Opening Range Breakout with Price Targets

The Opening Range Breakout with Price Targets indicator identifies the high and low prices established during a user-defined opening period to project potential breakout levels and profit targets.

Usage

This tool is used to identify the initial balance of the market, which often sets the tone for the trading day. Traders can use the shaded ORB box to visualize the range and monitor for breakouts above the high or below the low.

Key usage scenarios include:

• Breakout Identification: Watch for price closing outside the ORB box to signal potential momentum.
• Trend Targets: Use the "Default" price targets (50%, 100%, 150% of the range) or "Fib" targets to identify areas for profit-taking or trend exhaustion.
• Support/Resistance: The mid-point and mid-high/low lines within the range often act as intraday pivot zones for stop losses or re-entries.

Details

The script calculates the highest high and lowest low during a specific session time (e.g., the first 15 minutes of the New York open). Once the session ends, it locks these values and projects horizontal lines across the chart. The tool includes logic for different market types (24x5 for equities or 24x7 for crypto/futures) to ensure the opening range is captured accurately regardless of the asset class.

Settings

Session

• Opening Range Time: Defines the start and end time for the range calculation.
• Enable Premarket Support: Allows the range to be calculated during pre-market hours.
• Opening Range Timezone: Sets the timezone for the session inputs.
• Market Type: Switches between 24x5 (standard markets) and 24x7 (crypto) logic.

Display Lines

• Show ORB During RTH Only: Limits the visibility of the lines to regular trading hours.
• Show ORB labels: Controls the display of text labels (default, short, or none).
• Show ORB ranges on previous days: Toggles historical range visibility.
• Price Target Type: Selects between standard percentage extensions (50%, 100%) or Fibonacci extensions (23.6%, 61.8%, etc.).

ORB Box

• Box border size: Adjusts the thickness of the range box perimeter.
• Shade the ORB Range: Toggles the background fill of the opening range.
• Shaded ORB Range Color: Customizes the background color of the range.

FAQ

How do I access Opening Range Breakout with Price Targets?

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

Can I change the length of the opening range?

Yes, you can modify the "Opening Range Time" in the Session settings to any duration, such as 5, 15, or 30 minutes.

Does this work on cryptocurrency?

Yes, by setting the "Market Type" to 24x7 in the settings, the indicator will correctly process weekend and around-the-clock price data.