OPEN-SOURCE SCRIPT
Time ORB [AlgoRich]
What does this script do?
This indicator is a Time-Based Open Range Breakout (ORB) tool. It monitors price action during a specific user-defined time window, identifies the high and low of that period, and then projects those levels forward as actionable breakout zones.
Key Features:
Calculation Modes: You can choose to calculate the range based on Wicks (high/low) or Candle Bodies (open/close) depending on your strategy's sensitivity.
Extension Limit:
To prevent chart clutter, the script includes an "Extension End Time." Once this time is reached, the levels and signals are disabled for the day.
Signal Logic:
Breakout Alerts: It triggers "Buy" or "Sell" labels when a candle closes outside the established range.
Reversal (Second Entry): It has a built-in feature to catch a second breakout if the first move was a "fakeout" and the price reverses to the opposite side.
Timezone Management:
Includes a UTC offset input to ensure the range aligns perfectly with local market opening hours.
How to trade it:
Bullish Breakout: Look for long entries when price closes above the Top Line.
Bearish Breakout: Look for short entries when price closes below the Bottom Line.
Equilibrium: The center line acts as a "fair value" or a target/neutral zone.
This indicator is a Time-Based Open Range Breakout (ORB) tool. It monitors price action during a specific user-defined time window, identifies the high and low of that period, and then projects those levels forward as actionable breakout zones.
Key Features:
Calculation Modes: You can choose to calculate the range based on Wicks (high/low) or Candle Bodies (open/close) depending on your strategy's sensitivity.
Extension Limit:
To prevent chart clutter, the script includes an "Extension End Time." Once this time is reached, the levels and signals are disabled for the day.
Signal Logic:
Breakout Alerts: It triggers "Buy" or "Sell" labels when a candle closes outside the established range.
Reversal (Second Entry): It has a built-in feature to catch a second breakout if the first move was a "fakeout" and the price reverses to the opposite side.
Timezone Management:
Includes a UTC offset input to ensure the range aligns perfectly with local market opening hours.
How to trade it:
Bullish Breakout: Look for long entries when price closes above the Top Line.
Bearish Breakout: Look for short entries when price closes below the Bottom Line.
Equilibrium: The center line acts as a "fair value" or a target/neutral zone.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.