ORB Session Breakout

The ORB Session Breakout indicator identifies Opening Range Breakouts across Asia, London, and New York sessions, providing automated trade visualizations with entry, stop loss, and take profit levels. This tool streamlines the execution of the classic ORB strategy by detecting initial trading ranges and signaling momentum-based breakouts in real-time.

Usage

The script is designed for intraday trading, highlighting price ranges established during the opening minutes of major market sessions. A LONG signal is generated when a candle closes above the session's high, and a SHORT signal is generated when it closes below the session's low.

Visual elements include:

• ORB Box: Shaded area representing the initial range.
• Breakout Candle: Highlighted (default yellow) to indicate the entry point.
• Trade Setup: Automatic plotting of Entry lines, Stop Loss (SL) zones, and Take Profit (TP) zones based on user-defined Risk:Reward ratios.
• Multi-Session Support: Independent tracking for Asia, London, and New York sessions.

Details

The indicator monitors specific time windows (e.g., 09:30-09:45 NY time) to set a high/low boundary. It supports "Direction Changes," meaning if a long breakout fails and price reverses to break the session low, a secondary short signal is issued. The script includes a "Tracking Hours" feature that limits how long the indicator searches for breakouts after the range is formed, ensuring signals are relevant to session momentum. Version 2.3 introduced an ORB Timeframe Lock, allowing users to calculate range levels on a higher timeframe (e.g., 5m) while executing trades on a lower timeframe (e.g., 1m).

Settings

Display Settings

• Timezone: Sets the reference time for session starts.
• Lock ORB Timeframe: When enabled, uses a specific timeframe for range calculation regardless of the chart interval.
• Max Session Drawings: Controls the historical lookback for on-chart drawings.

Trade Visualization

• Show SL/TP Lines/Zones: Toggles the visibility of risk management levels.
• Highlight Breakout Candle: Changes the color of the candle that triggers the signal.
• Max Trade Bars: Determines how far trade lines extend into the future.

Trade Settings

• Risk:Reward Ratio: Sets the multiplier for the TP level relative to the SL.
• Max Breakouts: Limits the number of trade signals allowed per session (1-4).
• Stop Loss Mode: Choose between placing SL at the "ORB Level" (Session High/Low) or the "Breakout Candle" extreme.

ORB Session

• Session Inputs: Customize start/end times and colors for Asia, London, and NY.
• Tracking Hours: Defines the window of time after the ORB where breakouts are valid.

FAQ

How do I use the ORB Session Breakout for scalping?

For scalping, users typically set shorter tracking hours (1-2 hours) and a tighter Risk:Reward ratio (1.0-1.5), often using the "Breakout Candle" stop loss mode for closer risk management.

Can this be used on futures markets?

Yes, the indicator includes logic specifically for futures markets where session starts might coincide with market opens after a daily close, ensuring range detection is accurate.

How can I access ORB Session Breakout?

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