OPEN-SOURCE SCRIPT
5m/15m ORB Boxes, Colors & 4-Layer Star
Title: 5m/15m Opening Range Breakout (ORB) with Confirmation Logic
Description:
This indicator is designed to visualize and trade the classic Opening Range Breakout (ORB) strategy, specifically optimized for high-volatility morning sessions on indices and equities.
Instead of relying on a single timeframe, this script dynamically plots both the initial 5-minute reaction and the more established 15-minute range, allowing traders to monitor early momentum while filtering out immediate opening bell fakeouts.
Core Features & Visuals:
Dual-Range Boxing: The script automatically detects the 09:30 AM EST New York open and draws two distinct ranges: a 5-minute initial balance box (default yellow) and a 15-minute established range box (default orange). The candle colors are overridden during these formation periods for immediate visual clarity.
Forward-Projecting Levels: Once the 15-minute Opening Range is set, clean extension lines project the high and low of that range into the future session. This provides strict visual boundaries for breakout entries and stop-loss placements without cluttering historical price action.
1-Candle Confirmation Trigger: High-volatility assets frequently sweep the opening range highs or lows to grab liquidity before reversing. To combat this, this indicator uses a strict 1-candle confirmation rule. The breakout logic requires the initial candle to close outside the 15-minute range, and it requires the very next consecutive candle to also close outside the range. This ensures the breakout is holding before a signal is generated.
Custom Multi-Layer Signal: When the confirmation logic is met, the script plots a highly visible, 4-layer overlapping star signal at the exact breakout point.
How to Use:
Traders can use the 15-minute extension lines as a strict "Go/No-Go" filter for the morning session. A bullish bias is adopted only when price holds above the top extension line, and a bearish bias when price holds below the bottom extension line. The multi-layer star signal serves as the mechanical entry trigger once price action has proven it can sustain the breakout.
Settings:
Users can fully customize the colors of the 5-minute box, the 15-minute box, and the extension lines to fit their specific chart themes.
Description:
This indicator is designed to visualize and trade the classic Opening Range Breakout (ORB) strategy, specifically optimized for high-volatility morning sessions on indices and equities.
Instead of relying on a single timeframe, this script dynamically plots both the initial 5-minute reaction and the more established 15-minute range, allowing traders to monitor early momentum while filtering out immediate opening bell fakeouts.
Core Features & Visuals:
Dual-Range Boxing: The script automatically detects the 09:30 AM EST New York open and draws two distinct ranges: a 5-minute initial balance box (default yellow) and a 15-minute established range box (default orange). The candle colors are overridden during these formation periods for immediate visual clarity.
Forward-Projecting Levels: Once the 15-minute Opening Range is set, clean extension lines project the high and low of that range into the future session. This provides strict visual boundaries for breakout entries and stop-loss placements without cluttering historical price action.
1-Candle Confirmation Trigger: High-volatility assets frequently sweep the opening range highs or lows to grab liquidity before reversing. To combat this, this indicator uses a strict 1-candle confirmation rule. The breakout logic requires the initial candle to close outside the 15-minute range, and it requires the very next consecutive candle to also close outside the range. This ensures the breakout is holding before a signal is generated.
Custom Multi-Layer Signal: When the confirmation logic is met, the script plots a highly visible, 4-layer overlapping star signal at the exact breakout point.
How to Use:
Traders can use the 15-minute extension lines as a strict "Go/No-Go" filter for the morning session. A bullish bias is adopted only when price holds above the top extension line, and a bearish bias when price holds below the bottom extension line. The multi-layer star signal serves as the mechanical entry trigger once price action has proven it can sustain the breakout.
Settings:
Users can fully customize the colors of the 5-minute box, the 15-minute box, and the extension lines to fit their specific chart themes.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
*PM me after for access.*
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
*PM me after for access.*
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.