ORB - Opening Range Breakout + Alerts

The ORB - Opening Range Breakout + Alerts indicator identifies the high and low price levels established during the initial period of the trading session to detect potential breakout opportunities.

Usage

The Opening Range Breakout (ORB) strategy is a widely used method for identifying market direction and momentum early in the trading day. Traders can use this tool to define a specific duration (e.g., the first 15 or 30 minutes of the New York session) and monitor price action relative to those boundaries.

• Bullish Scenario: A sustained close above the range high can signal a potential long entry.
• Bearish Scenario: A sustained close below the range low can signal a potential short entry.
• Visual Cues: The tool automatically draws horizontal rays and an optional background fill to clearly mark the support and resistance established by the opening range.

Details

The script calculates the session start based on the New York market open (09:30 AM). It tracks the maximum and minimum price levels reached within the user-defined Opening Range Duration.

A unique feature of this implementation is the specific optimization for the 5-minute timeframe. While the range can be calculated from any timeframe, the breakout signals and alerts are designed to trigger based on 5-minute bar closes crossing the established boundaries, providing a standardized approach to confirmed breakouts.

Settings

• Opening Range Duration (Minutes): Determines the length of time (from market open) used to define the high and low levels.
• Show Breakout Alerts: Enables or disables the visual "LONG" and "SHORT" labels on the chart and the triggering of alert notifications.
• Show Price Labels on Scale: Displays the numerical price values for the range high and low on the price axis.
• Show Range Fill: Toggles the background shading between the high and low levels.
• Visual Customization: Users can independently adjust the color and line thickness for both the Range High and Range Low levels, as well as the background fill color.

FAQ

How do I access ORB - Opening Range Breakout + Alerts?

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

Why don't I see signals on the 1-minute or 15-minute timeframe?

The breakout signals and labels in this specific script are optimized for the 5-minute timeframe to ensure consistency in breakout confirmation.

Can I change the session start time?

This version is hardcoded to the New York session open (09:30); however, you can adjust the duration of the range from that starting point via the settings menu.