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 open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.