OBR 15min Session Opening Range Breakout + Volume Trend Delta

The OBR 15min Session Opening Range Breakout + Volume Trend Delta indicator identifies key intraday breakout zones by capturing the high and low of the initial 15 minutes of the London and New York sessions while providing volume delta for trend confirmation.

Usage

The Usage section focuses on identifying breakout opportunities during major market sessions and validating those moves with volume metrics.

• ORB Breakouts: After the first 15 minutes of a session (London or New York), the tool plots a shaded range. A candle closing above the high signal a potential bullish breakout, while a close below the low suggests a bearish breakout.
• Trend Confirmation: Use the Volume Trend Delta table to assess the strength of a breakout. A positive delta percentage indicates dominant buying volume, providing higher conviction for long positions. Conversely, a negative delta confirms selling pressure for shorts.
• Support & Resistance: Previous daily and 4-hour levels are automatically plotted to help traders identify logical take-profit areas or areas where a breakout might face exhaustion.

Details

This tool combines session-based price action with dynamic volume analysis. The "Volume Trend Delta" utilizes a Chande Momentum Oscillator (CMO) weighted moving average and ATR bands to establish the current trend state. Once a trend is defined, the script accumulates bullish and bearish volume to calculate a real-time delta ratio. This allows traders to see if market participation supports the current price direction.

Settings

Session ORB Settings

• ORB Duration (minutes): Defines the time window used to establish the opening range (default is 15 minutes).
• Session Times: Customizable UTC inputs for the London and New York opening ranges and full session durations.
• ORB Colors: Adjustable fill colors for the London and New York ranges.

Previous Levels

• Show Previous Daily: Toggles the display of the prior day's High, Low, and Open.
• Show Previous 4H: Toggles the display of the previous 4-hour High and Low levels.

Trend Volume Delta

• Trend Period: Determines the sensitivity of the moving average used for trend detection.
• Momentum Window: Sets the lookback period for the CMO calculation.
• Band Multiplier: Adjusts the width of the ATR bands that trigger trend shifts.

Table Settings

• Table Side: Positions the volume delta info box in different corners of the chart.
• Table Size: Adjusts the font size of the volume data.

FAQ

How do I access OBR 15min Session Opening Range Breakout + Volume Trend Delta?

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

Can I change the session times to match my local time zone?

Yes, the session inputs use UTC by default, but you can adjust the "London ORB Time" and "New York ORB Time" in the settings to match any specific market opening you wish to track.

Does this indicator work on all timeframes?

The script is optimized for intraday timeframes (e.g., 1m, 5m, 15m). On higher timeframes, the session range may not be visible if the timeframe exceeds the ORB duration setting.