ORB - Opening Range Breakout

The ORB - Opening Range Breakout indicator identifies and projects the high and low price levels of a specific opening time period to help traders identify potential volatility expansion and trend direction. This tool is designed to automate the detection of initial market ranges, providing clear horizontal support and resistance levels based on early session price action.

Usage

The Usage section describes how the script can be used to define key intraday levels. Traders typically use the Opening Range Breakout (ORB) to identify "breakout" or "mean reversion" opportunities once the initial range is established.

• Breakout Trading: If the price closes above the projected ORB High, it is often interpreted as a bullish signal. Conversely, a close below the ORB Low is interpreted as a bearish signal.
• Timeframe Filtering: The indicator is designed to display only on timeframes equal to or lower than the defined range duration to ensure visual clarity and relevance.
• Custom Sessions: Users can define the specific start and end time for the range (e.g., the first 5, 15, or 30 minutes of the New York or London open) to align with their specific trading strategy or asset class.

Details

The script executes by tracking the highest high and lowest low during a user-defined session string. Once the session ends, the final high and low values are stored and extended forward across the remainder of the trading day.

The logic utilizes the time() function to determine session membership. During the defined "Session Time," the script dynamically updates the orbHigh and orbLow variables. Once the session concludes, these variables remain static, creating horizontal lines. The script also includes built-in alert conditions for price crossovers and crossunders of these levels, facilitating automated notifications when a breakout occurs.

Settings

• ORB total time (minutes): Sets the maximum timeframe multiplier on which the indicator will be visible. For example, if set to 5, the levels will not appear on the 10-minute or hourly charts.
• Session Time: Defines the exact start and end time for the opening range calculation (formatted as HHMM-HHMM).

FAQ

How do I adjust the range for different markets? You can modify the "Session Time" input to match the opening minutes of your specific exchange, such as "0930-0945" for the first 15 minutes of the NYSE.

Why are the lines not appearing on my daily chart? The indicator is restricted by the "ORB total time" setting. If the chart timeframe is higher than this value, the lines are hidden to prevent misleading technical analysis on higher periodicities.

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