ORB High Low + Dynamic Targets |CPR, VWAP, RVOL & Smart Breakout
# ORB High Low + Dynamic Targets | CPR, VWAP, RVOL & Smart Breakout Filters
## 1. Overview
**ORB High Low + Dynamic Targets** is a configurable intraday breakout indicator designed to identify potential opening-range breakouts, breakdowns, and important price levels.
The indicator combines Opening Range Breakout (ORB) logic with dynamic target calculations, previous-day high/low levels, current-day high/low, weekly and monthly extremes, Central Pivot Range (CPR), intraday VWAP, daily Relative Volume (RVOL), and multiple breakout-quality filters.
It also includes configurable alert conditions for the original ORB signals and for breakouts of 15-minute, 30-minute, 45-minute, and 1-hour opening windows.
The purpose is to help traders organise their intraday analysis, identify potential breakout opportunities, assess liquidity and volatility conditions, and plan possible target zones.
**This is an indicator, not an automated trading strategy.** It does not execute orders or guarantee profitable trades.
---
## 2. Key Features
- Opening Range Breakout and breakdown detection
- TradingView daily-session mode for instruments such as XAUUSD
- Optional NSE session mode (09:15–15:30 IST)
- First 15-minute high/low reference range
- Optional current session high/low reference after the opening range
- Dynamic targets using range multiples or ATR multiples
- Previous Day High (PDH) and Previous Day Low (PDL)
- Today's High (TDH) and Today's Low (TDL)
- Week High (WH) and Week Low (WL)
- Month High (MH) and Month Low (ML)
- Optional Central Pivot Range (CPR)
- Intraday VWAP
- Latest daily RVOL table and average daily volume
- Configurable liquidity and volatility filters
- Optional beta threshold filter with benchmark selection
- 15-, 30-, 45-, and 60-minute opening-window breakout alerts
- Optional failed-breakout re-arm logic
- Configurable line visibility, colours, labels, and table position
---
## 3. Opening Range Breakout (ORB)
The Opening Range is based on the high and low of the first 15-minute candle obtained from TradingView's 15-minute data.
- **Opening Range High:** High of the first 15-minute candle.
- **Opening Range Low:** Low of the first 15-minute candle.
- **Opening Range Width:** High minus low.
After the first 15 minutes, the indicator can monitor price breaking above the opening high or below the opening low.
### Bullish breakout
A potential bullish breakout occurs when price moves above the opening-range high.
With **Candle Close** confirmation, the current candle must close above the reference level while the previous candle's close was at or below it.
With **Wick** confirmation, a candle's high must move above the reference level.
### Bearish breakdown
A potential bearish breakdown occurs when price moves below the opening-range low.
With **Candle Close** confirmation, the current candle must close below the reference level while the previous candle's close was at or above it.
With **Wick** confirmation, a candle's low must move below the reference level.
The original ORB logic tracks whether a bullish breakout or bearish breakdown has already occurred during the session, helping prevent repeated original signals in the same direction.
### Choosing the breakout mode
**Candle Close:** More conservative confirmation. It waits for a closing price beyond the level when close confirmation is enabled.
**Wick:** More responsive, but susceptible to false breakouts and brief intrabar moves.
A wick beyond a level is not proof of sustained buying or selling. Traders should assess market structure, nearby resistance or support, volatility, and the risk-to-reward available.
---
## 4. Session Source and Instrument Compatibility
Under **Opening Range / Session**, the indicator offers two session-source options.
### TradingView Daily Session
This mode uses the change in TradingView's daily timeframe as the session boundary. It is intended for instruments whose daily candle boundaries differ from the NSE cash-market session, including XAUUSD and other non-NSE symbols.
### NSE Session (09:15–15:30 IST)
This mode uses the NSE cash-market session window in Asia/Kolkata time.
It is intended for Indian-market intraday analysis where the session begins at 09:15 IST.
**Important:** The selected session source affects how the indicator identifies the session start and opening window. Verify the behaviour on your symbol and chart timeframe, particularly for markets with different trading hours, overnight sessions, holidays, or exchange-specific daily candle boundaries.
---
## 5. Reference Level Selection
The indicator offers an option called **Use Day High/Low After Opening Range**.
### When disabled
The indicator uses the first 15-minute candle's high and low as the reference levels for the original ORB breakout logic.
### When enabled
After the first 15 minutes, the indicator uses its current session high/low variables as the active reference range. The original breakout conditions compare price against the previous-day high and low in this mode.
This setting therefore changes both the reference levels used for drawing and the levels used by the original breakout logic. Read the setting carefully before using the resulting signals.
---
## 6. Dynamic Target Calculation
After a potential breakout or breakdown, the indicator can calculate three target levels.
The target method is configurable.
### Method A: Range Multiple
The target distance is based on the active reference range.
**Target distance = Active range × selected target multiple**
For a bullish breakout:
- T1 = Active High + target distance × T1 multiple
- T2 = Active High + target distance × T2 multiple
- T3 = Active High + target distance × T3 multiple
For a bearish breakdown:
- T1 = Active Low − target distance × T1 multiple
- T2 = Active Low − target distance × T2 multiple
- T3 = Active Low − target distance × T3 multiple
Default target multiples are 0.5, 1.0, and 1.5.
### Method B: ATR Multiple
The target distance is based on the Average True Range (ATR).
**Target distance = ATR × ATR multiplier**
The ATR length defaults to 14, and the ATR multiplier defaults to 1.0. The target multiples are then applied to that distance.
### How to interpret targets
The target lines are potential projection levels, not guaranteed profit-taking points.
Before entering, consider whether the next target is blocked by a previous-day level, weekly or monthly extreme, CPR boundary, or another important support/resistance area.
The indicator does not calculate a stop-loss price or position size automatically. Traders should define both before entering a trade.
---
## 7. Key Intraday Levels
The **Key Intraday Levels** section lets users independently show or hide important price references.
| Abbreviation | Meaning |
|---|---|
| PDH | Previous Day High |
| PDL | Previous Day Low |
| TDH | Today's High |
| TDL | Today's Low |
| WH | Week High |
| WL | Week Low |
| MH | Month High |
| ML | Month Low |
A master switch controls all key levels. Individual switches control each level, while another setting controls the visibility of their labels.
Line width and level colours can also be customised.
### How to use the levels
- **PDH/PDL:** Watch for price acceptance, rejection, or a breakout beyond the previous day's range.
- **TDH/TDL:** Monitor intraday extremes and potential range expansion.
- **WH/WL:** Assess whether price is approaching the current week's extremes.
- **MH/ML:** Identify broader reference levels that may influence intraday price action.
When several levels overlap or lie very close together, their labels are vertically separated for readability while the horizontal lines remain at their calculated price levels.
These levels are reference points, not guaranteed support or resistance.
---
## 8. Central Pivot Range (CPR)
The CPR is optional and is disabled by default.
It uses the previous completed daily candle's high, low, and close to calculate three levels:
**Pivot (P)**
P = (Previous High + Previous Low + Previous Close) / 3
**Bottom CPR (BC)**
BC = (Previous High + Previous Low) / 2
**Top CPR (TC)**
TC = 2 × P − BC
The indicator plots the Pivot, Top CPR, and Bottom CPR as step lines. Users can enable or disable CPR and customise each line's colour and width.
### Practical use
- Price holding above the CPR may support a bullish interpretation.
- Price holding below the CPR may support a bearish interpretation.
- Repeated movement through the CPR may indicate a less directional market.
- A CPR breakout or retest can be evaluated alongside the opening range and VWAP.
These are interpretive guidelines, not entry conditions built into the original ORB logic. CPR does not independently trigger the original breakout signals.
---
## 9. Intraday VWAP
The indicator calculates and plots VWAP using the chart's price and volume data. Its visibility and colour can be configured.
VWAP can provide an additional reference for intraday price positioning.
### Practical interpretation
- Price above VWAP may support a bullish intraday view.
- Price below VWAP may support a bearish intraday view.
- Repeated crossings can suggest choppy price action.
- A breakout occurring on the favourable side of VWAP may provide additional context.
The script also includes options to require favourable price positioning relative to VWAP and to require VWAP alignment for certain alerts.
These settings are separate from the simple existence of the VWAP line. Review the relevant filter switches to understand which alerts are gated by VWAP.
---
## 10. Latest Daily Relative Volume (RVOL) Table
The RVOL table provides a daily-volume comparison.
It displays:
- Latest daily session date
- Average daily volume over a configurable number of previous completed daily bars
- Current daily RVOL
- Volume status
The default average-volume lookback is 20 days. The high-RVOL threshold defaults to 1.5×.
### RVOL calculation
**Daily RVOL = Current Daily Volume / Average Previous Daily Volume**
For example, if current daily volume is 1.8 times the average of the previous 20 completed daily bars, the current RVOL is 1.8×.
The table classifies RVOL as:
- **High RVOL:** At or above the configured threshold.
- **Normal activity:** At least 1.0× but below the high-RVOL threshold.
- **Below threshold:** Below 1.0×.
### How to use RVOL
A higher RVOL reading indicates that current daily volume is elevated relative to the historical baseline. It can help traders assess participation, but it does not confirm breakout direction.
**Note:** During an unfinished daily session, current daily volume is still accumulating. Its RVOL reading may change as the session progresses. The meaning of volume also varies across equities, futures, forex, and CFD feeds.
---
## 11. Mentor-Style Breakout Filters
The indicator includes configurable filters intended to screen potential breakout alerts for market quality, liquidity, volatility, and price extension.
These filters are adjustable rather than universal requirements. Their effectiveness depends on the instrument, timeframe, and market conditions.
### A. General / Liquidity
Settings include:
- Maximum number of flat-bodied dashed bars allowed
- Minimum 5-day average volume
- Minimum 5-day average turnover
- Minimum net buy/sell threshold
- Option to block breakouts after too many Marubozu candles
- Maximum allowed session Marubozu count
The script estimates net buy/sell pressure using candle direction and the position of the close within the candle's range. This is a price-and-volume proxy, not actual exchange order-flow or bid/ask delta data.
The liquidity filters use completed daily data for average volume and turnover where available.
### B. VWAP and Volatility Gates
Settings include:
- Require price above VWAP for bullish conditions and below VWAP for bearish conditions
- Show or hide the VWAP line
- Filter out low-volatility instruments
- Configure the intraday ATR lookback
- Set minimum ATR as a percentage of price
These settings can help exclude instruments with limited movement or breakouts that do not align with the chosen VWAP condition.
### C. Beta Filter Configuration
The optional beta gate compares daily returns with a selected benchmark.
Available benchmarks include:
- NIFTY 50
- NIFTY BANK
- NIFTY FIN SERVICE
- SENSEX
- Custom symbol
Users can configure the beta lookback period and minimum beta threshold.
Beta is an approximate historical sensitivity measure, not a prediction of future performance. It can be unstable across market regimes, and it is most meaningful when the stock and benchmark have sufficient reliable data.
### D. Exhaustion and Overextension Filters
The available controls include:
- Filter an extended run-up from the session low before a bullish breakout
- Configure the maximum permitted run-up
- Filter price that is too far from VWAP
- Set the maximum VWAP stretch
- Avoid alerts when the first 15-minute range is too large
- Optionally filter an overextended 1-hour range
- Require the 1-hour high to remain within a configurable distance of the earlier 45-minute high
These filters are designed to help users avoid certain late or extended breakout conditions.
They can also exclude valid trades. Test each setting separately instead of assuming that enabling every filter necessarily improves results.
### E. Alert Rules and Priority Toggles
The script provides controls for:
- Excluding BSE symbols from the cash-equity alert filter
- Requiring confirming NBS direction
- Requiring VWAP alignment
- Requiring volume relative to a moving average
- Configuring the volume moving-average length and multiplier
- Choosing intrabar or candle-close breakout confirmation
- Requiring minimum breakout candle range and body size
The alert filters are configurable, and the resulting signal frequency depends on which conditions are enabled.
---
## 12. Opening-Window Breakout Alerts
In addition to the original ORB signals, the indicator monitors four opening windows:
- 15-minute window
- 30-minute window
- 45-minute window
- 1-hour window
The high and low of each window are tracked from the start of the selected session.
Once a window has completed, price may trigger a potential breakout above its high or below its low. Users can independently enable or disable alerts for each window.
The mentor-style conditions are applied to these window alerts. The selected breakout mode determines whether the price break is evaluated intrabar or by candle close.
### Failed-breakout re-arm logic
The optional re-arm feature can reset bullish window-alert flags after specified failure conditions are met.
Its controls include:
- Enable or disable re-arming
- Minimum required distance below the session low for reset
- Number of consecutive bars below VWAP
The re-arm logic is intended to allow another bullish window alert after a sufficiently adverse move. It does not guarantee that the subsequent breakout will succeed.
---
## 13. How to Use the Indicator for Intraday Trading
### Step 1 — Choose the correct session
Select the TradingView daily-session mode or the NSE session mode according to the instrument and its trading hours.
Confirm that the first 15-minute candle and session boundaries match your intended market.
### Step 2 — Establish the opening range
Observe the first 15-minute high and low. Avoid treating the range itself as a signal before the opening window is complete.
### Step 3 — Identify nearby reference levels
Review PDH, PDL, today's high/low, weekly and monthly extremes, and CPR if enabled.
A breakout directly into a nearby resistance or support area may offer less room for a trade to develop.
### Step 4 — Check VWAP and participation
Review price relative to VWAP and the daily RVOL table. Consider whether volume is elevated relative to the historical baseline and whether the market is moving with sufficient volatility.
RVOL and VWAP are context tools, not proof that a breakout will continue.
### Step 5 — Wait for the breakout condition
Choose between candle-close and wick confirmation according to your trading plan. If you use mentor-style alerts, configure the filters and opening windows before relying on notifications.
### Step 6 — Assess the target levels
Choose the target method and inspect T1, T2, and T3. Consider whether important price levels may obstruct the projected path.
### Step 7 — Define risk before entering
Set an invalidation level and calculate your position size before placing a trade. Do not assume the indicator's target projections are stop-loss recommendations.
### Step 8 — Review results
Record each setup, filter configuration, entry method, target method, and outcome. Evaluate performance across different market conditions before making the indicator's filters more restrictive or more permissive.
---
## 14. Example: Bullish Intraday Breakout
Suppose a stock establishes its first 15-minute range.
1. The opening-range high becomes the breakout reference.
2. Price closes above the high under the selected confirmation rules.
3. VWAP, RVOL, and the enabled quality filters are checked.
4. The indicator calculates projected bullish targets.
5. The trader evaluates nearby resistance, the invalidation point, and the potential reward relative to risk before deciding whether to enter.
A bearish setup follows the reverse logic at the opening-range low.
This is an illustrative workflow, not evidence that the setup has a positive expectancy. False breakouts, slippage, and sudden market reversals remain possible.
---
## 15. Recommended Starting Configuration
A practical starting point for testing on intraday equity charts is:
- Session Source: NSE Session (09:15–15:30 IST)
- Opening Range: First 15-minute candle
- Breakout Confirmation: Candle Close
- Target Method: Range Multiple
- Target Multiples: 0.5, 1.0, and 1.5
- ATR Length: 14
- VWAP: Enabled
- CPR: Optional
- Key Levels: Enabled
- Daily RVOL Table: Enabled
- Original ORB Alerts: Enabled
- Mentor-style filters: Configure gradually and validate individually
For XAUUSD or other non-NSE instruments, select the appropriate TradingView daily-session mode and verify session boundaries on your data feed.
These are starting values, not universally optimal settings. Instrument characteristics and trading objectives differ.
---
## 16. Alert Setup
To create an alert:
1. Add the indicator to your chart.
2. Open TradingView's Create Alert dialog.
3. Select the indicator.
4. Choose the desired condition, such as a bullish ORB breakout, bearish ORB breakdown, a specific opening-window breakout, or any active-window breakout.
5. Select the desired alert frequency and notification method.
6. Test the configuration and confirm that alerts behave as expected on your chosen symbol and timeframe.
The indicator exposes alert conditions for the original ORB signals and the configured opening-window breakouts. Some conditions include mentor-style filters, while others are based on the original breakout logic.
Alerts notify you when their programmed conditions occur. They do not place orders or guarantee execution at the displayed price.
---
## 17. Important Limitations
- This indicator is a technical analysis tool, not an automated trading system.
- It does not guarantee profitable breakouts or targets.
- Opening-range definitions depend on session configuration, chart data, and timeframe.
- Wick-based breakouts can be especially susceptible to false moves.
- The active reference range changes when the day-high/low option is enabled.
- VWAP and volume readings depend on the underlying instrument and data feed.
- The NBS calculation is an approximate candle-based measure, not true order-flow data.
- The beta filter uses historical returns and may be unreliable with insufficient data or changing correlations.
- Filters may reduce false signals but can also eliminate valid setups.
- Projected targets are not stop-loss recommendations.
- The script does not independently calculate position sizing or portfolio risk.
Always test the indicator on your intended instruments and timeframes before using it with real capital.
---
## 18. Risk Disclaimer
This indicator is provided for educational and analytical purposes only. It does not constitute financial or investment advice or a recommendation to buy or sell any financial instrument.
Trading stocks, futures, forex, CFDs, and other leveraged instruments involves substantial risk. Past performance does not guarantee future results. Users are responsible for their own trading decisions, risk management, and compliance with applicable regulations.
**Use the indicator to structure your analysis—not as a substitute for independent judgement or a disciplined trading plan.**
## 1. Overview
**ORB High Low + Dynamic Targets** is a configurable intraday breakout indicator designed to identify potential opening-range breakouts, breakdowns, and important price levels.
The indicator combines Opening Range Breakout (ORB) logic with dynamic target calculations, previous-day high/low levels, current-day high/low, weekly and monthly extremes, Central Pivot Range (CPR), intraday VWAP, daily Relative Volume (RVOL), and multiple breakout-quality filters.
It also includes configurable alert conditions for the original ORB signals and for breakouts of 15-minute, 30-minute, 45-minute, and 1-hour opening windows.
The purpose is to help traders organise their intraday analysis, identify potential breakout opportunities, assess liquidity and volatility conditions, and plan possible target zones.
**This is an indicator, not an automated trading strategy.** It does not execute orders or guarantee profitable trades.
---
## 2. Key Features
- Opening Range Breakout and breakdown detection
- TradingView daily-session mode for instruments such as XAUUSD
- Optional NSE session mode (09:15–15:30 IST)
- First 15-minute high/low reference range
- Optional current session high/low reference after the opening range
- Dynamic targets using range multiples or ATR multiples
- Previous Day High (PDH) and Previous Day Low (PDL)
- Today's High (TDH) and Today's Low (TDL)
- Week High (WH) and Week Low (WL)
- Month High (MH) and Month Low (ML)
- Optional Central Pivot Range (CPR)
- Intraday VWAP
- Latest daily RVOL table and average daily volume
- Configurable liquidity and volatility filters
- Optional beta threshold filter with benchmark selection
- 15-, 30-, 45-, and 60-minute opening-window breakout alerts
- Optional failed-breakout re-arm logic
- Configurable line visibility, colours, labels, and table position
---
## 3. Opening Range Breakout (ORB)
The Opening Range is based on the high and low of the first 15-minute candle obtained from TradingView's 15-minute data.
- **Opening Range High:** High of the first 15-minute candle.
- **Opening Range Low:** Low of the first 15-minute candle.
- **Opening Range Width:** High minus low.
After the first 15 minutes, the indicator can monitor price breaking above the opening high or below the opening low.
### Bullish breakout
A potential bullish breakout occurs when price moves above the opening-range high.
With **Candle Close** confirmation, the current candle must close above the reference level while the previous candle's close was at or below it.
With **Wick** confirmation, a candle's high must move above the reference level.
### Bearish breakdown
A potential bearish breakdown occurs when price moves below the opening-range low.
With **Candle Close** confirmation, the current candle must close below the reference level while the previous candle's close was at or above it.
With **Wick** confirmation, a candle's low must move below the reference level.
The original ORB logic tracks whether a bullish breakout or bearish breakdown has already occurred during the session, helping prevent repeated original signals in the same direction.
### Choosing the breakout mode
**Candle Close:** More conservative confirmation. It waits for a closing price beyond the level when close confirmation is enabled.
**Wick:** More responsive, but susceptible to false breakouts and brief intrabar moves.
A wick beyond a level is not proof of sustained buying or selling. Traders should assess market structure, nearby resistance or support, volatility, and the risk-to-reward available.
---
## 4. Session Source and Instrument Compatibility
Under **Opening Range / Session**, the indicator offers two session-source options.
### TradingView Daily Session
This mode uses the change in TradingView's daily timeframe as the session boundary. It is intended for instruments whose daily candle boundaries differ from the NSE cash-market session, including XAUUSD and other non-NSE symbols.
### NSE Session (09:15–15:30 IST)
This mode uses the NSE cash-market session window in Asia/Kolkata time.
It is intended for Indian-market intraday analysis where the session begins at 09:15 IST.
**Important:** The selected session source affects how the indicator identifies the session start and opening window. Verify the behaviour on your symbol and chart timeframe, particularly for markets with different trading hours, overnight sessions, holidays, or exchange-specific daily candle boundaries.
---
## 5. Reference Level Selection
The indicator offers an option called **Use Day High/Low After Opening Range**.
### When disabled
The indicator uses the first 15-minute candle's high and low as the reference levels for the original ORB breakout logic.
### When enabled
After the first 15 minutes, the indicator uses its current session high/low variables as the active reference range. The original breakout conditions compare price against the previous-day high and low in this mode.
This setting therefore changes both the reference levels used for drawing and the levels used by the original breakout logic. Read the setting carefully before using the resulting signals.
---
## 6. Dynamic Target Calculation
After a potential breakout or breakdown, the indicator can calculate three target levels.
The target method is configurable.
### Method A: Range Multiple
The target distance is based on the active reference range.
**Target distance = Active range × selected target multiple**
For a bullish breakout:
- T1 = Active High + target distance × T1 multiple
- T2 = Active High + target distance × T2 multiple
- T3 = Active High + target distance × T3 multiple
For a bearish breakdown:
- T1 = Active Low − target distance × T1 multiple
- T2 = Active Low − target distance × T2 multiple
- T3 = Active Low − target distance × T3 multiple
Default target multiples are 0.5, 1.0, and 1.5.
### Method B: ATR Multiple
The target distance is based on the Average True Range (ATR).
**Target distance = ATR × ATR multiplier**
The ATR length defaults to 14, and the ATR multiplier defaults to 1.0. The target multiples are then applied to that distance.
### How to interpret targets
The target lines are potential projection levels, not guaranteed profit-taking points.
Before entering, consider whether the next target is blocked by a previous-day level, weekly or monthly extreme, CPR boundary, or another important support/resistance area.
The indicator does not calculate a stop-loss price or position size automatically. Traders should define both before entering a trade.
---
## 7. Key Intraday Levels
The **Key Intraday Levels** section lets users independently show or hide important price references.
| Abbreviation | Meaning |
|---|---|
| PDH | Previous Day High |
| PDL | Previous Day Low |
| TDH | Today's High |
| TDL | Today's Low |
| WH | Week High |
| WL | Week Low |
| MH | Month High |
| ML | Month Low |
A master switch controls all key levels. Individual switches control each level, while another setting controls the visibility of their labels.
Line width and level colours can also be customised.
### How to use the levels
- **PDH/PDL:** Watch for price acceptance, rejection, or a breakout beyond the previous day's range.
- **TDH/TDL:** Monitor intraday extremes and potential range expansion.
- **WH/WL:** Assess whether price is approaching the current week's extremes.
- **MH/ML:** Identify broader reference levels that may influence intraday price action.
When several levels overlap or lie very close together, their labels are vertically separated for readability while the horizontal lines remain at their calculated price levels.
These levels are reference points, not guaranteed support or resistance.
---
## 8. Central Pivot Range (CPR)
The CPR is optional and is disabled by default.
It uses the previous completed daily candle's high, low, and close to calculate three levels:
**Pivot (P)**
P = (Previous High + Previous Low + Previous Close) / 3
**Bottom CPR (BC)**
BC = (Previous High + Previous Low) / 2
**Top CPR (TC)**
TC = 2 × P − BC
The indicator plots the Pivot, Top CPR, and Bottom CPR as step lines. Users can enable or disable CPR and customise each line's colour and width.
### Practical use
- Price holding above the CPR may support a bullish interpretation.
- Price holding below the CPR may support a bearish interpretation.
- Repeated movement through the CPR may indicate a less directional market.
- A CPR breakout or retest can be evaluated alongside the opening range and VWAP.
These are interpretive guidelines, not entry conditions built into the original ORB logic. CPR does not independently trigger the original breakout signals.
---
## 9. Intraday VWAP
The indicator calculates and plots VWAP using the chart's price and volume data. Its visibility and colour can be configured.
VWAP can provide an additional reference for intraday price positioning.
### Practical interpretation
- Price above VWAP may support a bullish intraday view.
- Price below VWAP may support a bearish intraday view.
- Repeated crossings can suggest choppy price action.
- A breakout occurring on the favourable side of VWAP may provide additional context.
The script also includes options to require favourable price positioning relative to VWAP and to require VWAP alignment for certain alerts.
These settings are separate from the simple existence of the VWAP line. Review the relevant filter switches to understand which alerts are gated by VWAP.
---
## 10. Latest Daily Relative Volume (RVOL) Table
The RVOL table provides a daily-volume comparison.
It displays:
- Latest daily session date
- Average daily volume over a configurable number of previous completed daily bars
- Current daily RVOL
- Volume status
The default average-volume lookback is 20 days. The high-RVOL threshold defaults to 1.5×.
### RVOL calculation
**Daily RVOL = Current Daily Volume / Average Previous Daily Volume**
For example, if current daily volume is 1.8 times the average of the previous 20 completed daily bars, the current RVOL is 1.8×.
The table classifies RVOL as:
- **High RVOL:** At or above the configured threshold.
- **Normal activity:** At least 1.0× but below the high-RVOL threshold.
- **Below threshold:** Below 1.0×.
### How to use RVOL
A higher RVOL reading indicates that current daily volume is elevated relative to the historical baseline. It can help traders assess participation, but it does not confirm breakout direction.
**Note:** During an unfinished daily session, current daily volume is still accumulating. Its RVOL reading may change as the session progresses. The meaning of volume also varies across equities, futures, forex, and CFD feeds.
---
## 11. Mentor-Style Breakout Filters
The indicator includes configurable filters intended to screen potential breakout alerts for market quality, liquidity, volatility, and price extension.
These filters are adjustable rather than universal requirements. Their effectiveness depends on the instrument, timeframe, and market conditions.
### A. General / Liquidity
Settings include:
- Maximum number of flat-bodied dashed bars allowed
- Minimum 5-day average volume
- Minimum 5-day average turnover
- Minimum net buy/sell threshold
- Option to block breakouts after too many Marubozu candles
- Maximum allowed session Marubozu count
The script estimates net buy/sell pressure using candle direction and the position of the close within the candle's range. This is a price-and-volume proxy, not actual exchange order-flow or bid/ask delta data.
The liquidity filters use completed daily data for average volume and turnover where available.
### B. VWAP and Volatility Gates
Settings include:
- Require price above VWAP for bullish conditions and below VWAP for bearish conditions
- Show or hide the VWAP line
- Filter out low-volatility instruments
- Configure the intraday ATR lookback
- Set minimum ATR as a percentage of price
These settings can help exclude instruments with limited movement or breakouts that do not align with the chosen VWAP condition.
### C. Beta Filter Configuration
The optional beta gate compares daily returns with a selected benchmark.
Available benchmarks include:
- NIFTY 50
- NIFTY BANK
- NIFTY FIN SERVICE
- SENSEX
- Custom symbol
Users can configure the beta lookback period and minimum beta threshold.
Beta is an approximate historical sensitivity measure, not a prediction of future performance. It can be unstable across market regimes, and it is most meaningful when the stock and benchmark have sufficient reliable data.
### D. Exhaustion and Overextension Filters
The available controls include:
- Filter an extended run-up from the session low before a bullish breakout
- Configure the maximum permitted run-up
- Filter price that is too far from VWAP
- Set the maximum VWAP stretch
- Avoid alerts when the first 15-minute range is too large
- Optionally filter an overextended 1-hour range
- Require the 1-hour high to remain within a configurable distance of the earlier 45-minute high
These filters are designed to help users avoid certain late or extended breakout conditions.
They can also exclude valid trades. Test each setting separately instead of assuming that enabling every filter necessarily improves results.
### E. Alert Rules and Priority Toggles
The script provides controls for:
- Excluding BSE symbols from the cash-equity alert filter
- Requiring confirming NBS direction
- Requiring VWAP alignment
- Requiring volume relative to a moving average
- Configuring the volume moving-average length and multiplier
- Choosing intrabar or candle-close breakout confirmation
- Requiring minimum breakout candle range and body size
The alert filters are configurable, and the resulting signal frequency depends on which conditions are enabled.
---
## 12. Opening-Window Breakout Alerts
In addition to the original ORB signals, the indicator monitors four opening windows:
- 15-minute window
- 30-minute window
- 45-minute window
- 1-hour window
The high and low of each window are tracked from the start of the selected session.
Once a window has completed, price may trigger a potential breakout above its high or below its low. Users can independently enable or disable alerts for each window.
The mentor-style conditions are applied to these window alerts. The selected breakout mode determines whether the price break is evaluated intrabar or by candle close.
### Failed-breakout re-arm logic
The optional re-arm feature can reset bullish window-alert flags after specified failure conditions are met.
Its controls include:
- Enable or disable re-arming
- Minimum required distance below the session low for reset
- Number of consecutive bars below VWAP
The re-arm logic is intended to allow another bullish window alert after a sufficiently adverse move. It does not guarantee that the subsequent breakout will succeed.
---
## 13. How to Use the Indicator for Intraday Trading
### Step 1 — Choose the correct session
Select the TradingView daily-session mode or the NSE session mode according to the instrument and its trading hours.
Confirm that the first 15-minute candle and session boundaries match your intended market.
### Step 2 — Establish the opening range
Observe the first 15-minute high and low. Avoid treating the range itself as a signal before the opening window is complete.
### Step 3 — Identify nearby reference levels
Review PDH, PDL, today's high/low, weekly and monthly extremes, and CPR if enabled.
A breakout directly into a nearby resistance or support area may offer less room for a trade to develop.
### Step 4 — Check VWAP and participation
Review price relative to VWAP and the daily RVOL table. Consider whether volume is elevated relative to the historical baseline and whether the market is moving with sufficient volatility.
RVOL and VWAP are context tools, not proof that a breakout will continue.
### Step 5 — Wait for the breakout condition
Choose between candle-close and wick confirmation according to your trading plan. If you use mentor-style alerts, configure the filters and opening windows before relying on notifications.
### Step 6 — Assess the target levels
Choose the target method and inspect T1, T2, and T3. Consider whether important price levels may obstruct the projected path.
### Step 7 — Define risk before entering
Set an invalidation level and calculate your position size before placing a trade. Do not assume the indicator's target projections are stop-loss recommendations.
### Step 8 — Review results
Record each setup, filter configuration, entry method, target method, and outcome. Evaluate performance across different market conditions before making the indicator's filters more restrictive or more permissive.
---
## 14. Example: Bullish Intraday Breakout
Suppose a stock establishes its first 15-minute range.
1. The opening-range high becomes the breakout reference.
2. Price closes above the high under the selected confirmation rules.
3. VWAP, RVOL, and the enabled quality filters are checked.
4. The indicator calculates projected bullish targets.
5. The trader evaluates nearby resistance, the invalidation point, and the potential reward relative to risk before deciding whether to enter.
A bearish setup follows the reverse logic at the opening-range low.
This is an illustrative workflow, not evidence that the setup has a positive expectancy. False breakouts, slippage, and sudden market reversals remain possible.
---
## 15. Recommended Starting Configuration
A practical starting point for testing on intraday equity charts is:
- Session Source: NSE Session (09:15–15:30 IST)
- Opening Range: First 15-minute candle
- Breakout Confirmation: Candle Close
- Target Method: Range Multiple
- Target Multiples: 0.5, 1.0, and 1.5
- ATR Length: 14
- VWAP: Enabled
- CPR: Optional
- Key Levels: Enabled
- Daily RVOL Table: Enabled
- Original ORB Alerts: Enabled
- Mentor-style filters: Configure gradually and validate individually
For XAUUSD or other non-NSE instruments, select the appropriate TradingView daily-session mode and verify session boundaries on your data feed.
These are starting values, not universally optimal settings. Instrument characteristics and trading objectives differ.
---
## 16. Alert Setup
To create an alert:
1. Add the indicator to your chart.
2. Open TradingView's Create Alert dialog.
3. Select the indicator.
4. Choose the desired condition, such as a bullish ORB breakout, bearish ORB breakdown, a specific opening-window breakout, or any active-window breakout.
5. Select the desired alert frequency and notification method.
6. Test the configuration and confirm that alerts behave as expected on your chosen symbol and timeframe.
The indicator exposes alert conditions for the original ORB signals and the configured opening-window breakouts. Some conditions include mentor-style filters, while others are based on the original breakout logic.
Alerts notify you when their programmed conditions occur. They do not place orders or guarantee execution at the displayed price.
---
## 17. Important Limitations
- This indicator is a technical analysis tool, not an automated trading system.
- It does not guarantee profitable breakouts or targets.
- Opening-range definitions depend on session configuration, chart data, and timeframe.
- Wick-based breakouts can be especially susceptible to false moves.
- The active reference range changes when the day-high/low option is enabled.
- VWAP and volume readings depend on the underlying instrument and data feed.
- The NBS calculation is an approximate candle-based measure, not true order-flow data.
- The beta filter uses historical returns and may be unreliable with insufficient data or changing correlations.
- Filters may reduce false signals but can also eliminate valid setups.
- Projected targets are not stop-loss recommendations.
- The script does not independently calculate position sizing or portfolio risk.
Always test the indicator on your intended instruments and timeframes before using it with real capital.
---
## 18. Risk Disclaimer
This indicator is provided for educational and analytical purposes only. It does not constitute financial or investment advice or a recommendation to buy or sell any financial instrument.
Trading stocks, futures, forex, CFDs, and other leveraged instruments involves substantial risk. Past performance does not guarantee future results. Users are responsible for their own trading decisions, risk management, and compliance with applicable regulations.
**Use the indicator to structure your analysis—not as a substitute for independent judgement or a disciplined trading plan.**
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.