volume of initial price discovery. By default, the script captures the 8:00–8:15 AM (EST) window, which represents the start of the pre-market liquidity surge.

The implementation uses request.security() to fetch 15-minute data regardless of the chart's current timeframe, ensuring consistency for traders who prefer execution on 1-minute or 5-minute charts. The breakout distance parameter adds a layer of protection against "stop hunts" or minor fluctuations that do not represent true trend shifts.

Settings

Main Configuration

• Breakout Distance (Points): The minimum distance the price must close outside the OR zone to confirm a valid breakout.
• Timezone: Adjusts the session calculations to match your local market (e.g., America/New_York).
• Opening Range Time: The specific time window used to define the High, Low, and Midpoint (Default: 0800-0815).
• Session End Time: The time at which the indicator stops monitoring for new signals and resets.

FAQ

How do I access ORB Break & Retest 15m - Opening Range Strategy?

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 window?

Yes, the "Opening Range Time" setting allows you to define any period (e.g., 0930-0945 for the New York session open) to suit different trading styles or assets.

Does this work on the 1-minute timeframe?

Yes, the script automatically pulls the necessary 15-minute data internally, so you can view the signals and levels on any lower timeframe chart.