15-Min ORB Indicator with Breakout Targets

The 15-Min ORB Indicator with Breakout Targets tool automatically identifies the high and low of the first 15 minutes of a trading session and projects dynamic profit targets upon a breakout.

Usage

The 15-Min ORB Indicator with Breakout Targets can be used to identify intraday breakout opportunities. After the first 15 minutes of your specified session start time, the script plots horizontal lines representing the range high and low.

When the price closes above the 15-minute high, it signals a potential long breakout, and the script projects two take-profit levels (TP1 and TP2). Conversely, a close below the 15-minute low signals a potential short breakout. These targets are calculated based on the distance between the breakout point and the opposite side of the range, modified by your chosen multipliers.

Example usage scenarios include:

• Intraday Breakouts: Trading the initial momentum of a session open, such as the 9:30 AM US market open.
• Risk Management: Using the auto-plotted TP levels to plan risk-to-reward ratios for every trade.
• Volatility Measurement: Visualizing how far price expands beyond the initial range to gauge market strength.

Details

The script operates by tracking the highest high and lowest low during a 15-minute window starting from the user-defined hour and minute.

Key technical aspects include:

• Dynamic Targets: Unlike static pivots, these targets adapt to the actual volatility of the opening range. The "distOut" variable measures the range depth to scale TP1 and TP2 according to the "Expansion-Multiple" inputs.
• Session Reset: All lines and labels are reset at midnight to ensure the chart remains clean for the next trading day.
• Alert Integration: The script includes alert conditions for range breakouts and when price reaches the projected profit targets.

Settings

15-Minute Range

• Display 15-Minute Range: Toggles the visibility of the opening range lines.
• Show 15-Minute Labels: Toggles the text labels for the range high and low prices.
• Range Start Hour/Minute: Defines the exact time the session begins (e.g., 9 for hour and 30 for minute).
• 15-Minute Range Color/Style: Customizes the visual appearance of the range boundary lines.

Targets

• TP1/TP2 Expansion-Multiple: Sets the multiplier used to calculate profit targets based on the range size.
• Show TP Level/Label: Individual toggles for the visibility of the target lines and their respective price labels.
• TP Label Color/Style: Customizes the aesthetics of the profit target projections.

Labels

• Labels Position: Determines if labels appear on the left or right side of the lines.

FAQ

How do I access 15-Min ORB Indicator with Breakout 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 opening range duration?

The script is hardcoded for a 15-minute opening range starting from your chosen session start time. To change the duration, the underlying logic for the inRange variable would need adjustment.

Does this work on all symbols?

Yes, the indicator can be applied to any symbol (Stocks, Forex, Futures, Crypto). You simply need to adjust the "Range Start" settings to match the specific market open of the instrument you are trading.