OPEN-SOURCE SCRIPT
ORB Opening Range Breakout LliterH
█ OVERVIEW This indicator identifies price breakouts from a user-defined opening range, incorporating time-decay and volatility filters to enhance signal quality. By establishing a clear "Opening Range" zone, it helps traders visualize the market's initial balance and identify confirmed momentum early in the session.
█ CONCEPTS The Opening Range Breakout (ORB) is a classic strategy based on the high and low levels reached during the first minutes of a trading session. This script optimizes the traditional model through three specific logic layers:Volatility Filter: It calculates the range (High - Low) and validates it against a minimum point requirement. If the range is too narrow, signals are skipped to avoid low-liquidity environments.Signal Window: A time-limit filter restricts breakout signals to a specific duration after the session closes. This prevents taking trades on late-day breakouts that lack the initial opening momentum.State Machine Logic: The script tracks the "signal state" to ensure only the first valid breakout direction is prioritized, preventing redundant signals within the same window.
█ FEATURES Custom Session & Timezone: Define any opening range window (e.g., the first 15 minutes of NYSE) and sync it with your local exchange timezone.Confirmation Control: Choose between a real-time price cross or requiring a full candle close beyond the ORB levels for entry.Dynamic Dashboard: A real-time visual panel in the top-right corner displays the range status, volatility validity, and the time remaining in the signal window.Visual ORB Zone: Clearly highlighted high and low levels with an adjustable background fill for the duration of the session.
█ HOW TO USE Define Session: Set the "Opening Range Session" to your preferred timeframe (e.g., 0930-0945).Adjust Volatility: Set the "Minimum ORB Range" in points based on the typical volatility of the instrument.Monitor Dashboard: Check the "ORB Status" on the dashboard. If it shows "SKIP" (Range is too narrow) or "CLOSED" (Window expired), avoid taking new signals.Confirm Signals: Look for the "BUY" or "SELL" labels. Semi-transparent "EXIT" labels appear if price crosses back to the opposite side of the range.
█ LIMITATIONS & DISCLAIMER Market Context: This indicator is a momentum tool. In "choppy" or sideways markets, it may produce false signals (whipsaws).Chart Types: Signals should only be used on standard candlestick charts. Non-standard charts (Heikin Ashi, Renko, etc.) will produce unrealistic results.No Guarantees: Past performance does not guarantee future results. This script is for educational and technical analysis purposes only.
█ THANKS This script was authored following the official TradingView Style Guide and PineCoders best practices.
█ CONCEPTS The Opening Range Breakout (ORB) is a classic strategy based on the high and low levels reached during the first minutes of a trading session. This script optimizes the traditional model through three specific logic layers:Volatility Filter: It calculates the range (High - Low) and validates it against a minimum point requirement. If the range is too narrow, signals are skipped to avoid low-liquidity environments.Signal Window: A time-limit filter restricts breakout signals to a specific duration after the session closes. This prevents taking trades on late-day breakouts that lack the initial opening momentum.State Machine Logic: The script tracks the "signal state" to ensure only the first valid breakout direction is prioritized, preventing redundant signals within the same window.
█ FEATURES Custom Session & Timezone: Define any opening range window (e.g., the first 15 minutes of NYSE) and sync it with your local exchange timezone.Confirmation Control: Choose between a real-time price cross or requiring a full candle close beyond the ORB levels for entry.Dynamic Dashboard: A real-time visual panel in the top-right corner displays the range status, volatility validity, and the time remaining in the signal window.Visual ORB Zone: Clearly highlighted high and low levels with an adjustable background fill for the duration of the session.
█ HOW TO USE Define Session: Set the "Opening Range Session" to your preferred timeframe (e.g., 0930-0945).Adjust Volatility: Set the "Minimum ORB Range" in points based on the typical volatility of the instrument.Monitor Dashboard: Check the "ORB Status" on the dashboard. If it shows "SKIP" (Range is too narrow) or "CLOSED" (Window expired), avoid taking new signals.Confirm Signals: Look for the "BUY" or "SELL" labels. Semi-transparent "EXIT" labels appear if price crosses back to the opposite side of the range.
█ LIMITATIONS & DISCLAIMER Market Context: This indicator is a momentum tool. In "choppy" or sideways markets, it may produce false signals (whipsaws).Chart Types: Signals should only be used on standard candlestick charts. Non-standard charts (Heikin Ashi, Renko, etc.) will produce unrealistic results.No Guarantees: Past performance does not guarantee future results. This script is for educational and technical analysis purposes only.
█ THANKS This script was authored following the official TradingView Style Guide and PineCoders best practices.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.