Opening Range & Prior Day High/Low [Gorb]Introduction:
Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders.
Overview:
The Opening Range , draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges.
Prior Day High/Low , draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels.
The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you.
Features:
All skill-level friendly presets, easy to enable with one-click
Opening Range: Allows user to choose what time the range starts and ends to measure the high & low.
Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time.
Enable Opening Range Box: allows the user to choose to plot the opening range or not.
ORB Border Color: allows the user to change the box border color.
ORB Box Shade Color: allows the user to change the background of the opening range box.
ORB Line Width: allows users to chose the width of the opening range box lines.
Enable Previous Day High: allows users to enable the previous days high to be plotted.
Enable Previous Day Low: allows users to enable the previous days high to be plotted.
Previous Day High Color: allows users to choose the color for this line.
Previous Day Low Color: allows users to choose the color for this line.
All colors are changeable for the user to customize to their liking.
Usage Demonstration
In the image below, we can see a basic example of how these 3 features function.
As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled.
In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy.
This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups.
In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout.
The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well.
In the image below, we can see how previous days levels can act as resistance to use with the opening range.
Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again.
Conclusion:
We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style.
RISK DISCLAIMER
All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.
Openingrangebreakout
Long-Only Opening Range Breakout (ORB) with Pivot PointsIntraday Trading Strategy: Long-Only Opening Range Breakout (ORB) with Pivot Points
Background:
Opening Range Breakout (ORB) is a popular long-only trading strategy that capitalizes on the early morning volatility in financial markets. It's based on the idea that the initial price movements during the first few minutes or hours of the trading day can set the tone for the rest of the session. The strategy involves identifying a price range within which the asset trades during the opening period and then taking long positions when the price breaks out to the upside of this range.
Pivot Points are a widely used technical indicator in trading. They represent potential support and resistance levels based on the previous day's price action. Pivot points are calculated using the previous day's high, low, and close prices and can help traders identify key price levels for making trading decisions.
How to Use the Script:
Initialization: This script is written in Pine Script, a domain-specific language for trading strategies on the TradingView platform. To use this script, you need to have access to TradingView.
Apply the Script: You can do this by adding it to your favorites, then selecting the script in the indicators list under favorites or by searching for it by name under community scripts.
Customize Settings: The script allows you to customize various settings through the TradingView interface. These settings include:
Opening Session: You can set the time frame for the opening session.
Max Trades per Day: Specify the maximum number of long trades allowed per trading day.
Initial Stop Loss Type: Choose between using a percentage-based stop loss or the previous candles low for stop loss calculations.
Stop Loss Percentage: If you select the percentage-based stop loss, specify the percentage of the entry price for the stop loss.
Backtesting Start and End Time: Set the time frame for backtesting the strategy.
Strategy Signals:
The script will display pivot points in blue (R1, R2, R3, R4, R5) and half-pivot points in gray (R0.5, R1.5, R2.5, R3.5, R4.5) on your chart.
The green line represents the opening range.
The script generates long (buy) signals based on specific conditions:
---The open price is below the opening range high (h).
---The current high price is above the opening range high.
---Pivot point R1 is above the opening range high.
---It's a long-only strategy designed to capture upside breakouts.
---It also respects the maximum number of long trades per day.
The script manages long positions, calculates stop losses, and adjusts long positions according to the defined rules.
Trailing Stop Mechanism
The script incorporates a dynamic trailing stop mechanism designed to protect and maximize profits for long positions. Here's how it works:
1. Initialization:
The script allows you to choose between two types of initial stop loss:
---Percentage-based: This option sets the initial stop loss as a percentage of the entry price.
---Previous day's low: This option sets the initial stop loss at the previous day's low.
2. Setting the Initial Stop Loss (`sl_long0`):
The initial stop loss (`sl_long0`) is calculated based on the chosen method:
---If "Percentage" is selected, it calculates the stop loss as a percentage of the entry price.
---If "Previous Low" is selected, it sets the stop loss at the previous day's low.
3. Dynamic Trailing Stop (`trail_long`):
The script then monitors price movements and uses a dynamic trailing stop mechanism (`trail_long`) to adjust the stop loss level for long positions.
If the current high price rises above certain pivot point levels, the trailing stop is adjusted upwards to lock in profits.
The trailing stop levels are calculated based on pivot points (`r1`, `r2`, `r3`, etc.) and half-pivot points (`r0.5`, `r1.5`, `r2.5`, etc.).
The script checks if the high price surpasses these levels and, if so, updates the trailing stop accordingly.
This dynamic trailing stop allows traders to secure profits while giving the position room to potentially capture additional gains.
4. Final Stop Loss (`sl_long`):
The script calculates the final stop loss level (`sl_long`) based on the following logic:
---If no position is open (`pos == 0`), the stop loss is set to zero, indicating there is no active stop loss.
---If a position is open (`pos == 1`), the script calculates the maximum of the initial stop loss (`sl_long0`) and the dynamic trailing stop (`trail_long`).
---This ensures that the stop loss is always set to the more conservative of the two values to protect profits.
5. Plotting the Stop Loss:
The script plots the stop loss level on the chart using the `plot` function.
It will only display the stop loss level if there is an open position (`pos == 1`) and it's not a new trading day (`not newday`).
The stop loss level is shown in red on the chart.
By combining an initial stop loss with a dynamic trailing stop based on pivot points and half-pivot points, the script aims to provide a comprehensive risk management mechanism for long positions. This allows traders to lock in profits as the price moves in their favor while maintaining a safeguard against adverse price movements.
End of Day (EOD) Exit:
The script includes an "End of Day" (EOD) exit mechanism to automatically close any open positions at the end of the trading day. This feature is designed to manage and control positions when the trading day comes to a close. Here's how it works:
1. Initialization:
At the beginning of each trading day, the script identifies a new trading day using the `is_newbar('D')` condition.
When a new trading day begins, the `newday` variable becomes `true`, indicating the start of a new trading session.
2. Plotting the "End of Day" Signal:
The script includes a plot on the chart to visually represent the "End of Day" signal. This is done using the `plot` function.
The plot is labeled "DayEnd" and is displayed as a comment on the chart. It signifies the EOD point.
3. EOD Exit Condition:
When the script detects that a new trading day has started (`newday == true`), it triggers the EOD exit condition.
At this point, the script proceeds to close all open positions that may have been active during the trading day.
4. Closing Open Positions:
The `strategy.close_all` function is used to close all open positions when the EOD exit condition is met.
This function ensures that any remaining long positions are exited, regardless of their current profit or loss.
The function also includes an `alert_message`, which can be customized to send an alert or notification when positions are closed at EOD.
Purpose of EOD Exit
The "End of Day" exit mechanism serves several essential purposes in the trading strategy:
Risk Management: It helps manage risk by ensuring that positions are not left open overnight when markets can experience increased volatility.
Capital Preservation: Closing positions at EOD can help preserve trading capital by avoiding potential adverse overnight price movements.
Rule-Based Exit: The EOD exit is rule-based and automatic, ensuring that it is consistently applied without emotions or manual intervention.
Scalability: It allows the strategy to be applied to various markets and timeframes where EOD exits may be appropriate.
By incorporating an EOD exit mechanism, the script provides a comprehensive approach to managing positions, taking profits, and minimizing risk as each trading day concludes. This can be especially important in volatile markets like cryptocurrencies, where overnight price swings can be significant.
Backtesting: The script includes a backtesting feature that allows you to test the strategy's performance over historical data. Set the start and end times for backtesting to see how the long-only strategy would have performed in the past.
Trade Execution: If you choose to use this script for live trading, make sure you understand the risks involved. It's essential to set up proper risk management, including position sizing and stop loss orders.
Monitoring: Monitor the long-only strategy's performance over time and be prepared to make adjustments as market conditions change.
Disclaimer: Trading carries a risk of capital loss. This script is provided for educational purposes and as a starting point for your own long-only strategy development. Always do your own research and consider seeking advice from a qualified financial professional before making trading decisions.
Opening Range with Infinite Price TargetsOpening Range with Infinite Price Targets is an ORB indicator that automatically generates price targets into infinity based on a user-defined % of range.
This indicator includes many nice-to-have features missing from other indicators. Such as:
Price Target Labels with Price tooltip, want to know exactly what price pt3 is at? Hover over it and see.
Custom Defined Range time, Set your Range Start and end time to whatever you need, Doesn't have to be pinned to opening range!. Note: Time is in chart time.
Historical View (Default off), Tired of your chart looking messy with a ton of lines from historical data? No problem! You can choose to view or not view historical data.
Alerts for Range Breaks, First Range Breaks, and Discovery Price Target hits. As well as Exported Values for Range High, Low, and Mean to set your own alerts from custom sources.
Custom Price Targets, set your price targets to a % of the range based on your own strategy.
Last but not Least, Infinitely Generating Price Targets. They just keep building. New Targets will be generated when the price closes above/below the current farthest target.
Enjoy!
Trend SuggestionsThis brings together a number of variables to produce trend predictions that could be utilized as decision-making tools.
Uses the aforementioned price and volume derivatives
- A moving average and three weighted moving averages (WMA1, WMA2, WMA3)
- Super Trend Line (ST)
- Opening Range Breakout on Five Minutes, Resistance Bands Pocket pivots, support, and price volume
he Direction is determined by the High and Low Bands of WMAs and the Supertrend Line, which are used to determine the Upper and Lower Lines around the Price. When the price passes below the lower boundary of the band, a downtrend is said to have begun.
Similarly, for an uptrend, this continues until the price passes over the upper edge of the band. Teal for an uptrend and fuchsia for a downturn area shared by the band to identify the trend.
The first five minutes of the breakout lines have a tiny buffer augmentation of 11% applied to them.
Based on what has been observed, support and resistance zones have been somewhat changed from the figures that are often utilized (might work other markets as well)
The markings that may be seen are as follows:
- Blue Triangle indicates a pocket pivot with an upward bias;
- Maroon Triangle indicates a pocket pivot with a downward bias;
- Teal colored Diamonds indicate price upthrusts and potential trend confirmation locations, depending on success or failure.
- Similar backdrop color changes that look as vertical shading are also used to identify them.
- Fuchsia-colored diamonds indicate price declines and a potential trend, depending on whether it persists or fails.
- Dark green and maroon square boxes indicate potential price reversals in the support and resistance bands, respectively.
It goes without saying that this work is derived from numerous other open-source community initiatives.
Feel free to adjust anything you'd like, and we appreciate any feedback.
Opening Range Breakout with Price TargetsJust publishing a version of the script amitgandhinz already created, which is amazing.
Added fib levels that amitgandhinz already started but commented out
Added mid point that is often found effective as a starting point, SL, etc
ORBox | by Octopu$📈 ORBox | by Octopu$
ORBox is a Box for the Opening Range Breakout
The Box is added automatically according to the User preferences through GUI
This Indicator includes a Dropdown selection for which Range for the Breakout you want to use
ORBox has built-in Alerts for when the Breakout happens according to your preferences
Works in any Timeframe with any Ticker
(Using SPY 5m just as an example:)
www.tradingview.com
SPY
Features:
• Opening Breakout Range (ORB)
• Dropdown menu selection to choose which TF to watch
• Built-in Alerts for Momentum Awareness
Options:
• Customization for Box Colors and Sizes
• Display ORB for Current Day or Previous
Notes:
v1.0
ORBox Indicator release
Changes and updates can come in the future for additional functionalities or per requests.
Did you like it? Shoot me a message! I'd appreciate if you dropped by to say thanks.
- Octopu$
🐙
Three Legged Goose FuturesThree-Legged Goose is an all-in-one intraday trading system.
Three-Legged Goose Futures is the same system as our "Three-Legged Goose" indicator, simply optimized for futures trading by working across all futures market sessions.
Three-Legged Goose Futures ONLY works on futures charts, please use our original Three-Legged Goose for equities.
It features a sleek and customizable Opening range overlay with infinitely generating price targets, Average Daily Range Zones, Curated Anchored VWAPs, Total Volume and ATR analysis, as well as our state of the art Market Momentum Trend detection.
Three-Legged Goose also has important Daily levels, including the Previous Day's High and Low and the Current Days Open, three fully customizable Exponential Moving Averages, a customizable ema cloud, and a toggleable standard vwap .
Three-Legged Goose Futures also includes overnight highs and lows as well as previous New York Session highs and lows.
Using this indicator allows you to get rid of any unnecessary indicators that are taking up those valuable slots in TradingView.
AVWAP + ORBS:
The Opening Range Breakout system builds off of our recommended 15min opening range and does all of your price target calculations based on the width of the opening range. These targets are fully customizable within the settings,
to allow fine-tuning from ticker to ticker. We have programmed three Anchored vwaps at different time intervals to act as a dynamic trend-finding instrument. These, along with the opening range breakout system, can help you quickly spot the day's trend and dynamic support and resistance long before your standard moving averages have caught up with price intraday.
Average Daily Range Zones:
We believe these zones to be essential to trading, especially with our system. These zones tend to act as areas of major support and resistance as well as give an idea of the projected volatility of the underlying.
Market Momentum Trend Detection:
We paint our momentum analysis directly on your candles. By taking the overall Market Internals + the underlying's Price movement, we can determine areas where we feel comfortable adding risk on or taking risk off.
This will help those that struggle at identifying trends and valid reversals.
All of the default settings are our recommended settings.
Please check the Author Instructions Below for how to gain access to our indicators.
Pre Market \ Opening Range High LowGreen vertical lines are showing pre market open and then the opening range as the first hour of market NYSE market open
Pre market high and low are blue lines | intraday opening range high low are in white
Trades are taken in the current direction above | below range breaks with the direction of price action using the moving averages
Price breaking through moving averages and a range is the optimal trade to enter - exit at next range for target - stop loss below the lower | higher moving average depending on short or long
A break above or below the intraday high or low and pre market high or low can give massive profits trailing your stop loss as price runs
Using MA 5 and 12 to filter out entries and exits above or below the ranges short or long is also another strategy to implement
BEST TIME FRAME TO USE IS 5 MINUTE
Three Legged GooseThree Legged Goose
Three-Legged Goose is an all-in-one intraday trading system.
It features a sleek and customizable Opening range overlay with infinitely generating price targets, Average Daily Range Zones, Curated Anchored VWAPs, Total Volume and ATR analysis, as well as our state of the art Market Momentum Trend detection.
Three-Legged Goose also has important Daily levels, including the Previous Day's High and Low and the Current Days Open, three fully customizable Exponential Moving Averages, a customizable ema cloud, and a toggleable standard vwap.
Using this indicator allows you to get rid of any unnecessary indicators that are taking up those valuable slots in TradingView.
AVWAP + ORBS:
The Opening Range Breakout system builds off of our recommended 15min opening range and does all of your price target calculations based on the width of the opening range. These targets are fully customizable within the settings,
to allow fine-tuning from ticker to ticker. We have programmed three Anchored vwaps at different time intervals to act as a dynamic trend-finding instrument. These, along with the opening range breakout system, can help you quickly spot the day's trend and dynamic support and resistance long before your standard moving averages have caught up with price intraday.
Average Daily Range Zones:
We believe these zones to be essential to trading, especially with our system. These zones tend to act as areas of major support and resistance as well as give an idea of the projected volatility of the underlying.
Market Momentum Trend Detection:
We paint our momentum analysis directly on your candles. By taking the overall Market Internals + the underlying's Price movement, we can determine areas where we feel comfortable adding risk on or taking risk off.
This will help those that struggle at identifying trends and valid reversals.
All of the default settings are our recommended settings.
Please check the Author Instructions Below for how to gain access to our indicators.
ORB with Price TargetsThe ORB with Price Targets Script will display the Opening Range (15 minutes of the open session by default) High and Low. It will then render upper and 2 lower Price Target Levels based on 50% and 100% profit targets of the Opening Range.
The opening range is customizable in the settings, where you can choose from 5 minute, 15 minute, or 30 minute Opening Ranges.
Many stock tickers tend to follow the Opening Range, and sees continuation after a break of that range. This is a common strategy used by traders to enter trades. Price action also tends to find support and resistance at the 50% and 100% retracement levels, thus providing you Price Targets to start trimming your position, or finding new entries.
TPRC - Time-based Price Range Channel [Free]You define a time range (hours and minutes) and based on this, the indicator draws the price range (high / low) as a channel in your chart - projected into the future and, if desired, also for past days. You are completely free to choose the time range and NOT limited to trading sessions.
In addition, further lines are drawn below / above the price range channel at a distance that you can define (based on the price range).
These lines can serve as target levels, support and resistance lines.
What functions does this free version of the indicator offer?
Selection of the time range for which a price range is to be determined and based on this a price range channel is to be created
Display of 3 additional lines above / below the price range channel
Distance between the lines: height of the price range
Display of the price range channels for the past 3 days as well as for the current day.
Lines are shown in gray
For the past days, only those lines are displayed that are required due to the distance to the price. This will make your chart cleaner.
(Details about the premium version can be found on TradingView: )
How can this indicator be used?
The time-based price range channel and the additional lines can serve as support and resistance lines.
Whether you are enthusiastic about scalping, swing trading or another type of trading,… “TPRC - Time-based Price Range Channel” could therefore support you. Try it out. I want to invite you to experiment and thereby adapt “TPRC” to your own way of trading.
Due to the free choice with regard to the time span, for example “opening range (break-out)” strategies and the like are conceivable. Much has been written or published as a video on the subjects of "Price Range Trading", "Range Trading", "Opening Range Breakout Trading" and the like. Research on this is recommended to every interested trader. I would be happy to provide a list of interesting articles on this topic - just send me a short message.
Due to the implementation and the functions, the focus is definitely on intraday trading strategies.
For which timeframe is this indicator intended?
This indicator was developed for Chart Time Intervals between 1 and 120 minutes, whereby the following Chart Time Intervals have proven themselves and successfully withstand tests: 1, 2, 5, 10, 15, 30, 60, 90
What do I need to consider?
It may be advisable to add further indicators and an analysis of the market structure in order to confirm the signals issued by the indicator. Please note that when you make adjustments to any strategy, you always carry out particularly detailed tests.
Will this indicator be further developed and will I receive free updates?
All my indicators are of course constantly updated and, if possible and with the aim of the indicator justifiable, supplemented by user requests.
An example of the use of this indicator (here with the premium version)
#revision: dv699
ORB with Shorty Targets
The ORBS indicator study utilizes the theory of an Opening Range Breakout occurring on a security. The indicator uses data collected from the first thirty minute session of the trading day to create fibonacci retracements at specific positions. The 'session' high and low are derived from the first thirty minutes and used as a basis to plot these values. Fibonacci retracement lines are plotted at key positions above and below the high/low values pulled during the opening 'session'. These fibonacci retracement lines are plotted at: 0 (ORB high); 1.272; 1.618; 2.00; 2.175; 2.618; and 3.236. Levels in-between these values are known as 'ranges'. Upper lines are shown green in color and indicate key levels at which the price may react within the market. No guarantees are given nor implied - ORBs is simply a tool to help plot out key fibonacci levels at specific levels accurately and completely.
This will only work on 3min or 5mins and it is intended for intraday trading only.
ORH - opening range high
ORL - opening range low
OR50% - mid between ORH and ORL aka 50% fib
The way i use ORBS:
1. ORH break - i go long on 3min or 5 min close above ORH. I use heiken-ashi candles.
2. ORL breal - i will short on 3min or 5 min close below ORL
3. Double bottoms on reclaims of ORL - i will go long with SL being the ORL
4. Double tops on ORH considering market is weak i will short with SL being the ORH
Trendbar:
Trendbar use combo of CCI and ATR to help figure out the trend the stock is in. Stock moving below the trendbar indicates it is loosing the trend dependent on what time-frame you are using it.
Pivots:
Shorty Pivots are a collection of daily/weekly/ monthly pivots indicator that allows for plotting a daily, weekly, and monthly line on a chart. The values are pulled from the three separate resolutions (daily, weekly, and monthly), and shown on the chart each day. Calculations pulled from each respective high/low/close (divided by 3.0) for the session values.
Settings:
Show Daily/Weekly/Monthly Pivot - Shows/Hides each respective pivot .
Pivot Colors - Change the color of each pivot .
Pivot Width - Line width of the plotted pivot .
Line Style - Choose Solid, Dashed, or Dotted to view different styled lines.
Label Text Color - Choose the label text color if it clashes with your chosen line color(s).
Extend Pivot Lines to Right Offset: This allws you to extend each pivot line to the right by an offset of X bars.
Day Session Timeframe - Ignore this setting.
Pivot Adjustment Timeframe - Ignore this setting.
R-I-ORBThis is an intraday indicator which plots high and low of timeframe's first bar.
Top line - High of the first session bar
Bottom line - low of the first session bar
Requires session timing and total trading hours to plot the lines appropriately.
We can use the indicator to trade intraday opening range breakouts.
Thanks!
Saurabh's ORB 45This is indicator is all about opening range breakout on 45 mins charts.
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which can be useful to day trader as a breakout strategy following the trend. Useful in 45 mins charts. Also, you may change the time frame from settings according to your likes.
Give thumbs up if you like it.
IPB_AOPM_BOThis is an intraday trading strategy.
Concept :
Underlying concept is that Amateurs open the market and Professionals close the market. Hence this system tries to capture the breakout in the afternoon session. After One PM Breakout (AOPM breakout). This essentially means that one has to go long once the high of the market till 1 pm is broken out and similarly go short once the low of the market till 1 pm is broken down.
Position sizing:
This strategy assumes taking 10 lots of Indian Market Index which approximately requires a margin of around INR 25,00,000. Hence capital is chosen as INR 25,00,000. Currency is assumed to be INR , however the system shows USD as currency as there is no INR option available. Commissions assumed to be at INR 50 per order as against the INR 20 per charged by retail brokers in India in real world market.
Disclaimer:
Past performance is not representative of future performance. Hence the author is not responsible for any trading loss arising out of implementing this strategy. Hence please implement at your own risk. Trading can result in loss of entire capital.
Kviateq - Session Pivots for CryptoPretty much the exact same indicator as my other Session Pivots, however this one also shows the weekends and the session times are set to Bitmex exchange (note: I'm in a GMT+7 timezone myself).
CBG Key Numbers v6Here is my opening range, key numbers indicator. It takes the Opening Range (5 minutes by default) and then plots the opening range and up to 7 extensions of that range above and below.
It's amazing how the OR is stamped up on the rest of the day's price movements.
2 strategies (at least) are to play the OR range breakout and to fade when price hits an extreme range.
You have total control over how you set up the various lines and colors.
If you start overlaying the trading day with the OR and it's extensions, you will see amazing patterns become clear. For example, the pump and reverse. This is where price pumps right out of the opening and then reverses later in the morning.
I have the opening price set to big circles as this is one of the most important reference points during the day.
Important: For some reason, the 9:30 am time Opening acts differently for equities and futures . For equities, you can set the time values to 0930. But for futures , to capture the Open at 9:30, you have to set the time values to start at 0830. I haven't been able to find a better solution but setting the times manually works. Make sure to set all the time values on the Options screen.
There is one more setting of interest. It is called IB Target Amount. This is a number above and below the opening range that I have observed price to hit whenever there's a breakout. This will allow you to predict a price target on breakouts. For SPY , I have found that price usually breaks out to at least 50 cents. On ES futures , it's 6 dollars. This can help you lock in 10% and 20% when trading options and is a great tool. That's why I have it so prominent in red. You will also see price return to this level during the day and act as support or resistance.
Please disregard the red and green shaded rectangles. They are my own support and resistance zones and TV wouldn't let me hide them from the picture. :-)
I mostly use this on a 5 minute chart but any timeframe will work.
ORB with Multi Tracking [MV]This Indicator Session time is Indian NSE Equity Market
This is plot By Default Opening Range First Candle High and Low
What is the First Range?
First Range after plot when Opening Range High Above Open candle
What is the Second Range?
Second Range after plot when Opening Range Low Below Open candle
1: purple line are first Candle High and low
2: first range are green line high and Low after
opening range above open candle
3: second range are red line high and Low after
opening range below open candle
4: yellow line are high and low Buffer by
default 1percent
if you have any suggestion mention there
Thank you
ORB 15 Min By EquityDurai#Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique that works like a charm in many cases.
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps.
>The most common whipsaw is a trading range that lasts longer than 15 minutes.
>If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels.
>Also consider the higher noise level in the morning.
>A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss.
>So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
