ORB 369 - Opening Range Breakout

The ORB 369 - Opening Range Breakout indicator identifies high-probability trading opportunities by defining a precise 15-minute price range at the New York market open and monitoring for confirmed candle closes outside of this boundary.

Usage

The ORB 369 - Opening Range Breakout script is designed to capture volatility during the initial phase of the trading session. Traders should observe the following steps:

• Establish the Range: The indicator automatically tracks the high and low of the first 15 minutes (9:30–9:45 AM EST). This "Battlefield" serves as the primary reference for the trading day.
• Monitor the Midpoint: The midpoint (Mean) of the range acts as a "line in the sand." Price action consistently holding above the midpoint suggests a bullish bias, while price holding below suggests a bearish bias.
• Identify Breakouts: A valid signal occurs when a 5-minute candle closes entirely outside the range. The script changes the bar color (defaulting to Blue/Green for bullish and Red for bearish) and plots a triangle shape to indicate a confirmed breakout.
• Confluence with S/D: If the Supply & Demand feature is enabled, the script highlights internal zones within the range. A bounce off a demand zone followed by an upward breakout provides a higher-probability long entry.

Details

The script utilizes high-precision time-tracking anchored to the "America/New_York" timezone, ensuring the opening range is consistent regardless of the user's local chart settings.

The logic focuses on "369" principles, specifically targeting the 15-minute window (the completion of three 5-minute cycles). Unlike standard range scripts, this tool uses Closing Logic for breakouts to prevent "wick" fakeouts. It also includes "Re-entry" alert logic to notify traders if the price fails to sustain a breakout and moves back inside the established range.

Settings

ORB Settings

• ORB Time Session (NY Time): Defines the time window used to calculate the range (default is 09:30–09:45).
• Timezone: Sets the reference timezone for session anchoring.

Style & Colors

• Bullish Breakout Color: Sets the color for candles and shapes during a bullish breakout.
• Bearish Breakout Color: Sets the color for candles and shapes during a bearish breakout.
• Range Border Color: Adjusts the appearance of the upper and lower range boundaries.
• Midline Color: Adjusts the appearance of the range's midpoint line.

Supply & Demand

• Detect S/D inside ORB?: Toggles the detection of internal supply and demand zones based on candle micro-structure.
• S/D Zone Color: Sets the background color for detected S/D boxes.

FAQ

How can I access ORB 369 - Opening Range Breakout? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

On which timeframe should I use this indicator? While the range is set on a 15-minute basis, the breakout logic is optimized for the 5-minute timeframe to capture confirmed candle closes.

Does this indicator work on assets other than US Equities? Yes, but the session time may need to be adjusted in the settings to match the specific market open of the asset being traded.