Opening Range Breakout (ORB)

The Opening Range Breakout (ORB) indicator identifies the initial price range of the trading day and provides signals when price breaks above or below these boundaries, helping traders capture momentum during the market's most volatile periods.

Usage

The tool is designed for day trading, specifically optimized for the 5-minute timeframe on stocks, ETFs, and options. It automatically calculates the high and low of the first 30 minutes of the New York trading session (9:30 AM to 10:00 AM EST).

• Buy Signal: Triggered when the price closes above the established 30-minute opening high.
• Sell Signal: Triggered when the price closes below the established 30-minute opening low.

Traders can use the plotted green (High) and red (Low) lines as dynamic support and resistance levels throughout the remainder of the session.

Details

The script tracks price action during the designated opening period and locks in the high and low values once the session window closes. It includes internal logic to filter signals, requiring a clean crossover for the initial breakout. The script resets these values at the start of every new trading day to ensure the range is always current. It uses clear visual labels ("BUY" and "SELL") and integrated alert functionality to notify users of breakouts in real-time.

Settings

As this specific version uses hardcoded session times for the NYSE open, there are no manual inputs required for the standard 30-minute breakout.

• Opening High Plot: Displays a green line representing the highest price reached during the first 30 minutes of trading.
• Opening Low Plot: Displays a red line representing the lowest price reached during the first 30 minutes of trading.

FAQ

How do I access Opening Range Breakout (ORB)?

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

Which timeframe is best for this indicator?

While the script can function on various intraday periods, it is best utilized on a 5-minute chart to balance noise reduction with timely entry signals.

Does this work on Forex or Crypto?

The current logic is specifically tuned to the NYSE market open (9:30 AM EST). While it can be applied to any ticker, the range calculation is most relevant for assets that follow the US equity market session times.