Opening Range Breakout

The Opening Range Breakout indicator identifies the high and low price levels established during a user-defined initial period of the trading session to help traders spot potential breakout opportunities.

Usage

The tool is primarily used by day traders to establish the initial boundaries of a trading session. Once the specified duration (e.g., 5 minutes or 15 minutes) has passed, the script plots horizontal lines representing the high and low of that period.

Traders typically look for:

• Bullish Breakouts: A candle close above the opening range high.
• Bearish Breakouts: A candle close below the opening range low.
• No Trade Zones: The area between the high and low lines can be filled to visually represent a consolidation zone where trading may be avoided until a clear breakout occurs.

Details

The script calculates the range by scanning lower timeframe data to ensure precision. It supports multiple global sessions, including US RTH, London, Tokyo, and Sydney. The indicator automatically handles Daylight Savings Time (DST) for relevant sessions to ensure the range begins exactly at the market open. To keep the chart clean, it includes a session history management feature that limits the number of historical ranges displayed.

Settings

Main Settings

• Opening Range Duration: Select the lookback period for the range (30s, 1m, 2m, 5m, 10m, or 15m).
• Number of Previous Sessions to Display: Controls how many past session ranges remain visible on the chart.
• Enable Midpoint Line: Toggles a line representing the 50% retracement level of the opening range.

Visuals

• Line Transparency/Style: Customize the look of the range boundaries (Solid, Dashed, or Dotted).
• Enable No Trade Zone: Toggles a background color fill between the high and low lines.

Session Selection

• Enable Session (US RTH, NY, London, etc.): Choose which specific market sessions to track.
• Session Colors: Individual color pickers for the lines and no-trade zone fills for each major market.

FAQ

How do I use the Opening Range Breakout?

You can use it to identify the initial volatility of a session and wait for a price breakout or retest of the high/low levels.

Can I track multiple sessions at once?

Yes, you can enable US RTH, London, Tokyo, and Sydney sessions simultaneously, each with its own color coding.

How do I get access?

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