ORB Breakouts with alerts

The ORB Breakouts with alerts indicator identifies and visualizes Opening Range Breakout (ORB) setups during a user-defined intraday time window. This tool helps traders detect price consolidation ranges and receive notifications when price action breaks above or below the session high and low.

Usage

The indicator is used to automate the identification of the opening range, which is often used by intraday traders to set the tone for the trading session. Once the user-defined time window (e.g., the first 15 or 30 minutes of the market open) concludes, the script plots a shaded box representing the high and low of that period.

Traders can use the visual "BUY" and "SELL" labels to identify potential breakout directions. The tool also includes buffer lines and multiple Take Profit (TP) levels based on the range size, allowing for more precise trade planning.

Details

The script functions by tracking the highest high and lowest low specifically within the start and end times provided in the settings. After the session period expires, it fixes these levels and begins monitoring for price crosses. To reduce false signals and noise, the built-in alert system is designed to trigger only once per direction per trading day. The inclusion of a timezone offset ensures that the session times can be accurately aligned with the user's local market hours regardless of the exchange's base time.

Settings

Time & Style

• Start Hour (24h) / Start Minute: Defines the beginning of the opening range calculation.
• End Hour (24h) / End Minute: Defines the conclusion of the opening range calculation.
• Timezone Offset: Adjusts the session time to match local time relative to UTC.
• Highlight & Box Colors: Customizes the visual appearance of the opening range area.
• Line Length: Determines how many bars the session high/low lines extend forward.

Levels & Buffers

• Middle Lines (1 & 2): Plots customizable percentage levels (e.g., 50% or 75%) within the range.
• Buffer Lines: Adds a secondary line at a specific pip/tick distance from the range extremes to filter out minor fakeouts.

Take Profit & Labels

• BUY/SELL TP Settings: Allows users to enable up to three TP levels for each direction, with customizable percentage distances and line styles.
• TP Label Options: Controls the positioning and visibility of profit target labels.
• Buy/Sell Label Position: Toggles the "BUY" and "SELL" text markers to the left or right of the range.

FAQ

• How do I access ORB Breakouts with alerts? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
• Can I change the session time for different markets? Yes, the Start and End hour/minute settings allow you to define any specific window, such as the London Open or the New York NYSE Open.
• Why are there multiple Take Profit lines? The TP lines are calculated as a percentage of the opening range's height, providing automated targets based on market volatility during the session.