OPEN-SOURCE SCRIPT
ORB+VWAP
ITSP ORB + VWAP — Opening Range Breakout with VWAP & Volume Confirmation
Overview
This indicator combines three of the most widely used intraday trading concepts into a single, non-repainting signal engine: Opening Range Breakout (ORB), session-anchored VWAP, and volume confirmation. It is built for NSE intraday trading but works on any liquid market with a defined session.
Most ORB tools only look at whether price broke the opening range. This one adds two additional filters — trend alignment via VWAP and participation via volume — so signals are less prone to false breakouts on thin, directionless moves.
How It Works
1. Opening Range — the script automatically detects the first bar of each new regular trading session and builds a high/low range over a user-defined number of minutes (default 15). Once that window elapses, the range locks for the rest of the session.
2. Session VWAP — a fresh volume-weighted average price is calculated from the first bar of each session, giving an accurate intraday fair-value reference rather than a rolling multi-day average.
3. Volume Filter — breakout bars are checked against a multiple of the recent average volume, filtering out low-conviction breaks.
4. Signal Logic — a long signal fires when price closes above the opening range high, is trading above session VWAP, and volume confirms. A short signal is the mirror condition. Each signal fires once per session per direction to avoid repeated alerts on choppy retests.
Key Features
• Auto-resetting opening range box, visually plotted on the chart
• Session-anchored VWAP line with configurable source
• Optional volume confirmation filter (adjustable multiple and lookback)
• Optional VWAP trend filter — can be disabled for raw ORB signals
• ATR-based stop-loss and target labels auto-printed on each signal
• Configurable info table (position, on/off) showing live ORB status, levels, and VWAP bias
• Background tint reflecting current VWAP bias
• Built-in alert conditions for both breakout directions, ready for webhook/Telegram/automation integration
How to Use
• Works best on 5-minute or 15-minute charts for liquid stocks and index futures.
• Set your chart session to Regular Trading Hours for correct daily resets.
• Adjust the Opening Range window (default 15 minutes) to match your market's typical volatility — some traders prefer 30 minutes for less noise.
• Use the VWAP and Volume filters as confluence checks; disabling both reduces this to a pure ORB breakout tool.
• ATR stop/target labels are a starting reference, not a substitute for your own risk management.
Settings
• Opening Range Minutes
• VWAP source and on/off filter
• Volume MA length and confirmation multiple
• ATR length, stop multiple, target multiple
• Info table visibility and position (9 placement options)
• Signal color customization
Alerts
Two alert conditions are built in — Long ORB Breakout and Short ORB Breakdown — both suitable for webhook-based automation to Telegram, Discord, or other delivery channels.
Notes
• Non-repainting: all breakout and VWAP calculations use only confirmed price/volume data at the time each bar closes.
• This is a discretionary decision-support tool, not a standalone trading system. Always combine with your own risk management and market context.
Disclaimer
This script is for educational and informational purposes only and does not constitute financial advice. Trading involves substantial risk of loss. Past performance of any strategy or signal does not guarantee future results. Use at your own risk and always backtest/forward-test before live deployment.
Overview
This indicator combines three of the most widely used intraday trading concepts into a single, non-repainting signal engine: Opening Range Breakout (ORB), session-anchored VWAP, and volume confirmation. It is built for NSE intraday trading but works on any liquid market with a defined session.
Most ORB tools only look at whether price broke the opening range. This one adds two additional filters — trend alignment via VWAP and participation via volume — so signals are less prone to false breakouts on thin, directionless moves.
How It Works
1. Opening Range — the script automatically detects the first bar of each new regular trading session and builds a high/low range over a user-defined number of minutes (default 15). Once that window elapses, the range locks for the rest of the session.
2. Session VWAP — a fresh volume-weighted average price is calculated from the first bar of each session, giving an accurate intraday fair-value reference rather than a rolling multi-day average.
3. Volume Filter — breakout bars are checked against a multiple of the recent average volume, filtering out low-conviction breaks.
4. Signal Logic — a long signal fires when price closes above the opening range high, is trading above session VWAP, and volume confirms. A short signal is the mirror condition. Each signal fires once per session per direction to avoid repeated alerts on choppy retests.
Key Features
• Auto-resetting opening range box, visually plotted on the chart
• Session-anchored VWAP line with configurable source
• Optional volume confirmation filter (adjustable multiple and lookback)
• Optional VWAP trend filter — can be disabled for raw ORB signals
• ATR-based stop-loss and target labels auto-printed on each signal
• Configurable info table (position, on/off) showing live ORB status, levels, and VWAP bias
• Background tint reflecting current VWAP bias
• Built-in alert conditions for both breakout directions, ready for webhook/Telegram/automation integration
How to Use
• Works best on 5-minute or 15-minute charts for liquid stocks and index futures.
• Set your chart session to Regular Trading Hours for correct daily resets.
• Adjust the Opening Range window (default 15 minutes) to match your market's typical volatility — some traders prefer 30 minutes for less noise.
• Use the VWAP and Volume filters as confluence checks; disabling both reduces this to a pure ORB breakout tool.
• ATR stop/target labels are a starting reference, not a substitute for your own risk management.
Settings
• Opening Range Minutes
• VWAP source and on/off filter
• Volume MA length and confirmation multiple
• ATR length, stop multiple, target multiple
• Info table visibility and position (9 placement options)
• Signal color customization
Alerts
Two alert conditions are built in — Long ORB Breakout and Short ORB Breakdown — both suitable for webhook-based automation to Telegram, Discord, or other delivery channels.
Notes
• Non-repainting: all breakout and VWAP calculations use only confirmed price/volume data at the time each bar closes.
• This is a discretionary decision-support tool, not a standalone trading system. Always combine with your own risk management and market context.
Disclaimer
This script is for educational and informational purposes only and does not constitute financial advice. Trading involves substantial risk of loss. Past performance of any strategy or signal does not guarantee future results. Use at your own risk and always backtest/forward-test before live deployment.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.