SCOTTGO ORB V1

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SCOTTGO ORB (Opening Range Breakout) Indicator

The ORB Indicator is a powerful tool for day traders and scalpers, designed to automatically identify and project key price levels based on the market's initial trading activity—the Opening Range (OR).

It helps you quickly visualize the market structure, potential breakout zones, and price targets for the day.

🔑 Key Features & Customization

1. Dynamic Opening Range Calculation
Flexible Time Periods: Easily define your Opening Range using preset times of 5, 15, or 30 minutes. You can also use the International Overrides to set a custom start and end time with a specified timezone.

Visual Range: The indicator automatically calculates and shades the range between the ORB High and ORB Low prices. The Opacity of this shaded box is fully adjustable.

2. Comprehensive Price Targets
The indicator projects multiple levels of price targets (PTs) based on the size of the initial Opening Range, enabling you to set profit targets and manage risk. Targets are grouped for easy toggling:

Default Targets (50%): Visualize the immediate $50\%$ price extension above and below the ORB.
Extended Targets (75%, 100%): View the $75\%$ and full $100\%$ extension levels.
Further Targets (150%, 200%): Explore extended targets for volatile or trending days.
Mid Point: Optional line to display the $50\%$ retracement/midpoint of the ORB itself.

3. Fibonacci Extensions
Access highly relevant price projections using classic Fibonacci ratios:27.2% and 61.8% Extensions: These provide additional high-probability price targets for breakout scenarios.

4. Breakout & Retest Signaling
Entry Signals: Displays on-chart labels for potential ORB Breakouts and subsequent
Retests (BRB), helping you identify high-probability entry points.
Alert Options: Set alerts for simple ORB level crosses or restrict alerts only to confirmed breakout scenarios (Alert only on ORB breakouts).

🎨 Style Customization
All main ORB lines, target levels, and Fibonacci lines can be individually styled (color, thickness, line type) directly within the TradingView Style tab for a personalized chart experience. Dedicated inputs are available for setting colors for 50%, 75%, 100%, and Fibonacci 27.2% / 61.8% levels.

💡 How to Use

1. Set Your ORB Period: Choose the time frame that best suits your market (e.g., 15 minutes is common for US indices).
2. Monitor the Breakout: Once the ORB session ends, wait for the price to break above the ORB High or below the ORB Low.
3. Target and Risk: Use the projected Price Targets to define your potential profit zones, and place stop-losses just inside the ORB range.

SCOTTGO

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Updated

🎯 ORB (Opening Range Breakout) Indicator
The ORB Indicator is a critical tool for day traders, automatically plotting key price levels based on the market's initial trading activity (the Opening Range). It helps visualize market structure and identify high-probability price targets for breakout trades.
✨ Key Features
Custom ORB Duration: Easily set the Opening Range to 5, 15, or 30 minutes, or use custom time overrides.
Dynamic Price Targets: Projects key price extensions based on the size of the ORB.
Extensions (High and Low targets).$27.2\%$ and $61.8\%$ Fibonacci Extensions for advanced targeting.

Visual Breakout Alerts: Displays on-chart labels for potential Breakouts and Retests (BRB) to help pinpoint entry points.
Visual Customization: Full control over the appearance of all lines, targets, and the shaded ORB area, with defaults optimized for clarity (including Dotted lines for main ORB and Fib levels).

📈 How It Works
The script defines the ORB High and ORB Low during the user-specified session (e.g., $9:30$–$9:45$ AM).It projects the calculated Price Targets (PTs) and Fibonacci levels beyond the ORB.
Traders monitor the breakout from the ORB and use the projected lines as potential profit targets (PTs) or risk management levels.