ORB + Key Session Levels Strategy +SL

The ORB + Key Session Levels Strategy tool provides a comprehensive framework for trading the opening range breakout alongside critical session levels and institutional concepts. It is designed to capture volatility during market opens while filtering trades through key higher timeframe biases and session highs/lows.

Usage

The strategy primarily functions by identifying the Opening Range (ORB) and executing trades based on price action around these boundaries. Users can choose from three entry modes:

• Breakout: Enters a position as soon as a candle closes outside the ORB high or low.
• Retest Zone: Waits for a breakout, followed by a price retest of the broken level before entering.
• Retest Midpoint: Waits for a breakout and a deeper retest toward the ORB midline.

The strategy includes a multi-tier Take Profit (TP) system. A key feature is the "Move SL to BE" setting, which automatically shifts the Stop Loss to the entry price once the first profit target is achieved, securing the trade against reversals.

Details

This tool incorporates several institutional trading concepts to provide context for the ORB signals:

• Session Levels: Automatically plots highs and lows for Asian and London sessions, which often act as magnets or reversal points.
• Fair Value Gaps (FVG): Detects imbalances in price action to identify potential areas of interest for entries or targets.
• Higher Timeframe Dashboard: Monitors market structure across two customizable higher timeframes to ensure trades align with the broader trend.
• Opening Range Customization: Users can define the ORB duration (e.g., 5, 15, or 30 minutes) and specific start times to match various global market opens.

Settings

Opening Range

• Show ORB: Toggles the visibility of the opening range box and levels.
• Start Time / Duration: Defines when the opening range begins and how long it lasts.
• Show Midline: Displays the 50% level of the opening range.

Trade Signals

• Entry Mode: Selects between Breakout, Retest Zone, or Retest Midpoint logic.
• Stop Loss Method: Choose between Midpoint, Opposite Side, or Fixed Points for risk management.
• TP R:R & Qty: Sets the Risk/Reward ratio and contract size for three separate take-profit levels.
• Move SL to BE: Enables automatic break-even adjustments after TP1 is hit.

Session & Market Structure

• Session Mode: Switches between high-activity "Kill Zones" or "Full Sessions" for Asian and London hours.
• Show PDH/PDL: Displays the Previous Day's High and Low.
• Show FVGs: Enables the detection and plotting of Fair Value Gaps with optional mitigation logic.
• Dashboard: Configures the Higher Timeframe bias table position and size.

FAQ

How do I access the ORB + Key Session Levels Strategy?

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

Can I use this for both Stocks and Forex?

Yes, the session times and ORB settings are fully customizable, allowing you to adapt the strategy to the 9:30 AM ET equity open or various FX session starts.

What happens if the retest never occurs in Retest Mode?

The strategy includes a "Retest Timeout" setting. If the price does not return to the level within the specified number of bars, the signal is invalidated to prevent taking stale setups.