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.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
*PM me after for access.*
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
*PM me after for access.*
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.