Opening Range Breakout (ORB)

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Added: Mar 7, 2024
This indicator is free to use on any of the available platforms
TradingView
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NinjaTrader
NinjaTrader
Current Version: 1.0.0.2
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Price Action
Support/Resistance
Overview
The Opening Range Breakout is a powerful trading tool that indicates a strong range based on the high and low of the first fifteen or thirty minutes after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Opening Range Breakout is a versatile trading tool that can be included in a wide variety of trading strategies.

The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.


USAGE

When the New York Market opens each day, the script will automatically identify and label the opening range in real time. The user can control whether the script measures the first 15 or 30 minutes of each trading day to fit each trader’s trading style.

Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.

SETTINGS

Configuration

• Show Labels: Determines whether labels are drawn within the range.
• Display Mode: Determines the number of days the script should load.


Range Settings

• 15 Minute: Determines whether or not the 15 minute range is drawn.
• 15 Minute Color: Determines the color of the 15 minute range and labels.
• 30 Minute: Determines whether or not the 30 minute range is drawn.
• 30 Minute Color: Determines the color of the 30 minute range and labels.
Release Notes:
NinjaTrader - 1.0.0.2 Jul 28 2024
• Added 5 minute ORB option
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