ORB - Alerts, VWAP and MACD Checks, Extended Fib Levels

The ORB - Alerts, VWAP and MACD Checks, Extended Fib Levels indicator provides a comprehensive toolkit for trading the Opening Range Breakout (ORB) strategy with integrated momentum filters and target levels. By defining a clear trading range at the market open, this tool helps traders identify potential breakout opportunities while using VWAP and MACD as confluence filters to improve trade quality.

Usage

The Usage section highlights the core functionality of the breakout system and its secondary filters:

• ORB Identification: The script automatically calculates the high and low of the initial opening period. This range is shaded on the chart, providing a clear visual boundary for potential long or short entries.
• Momentum Filtering: Users can toggle VWAP and MACD filters. If enabled, long signals only trigger when price is above VWAP and MACD momentum is bullish (MACD line above 0 and the signal line). Conversely, short signals require price to be below VWAP with bearish MACD momentum.
• Targeting: Once a breakout is confirmed, the script plots Fibonacci extension levels (127.2%, 161.8%, 200%, 261.8%, 423.6%, and 685.4%) to act as objective take-profit zones or areas of potential trend exhaustion.
• Position Sizing: For futures and stock traders, the script includes a built-in sizing calculator based on a user-defined dollar risk and the ORB midpoint or opposite boundary as a stop loss.

Details

The script is designed for flexibility across different market types. In "Stocks/Futures" mode, it defaults to the New York session (09:30–16:00), while "Crypto" mode utilizes a 24-hour UTC cycle. It features a "Next-Bar Confirmation" logic that can be enabled to require the following candle to close beyond the ORB level or follow a specific Stochastic direction before firing a signal. This helps reduce "fakeouts" often seen during volatile market opens.

Settings

Core Settings

• Market Mode: Select between Stocks/Futures or Crypto to adjust session hours and timezone logic.
• VWAP/MACD Filter: Toggles that enforce trend and momentum alignment before a breakout signal is valid.
• ORB Timeframe: Choose to use the chart's timeframe or a fixed timeframe (e.g., 5m, 15m) for the opening range calculation.

Risk & Sizing

• Risk per trade ($): The dollar amount you are willing to lose, used to calculate recommended quantity.
• Stop Loss reference: Determines whether the stop is placed at the ORB 50% midpoint or the opposite side of the range.

Visuals & Alerts

• Fibonacci/Target Lines: Toggle visibility for extension levels and midpoint markers.
• Alerts: Configure alerts to fire only during specific sessions or based on filtered breakout conditions.

FAQ

How do I interpret the shaded area on my chart? The shaded area represents the Opening Range. A breakout occurs when price closes or moves significantly outside these boundaries, depending on your confirmation settings.

Can I use this for premarket analysis? Yes, the script includes an option to show Premarket High/Low levels for Stocks and Futures, allowing you to see how the opening range interacts with overnight price action.

How can I access the ORB - Alerts, VWAP and MACD Checks, Extended Fib Levels? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.